In one of his last posts to Twitter, Coinbase has released the news that their customers have been waiting for months.
“Our team of developers began testing Segwit for a network bitcoin. Transaction using the Protocol Segwit will be available to customers within a few days.”
A long-awaited, but the protracted move will lead to lower transaction fees for users of Coinbase. It is assumed that GDAX will follow suit. Coinbase has been repeatedly criticized due to the inefficient method of transaction processing bitcoins. Users forced to overpay every time I committed an input or output cryptocurrencies. In fairness, it should be noted that the exchange, in the custody of which there are billions of dollars of institutional assets, is simply obliged to take care of their customers.
That is why, the developers Coinbase introduces Protocol support Segwit in their bitcoin wallets. This technology scaling allows to reduce the average size of each transaction of Bitcoin, thereby allowing to record more data in each block. When bitcoin transactions, calculated over each byte of smaller transactions mean lower fees.
Waiting for a miracle
Segwit is not a magic bullet that will eliminate the high commissions, but it will cut at least a third of the median of the magnitude of the contribution that good. Lately, due to the fall in value of Bitcoin decreases and the cost of fees. At the moment the transaction fee is about 130 Satoshi for bytes ($6) on average.
When Coinbase finally adds support Segwit in the coming weeks, will be interesting to see what impact this will have on overall performance.