Increased SegWit Adoption May have Finally Solved Bitcoin’s Fee Problem

[Goozzi]

A couple months after two of the largest cryptocurrency trading exchanges, Bitfinex and GDAX, finally adopted the bitcoin SegWit protocol, transaction fees for the currency are finally back to reasonable levels. Bitfinex, on February 20 2018, announced support for bitcoin deposit and withdrawals using P2SH Segregated Witness (SegWit) addresses while GDAX, on February 23, introduced a phased rollout for all its customers. By early March, both exchanges had successfully transitioned their entire infrastructure from legacy bitcoin addresses to SegWit compatible ones.

Importantly, the adoption of SegWit by exchanges came only after the entire cryptocurrency community clamored for it in a bid to reduce bitcoin fees. Nevertheless, after ignoring much of the demand for transaction batching and SegWit since the latter’s release in August 2017, it seems as if the exchanges are finally taking user feedback much more seriously.

Source: https://www.ccn.com/increased-segwit-adoption-may-have-finally-solved-bitcoins-fee-problem/

[Anycoin Direct Support]

Hello Goozzi,

We at Anycoin Direct strongly support the development in the adoption of SegWit by the larger exchanges and brokers. We have already implemented SegWit ourselves and the native SegWit addresses (bech32) along with it. A list of all the exchanges, brokers and wallets that have also implemented SegWit and their native addresses can be found here. The more companies implement SegWit the more quickly the bitcoin network will achieve scalability.

The drop in transaction fees compared to December/January have been enormous. This has to do with the implementation of SegWit but also with the decrease in transactions on the bitcoin network. For an overview of the actual transaction fees please check out the following website here. The lower fees make the bitcoin network more accessible for new users and make smaller transactions more feasible. We hope more exchanges and brokers will follow soon.

With kind regards,
The Anycoin Direct team

[Xester]

If segwit be implemented on all levels of bitcoin activities, business then a fast transaction and lesser fee will open the doors of the merchantile world to bitcoin. Bitcoin mainstreaming will be possible if bitcoin will have less fee and fast transaction confirmation. Though we may not feel it today but businesses are starting to accept and adopt bitcoin on the different parts of the world.

[jrrsparkles]

But still very few people are using segwit wallets now so imagine how much the fee will be affordable if everyone uses segwit and there are some popular exchanges like coinbase also will implement segwit into their wallets by this year if that happens the fee may decrease more because more people are using coinbase wallets.
But the price fall also a factor for less traffic on blockchain because people started to hold their coins.

[Slark]

I am just a bit surprised that SegWit adoption seems so slow - we should long time ago go full SegWit.
Instead, miners/companies/community spent more time arguing whether SegWit is good or not...
If we follow the same path with LightningNetwork then I don't expect it will go live in the next 10 years.

[Cherrybomb]

popular exchanges like coinbase also will implement segwit into their wallets by this year if that happens the fee may decrease more because more people are using coinbase wallets.hold  there coin.

[Crown1]

But at the moment, I don't think there is an exchange for SegWit.
It may be that SegWit is still not mature at this stage.