Leading Cryptocurrency exchanges Coinbase and Bitfinex both announced yesterday that they to implement SegWit.
The SegWit upgrade (not to be confused with SegWit2x), seeks to reduce transaction fees as well as speed up the Bitcoin network.
Bitcoin has come under fire in recent months, especially since the incorporation of Bitcoin Cash, due its slow transactions and extremely high fees. The Bitcoin Cash teams and supporters have attacked Bitcoin for drifting away from the original Satoshi white paper.
Bitcoin has now decided to hit back with the incorporation of Segwit. The majority of the Bitcoin network will now be running on Segwit which will allow for faster transactions and lower fees.
In my opinion whilst Segwit is a good step forward for Bitcoin, it is still far from where it needs to be and does not yet solve the problem of being able to use Bitcoin as an everyday ‘modern currency.’ Segwit may well be preparation for the Lightning Network which seeks to make Bitcoin even faster and cheaper to use. I look forward to seeing what the Bitcoin Cash team have to offer over the coming months, as the battle between the two looks to continue for a long while yet.
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