The most awaited Upgrade for Coinbase users is finally here. Yes I am talking about the Seg-Wit integration for Bitcoin in Coinbase.
Coinbase recently tweeted to all it's followers about their Integration.
Our engineering team has finished testing of SegWit for Bitcoin on Coinbase. We will be starting a phased launch to customers over the next few days and are targeting a 100% launch to all customers by mid next week.
What is Seg-Wit?
Seg-Wit stands for Segregated Witness. Basically Seg-Wit is the process by which the block size limit on a Blockchain is increased by removing it's signature data from Bitcoin transactions. Since in this case certain parts of a transaction are removed which frees up some Space to add more transactions to the same Block.
Bottom line is that it makes Transactions Faster.
We all know that Coinbase is very slowly when it comes to integrate newer Techs. Coinbase has been trying to integrate Seg-Wit since December but we are happy that finally it us here.
How does Seg-Wit help in Scaling?
As I just explained before it adds more transactions to the same Block by segregating the Signature Data.
For example if previously a Block had 1000 transactions in it. After Seg-Wit the same Block can hold around 1200 transactions at a Time. This helps to clear the Mempool a lot and thus helps n lowering Bitcoin Transaction Fees in Time.
I hope the Transaction Fees goes very Low.
See you guys in my Next Post.
It was like Chinese language for me. But I hope with time to learn more.
Lol.
Now that you are here you will learn this Language eventually.
Muchas gracias amigo. Tengo preguntas para hacer sobre steemit. Pero no conozco algun referente de habla hispana. Tienes canal en discord o algo parecido para preguntarte algunas cosas?.
Very informative post about bitcoin.specially nice information about sig-wit.Thanks @arunava bro
Thanks a lot, @cryptostyle.
You welcome @arunava
Seg-Wit is very important to help low bitcoin transaction fee. If it successful bitcoin holder will happy.
Yes, that would be good. As much as I hate it Coinbase has a lot of Volume going through their Exchange each Day so implementation of Seg-Wit on Coinbase will help a lot.
Sound pretty great for the users of Coinbase ;)
They are indeed keeping up for no ;)
Unfortunately, I am not a Coinbase User I stopped using Coinbase since their Fees were crazy High. After Seg-Wit I will try to use it again.
Same here !Well if its gets that way will sure give it a try !
We all should at least once try something New to check if it is to your liking or not.
thanks for sharing information about bitcoin
No worries.
Coinbase announced it 2 days ago. In light of that fact, how is this news? I am confused
Yes, they Did announce it on 20th Feb American Time I found out on 21st around Noon but was wasted to Post it so I did Post it 22nd Early Morning.
Soon bitcoin will scale thanks to the democratization of Segwit and Lightning Network !
Here is a list of all services (wallets etc) that use Segwit already : https://bitcoincore.org/en/segwit_adoption/
Coinbase is still looking for Developers for Lightning Network Integration. I hope it will be available in a couple of Months.
Thanks for the List.
This post has received a 0.20 % upvote from @speedvoter thanks to: @arunava.
very well post.. i love this post.
dear lovely friend @arunava.
i just #Resteem and #Upvote
You got a 1.24% upvote from @buildawhale courtesy of @arunava!
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very good information, thank you for share