In a tweet on Monday, Coinbase issued the news their clients have been holding up a very long time to hear:
“Our engineering team has begun the final testing phase of SegWit for Bitcoin on Coinbase. SegWit compatible Bitcoin sends/receives will be available for customers in the next few weeks.”
By any retribution, Coinbase has taken as much time as is needed over introducing Segwit similarity with its bitcoin wallets. The scaling innovation lessens the median size of each bitcoin transaction, accordingly empowering more information to be crushed into each block. With bitcoin transactions valued per byte, littler transactions implies lower fees. In spite of Segwit being in reverse perfect, and in this manner not the most dangerous of code changes to execute, Coinbase has been dragging its heels for quite a long time.
In reasonableness to the exchange, which has authority over more than billions of dollars of institutional resources, it has an obligation of care to its clients not to mess things up. Be that as it may, as Coinbase dragged its heels over Segwit while CEO Brian Armstrong waxed expressive over pet ethereum ventures, the bitcoin group blamed the company for having its needs all wrong. High charges have been a terror of bitcoiners in general, and have been of specific worry to clients of r/Bitcoin. Stung by indications of bitcoin’s in the past low charges, an extravagance still enjoyed by bitcoin money, they’ve been desperate for uplifting news on the expense front.
Segwit isn’t an enchantment bullet that gets rid of high bitcoin charges, yet it naturally shaves no less than a third off the median feee, which is a start. Fees have been dropping in general lately, as bitcoin has been dropping, and today remain at around 130 satoshis per byte ($6) overall. Segwit adoption, in the interim, while on the up, still stands at a forsaken 16%, regardless of the scaling innovation having been accessible for a half year.
At the point when Coinbase at long last includes Segwit in the coming weeks it will be interesting to perceive what impact this has on the general figure. Once that is done, Coinbase should simply begin batching its bitcoin transactions and afterward the group may at long last cut it some slack.