The Hong Kong-based Bitfinex and the American Coinbase Exchange have announced the implementation of Bitcoin SegWit's scale protocol support on their sites. The idea is to improve the transaction speed while reducing the transaction fee using Bitcoin.
This step was an attempt to eliminate slow processing and high transaction costs. It was reported that users of Coinbase will be able to take advantage of the innovation by the end of February.
Representatives of Bitfinex stated:
"The implementation of SegWit means that Bitfinex users can benefit from lower charges for the removal of BTC (about 15 percent) and improve the processing time of transactions on the Bitcoin network."
The company Coinbase on its Twitter account stated:
"Our development team finished testing SegWit on Coinbase. We will begin a phased launch in the next few days and are aiming for a full opening by the middle of next week. "
The adoption of Segwit increases the speed of transactions and reduces commissions.
According to Paolo Ardoino, technical director of Bitfinex:
"By supporting SegWit addresses, Bitfinex solves three of the world's biggest problems with crypto: transaction fees, transaction speed and overall network bandwidth. We are pleased that, thanks to this implementation, we can provide our customers with a fee for the removal of Bitcoin by 20 percent lower, as well as fast transactions. "
Author: Olga Novikova, Analyst Freedman Club Crypto News
Image from Fotolia
Source: Read Full Article