COINBASE and Bitfinex had announced yesterday that their engineers had finished testing and will implement the SegWit code on their exchanges, this will result in lower transaction costs and shorter processing times for users.
The Bitcoin Core Wallet will also introduce support in version 0.16.0 SegWit.
— Bitfinex (@bitfinex) February 20, 2018
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.
— Coinbase (@coinbase) February 20, 2018
SegWit, is appealing to Exchanges as it aims to reduce transaction fees and the size of transactions, which would allow more transactions to be stored in each block, and the overall burden on the Bitcoin network is reduced.
The implementation of SegWit has been a long awaited demand of Coinbase users.
Coinbase Vice President, Dan Romero, said: “In terms of our engineering priorities, securely storing customer funds remains our top priority. Our next priority is to ensure that our platform remains performant during periods of peak volume. Following security and performance, we are focused on adding new features for our customers.
“Many of our customers have been asking for SegWit, and we’re working out a way to implement this upgrade safely. We store billions of dollars worth of bitcoin on behalf of customers and any change to our infrastructure is done with significant planning and consideration for the security and stability of our platform.”
All customers should be converted by next week. The Bitcoin Core Wallet had followed suit and will introduce support in version 0.16.0 SegWit.