Gold Coast Money Online
Advertisement
  • Home
  • Gold
  • Cryptocurrency
  • Make Money Online
  • Product Reviews
No Result
View All Result
Gold Coast Money Online
  • Home
  • Gold
  • Cryptocurrency
  • Make Money Online
  • Product Reviews
No Result
View All Result
Gold Coast Money Online
No Result
View All Result
Home Cryptocurrency

Only 6 out 18 exchanges are fully up to date with the Bitcoin SegWit Update

Wayne Russo by Wayne Russo
March 25, 2022
in Cryptocurrency
0
585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

Segregated Witness (or SegWit) is a Bitcoin protocol extension. It was activated on August 2017. SegWit was introduced to improve the scalability and usability of the Bitcoin blockchain. SegWit activated the Bitcoin network in response to congestion issues caused by users overfilling the block size of Bitcoin blocks.

SegWit has two key variables that help to reduce congestion and increase network throughput. The first allows for smaller transactions, so more transactions can fit in a given amount of block space. The second key variable allows for larger blocks which allows more transactions to fit into each block. These improvements together increase the overall throughput for the Bitcoin network.

You might also like

What is a Crypto Airdrop

Report on Ethereum Technical Analysis

October 2022

40% of all Bitcoin blockspace is consumed by exchanges

In a new article, Blockchain analysts Glassnode have examined the adoption rate for SegWit by major crypto exchanges. Exchanges are crucial to SegWit adoption because they consume large amounts of Bitcoin blockspace. If exchanges adopt SegWit, this will reduce blockspace consumption and contribute significantly to the overall performance of Bitcoin.

Glassnode estimates that exchanges account for 40% of all block space consumed. Their stance towards SegWit can have a significant effect on Bitcoin’s scaling. Binance and Coinbase account for approximately 25% of blockspace consumed.

Exchange blockspace consumption

Blockspace consumption in exchange

Glassnode found that the majority of exchanges have not fully adopted SegWit. This includes Binance who is responsible for about 15% of Bitcoin blockspace.

Pioneers, Stragglers, and Holdouts

Glassnode’s study examines the flow of Bitcoin transactions into and out exchanges and how they use SegWit. The study segments the exchanges into three groups: Pioneers, Stragglers, and Holdouts.

18 exchanges were investigated. Six have adopted SegWit fully, six have struggled with large-scale SegWit usage and six exchanges made very little effort to adopt SegWit.

Coinbase is a particular example of this, as the exchange consumes 10% of all Bitcoin blockspace consumption. This has brought about near full SegWit adoption.

“Binance had trivial SegWit adoption.”

Binance and Coinbase are the largest block space users of all exchanges. Around 15% of block space is consumed by transactions to and from Binance.

The study revealed:

“Binance had trivial SegWit adoptions rates of 10% until the end 2021. Despite this, adoption is now at around 50%. This seems insufficient, especially considering Binance consumes approximately 15% of all Bitcoin blockspace.”

Exchange segwit ranking

Index segwit ranking

The study found that 18 exchanges are included in these cohorts. They also fall in order of SegWit adoption.

Over 90% SegWit adoption by Pioneers: Kucoin (Coinbase), Luno, Kraken, Bitstamp, Luno, Kraken, Bitstamp, Kucoin and Coinbase. Holdouts with less that 20% SegWit Adoption: Okex, Bithumb and Bittrex, Huobi and Poloniex.

Okex is the only one of the Holdouts exchanges that has made at least a nominal attempt to adopt SegWit. This is not true for any other exchanges that are “clearly signaling a lack interest in upgrading their infrastructure to benefit the wider Bitcoin network.” The study concludes.

Only 6 out of 18 exchanges have fully implemented Bitcoin SegWit update CryptoSlate.

Did you miss our previous article…
https://www.goldcoastmoneyonline.com/the-fall-of-high-apy-daos-is-a-clear-sign-that-they-arent-the-future-for-money/

Share this:

  • Facebook
  • Pinterest
  • Twitter
Tags: bitcoinextensionthenetwork
Previous Post

Avoid Making This Mistake With Silver and Gold in IRAs

Next Post

44 Best Proofreading Jobs You Can Do From Your Home (Updated For 2022).

Wayne Russo

Wayne Russo

Related Posts

Cryptocurrency

What is a Crypto Airdrop

by Wayne Russo
October 12, 2022
Cryptocurrency

Report on Ethereum Technical Analysis

by Wayne Russo
October 11, 2022
Cryptocurrency

October 2022

by Wayne Russo
October 10, 2022
Cryptocurrency

4. October-2022: Ethereum Technical Analysis Report

by Wayne Russo
October 9, 2022
Cryptocurrency

7th-October-2022

by Wayne Russo
October 8, 2022
Next Post

44 Best Proofreading Jobs You Can Do From Your Home (Updated For 2022).

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • What is a Crypto Airdrop
  • Should I buy Gold What are the benefits and drawbacks of purchasing gold?
  • Earn money by selling empty boxes
  • Report on Ethereum Technical Analysis
  • What happens to America’s debt ceiling?

Recommended

It Works

March 30, 2022

7 Places to Sell Sneakers for Cash

March 25, 2022

Gold Coast Money Online

Categories

  • Cryptocurrency
  • Gold
  • Make Money Online
  • Product Reviews
  • Products Launches

Pages

  • About Kirk Heisenberg
  • Contact
  • Disclosure
  • Privacy Policy
  • Terms of Use

Recent News

What is a Crypto Airdrop

October 12, 2022

Should I buy Gold What are the benefits and drawbacks of purchasing gold?

October 12, 2022

© 2022 All Right Reserved by goldcoastmoneyonline.com

No Result
View All Result
  • Home
  • Gold
  • Cryptocurrency
  • Make Money Online
  • Product Reviews

© 2022 All Right Reserved by goldcoastmoneyonline.com