Segwit-Spending Bitcoin Transaction Now Over 50%
The number of Segregated Witness (Segwit)-spending Bitcoin transactions has reached a new all-time high reaching around 50.5% of all transaction on the said digital asset.
Segwit was originally proposed as an update to solve transaction malleability which is a well-known weakness of the Bitcoin (BTC) software, however, SegWit offers a range of other advantages such as increasing the scalability of BTC’s network.
Average Bitcoin transaction fees increased by nearly 200% in April compared to March, which has seen on-chain transactions volume increasing to 43% resulting in full blocks and SegWit approach reaching 40% of the total transactions per bock.
These have resulted in more efficient use of the block space and less contention for scarce resources.
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