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SegWit payments spike to over 50 percent of all BTC transactions

04 Oct, 2018
by David Robb
News
SegWit payments spike to over 50 percent of all BTC transactions

The number of BTC payments processed using SegWit technology saw a major spike in the last 24 hours. For the first time, SegWit accounted for over 50 percent of transactions on the Bitcoin network.

Data from transactionfee.info shows that the percentage of BTC transactions using SegWit has been jumping up and down regularly, but since June shown a stable overall pattern, averaging just below 40 percent with a very slight increase. 

Image from Gyazo

The last 24 hours saw the percentage spike from just under 43 percent to 53.82 percent. This is an even bigger spike than the increase seen at the end of May, when the percentage went from just over 29 percent to just over 43 percent in around 48 hours.

Increasing adoption of SegWit technology could suggest increased use of Bitcoin as a method of payment, as the SegWit protocol enables faster transactions with lower fees for end users.

Coinbase was one of the most high-profile crypto entities to pledge its support for SegWit recently. The protocol remains controversial in some quarters due to the way it has altered the BTC blockchain, and disagreements over its implementation were the cause of the Bitcoin Cash (BCH) hardfork just over a year ago.

Read more: Is SegWit starting to work?

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