Luno Integrates SegWit to Reduce Transfer Fees
Global wallet and exchange Luno reported over 2,000 Bitcoin’s worth of transactions in November 2017 when the price of Bitcoin was around the $10 000 mark. Out of those transactions, approximately 37% took place in South Africa, making the platform one of the most popular in the country.
On the 14th of February, Luno announced that they have now integrated full Segwit on all send and receive transactions. SegWit, which stands for “Segregated Witness”, is a vast improvement on the way that Bitcoin transactions are sent with the overall result being that they are faster and cheaper to make.
SegWit restructures certain information within a Bitcoin transaction, effectively rendering it smaller and requiring less processing power. And this means that more transactions can be crammed into the Blockchain, making Bitcoin transactions faster and cheaper.
With Luno implementing SegWit internally, the trading platform has already managed to reduce the send fees paid by customers by over 25%. Once customers start switching over to the new SegWit addresses, the coming weeks and months will likely see even further reductions in sending fees.
This is very good news to Luno’s 1.5 million users, which are spread across 40 countries, including Indonesia, Malaysia, Nigeria, South Africa, and the UK. The company has big plans for the future one of which is to reach one billion customers by 2025 (Coinbase had 11.7 million users registered last year).
Luno is making big strides under the radar. I genuinely hope they pull the rug out from underneath certain dodgy platforms/exchanges as I truelly believe in the Luno team whom is as transparent as they come. As a proud South African, this makes me smile :D
Thank you for putting Luno in the Steemit lime light
Yeah I felt that they needed their time in the spotlight the only thing I would say is that they need to work on their exchange platform a little bit more and they should add some more coins.
But I am sure that will come as they develop their platform more.
Oh, most definitely. The only alternatives to buy altcoins with ZAR are on very low volume exchanges. Hence I'm still on the BTC-pairings on international exchanges, so it's kind of limiting. But I suppose a good business and security foundation will allow a better house to be built later on, if I can get a bit metaphorical. Haha.
That is also a good point but for now, I will carry on using 4-6 intentional exchanges... But with Bitcoin and blockchain being an international technology do we really have to focus on a local exchange? and what happens when all the decentralized exchanges hit the market in the next year or two...