As of today, all new Bitcoin addresses generated on LocalBitcoins. com, will have the SegWit protocol implemented.

LocalBitcoins is one of the most popular bitcoin exchange services worldwide, as it allows the purchase and sale of cryptomoney for national currencies in cash and bank transfer, as well as other methods such as Paypal, Payoneer and gift cards. With the implementation of this update, we could expect a greater adoption of SegWit and with it the reduction of the commissions of Bitcoin network, so saturated during the last months in the context of the discrepancies about this scalability solution.

This information was disseminated through the well-known platform's Twitter account. In the same thread of the announcement they explain details of its implementation. One of these is that users will keep their old LocalBitcoin portfolio address until they receive a transaction and the next address to be generated will be a SegWit address starting with a number 3.

The implementation of SegWit (acronym for Segregated Witness) in the Bitcoin network was approved and added in the middle of last year. With this protocol, your developers seek to free up Bitcoin block space, separating the signatures from each transaction and allowing more efficient use of the block memory space.

This allows you to have more space in the blocks, for a larger number of transactions, without increasing the block size. This will increase the number of transactions processed by the network and generate a reduction in network fees.

From December 23 to December 30,2017, LocalBitcoins mobilized $87.9 million dollars, represented in more than 5,600 bitcoins worldwide, according to CoinDance. If we compare this volume with the volume mobilized in the same week on the net, according to Blockchain. info, it represents almost 0.3% of the bitcoin traded, approximately. This comparison does not represent the number of transactions, but the value managed by the network.

It is likely that the implementation of this service by LocalBitcoins, which is mainly used by individuals to exchange low volumes generating many transactions, could lead to a notable increase in SegWit transactions, which so far barely reach a little more than 10% of the total network, according to SegWit.party.