Bitcoin’s SegWit Adoption Keeps Rising Slowly

As the push to scale cryptocurrency networks is still in effect, the adoption of SegWit may play a role of importance. Recent statistics confirm the overall use of this technology is certainly on the rise.

Without SegWit adoption increasing, new solutions to scale Bitcoin will need to be created.

A Long way From Making SegWit the Standard

For the time being, it seems there isn’t a real need to do so just yet.

Statistics indicate how the use of SegWit continues to increase where Bitcoin is concerned.

With over 62% of network transactions now making use of SegWit, it seems things progressing nicely. 

Although these figures are impressive, a pressing problem still persists. 

It has taken the network over 2 years to reach this percentage, which isn’t overly impressive.

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Moreover, one also had to acknowledge the uptake on SegWIt has seen periods of significant stagnation.

This was primarily present during the period between January of 2019 and July of 2019.

Ever since that time, however, there has been a strong push to get the ratio above 50%, down from just 40% earlier.

It now seems  a new spike in SegWit adoption has become apparent, albeit no one really knows what is driving these changes. 

All in all, it is a positive sign for the Bitcoin network as a whole, despite not even coming close to 100% by any means.

One has to wonder what it would take to get the entire network to adopt this standard of conducting Bitcoin transactions.

After over two years, one would expect these figures to be much higher than they are today, yet for some reason, that isn’t the case.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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