Binance Enabled SegWit Support For BTC Deposits: Report

Binance enables SegWit support for all BTC Deposits as the adoption grows among users and institutional investors as we can see more today in our latest Bitcoin news.

Binance is one of the biggest crypto exchanges by volume in the world, and it has officially incorporated Segregated Witness or SegWit support for BTC deposits. The support was extended to deposits a day ago, on Christmas, according to the Binance report with the protocol upgrade being enabled only for withdrawals. Effective immediately, as Binance enables SeGwit, the users can now transfer funds to the SegWit addresses by selecting the Bitcoin network, as the exchange said:

 “Please note SegWit should help reduce fees; however, if you incorrectly send incompatible assets to the address, your funds will not be recoverable and will result in permanent loss.”

Implemented in 2017, SegWit is actually a BTC protocol upgrade that is designed to help scale the network and to fix bugs. The protocol is known for the way that it updates data on the blockchain by segregating signatures from transaction data and the protocol upgrades more transactions to be stored in one block, thus increasing the transaction capacity. Data from transactionfee.info shows that about two-thirds of the BTC payments are using SegWit. Bitcoin emerged as a monetary instrument for storing value and it but it still faces scalability limitations which will argue that it impeded adoption for everyday use.
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The Lightning Network was offered as a viable layer 2 scaling solution for BTC as a payment protocol but unlike SegWit which basically is a soft fork update to the BTC protocol, the Lightning Network is an additional layer that could enable lower-cost transactions and also make them fast. Despite limited transaction capacity, BTC remains the leader of the crypto market with its dominance of other crypto assets hitting one year-high. At the time of writing, the dominance rate hit 68.7% according to CoinMarketcap.

Also, Binance During Christmas day, surprised the community with the announcement of support for the 1inch token. The tweet received more than 700 likes and spread through social media. When the token started trading, it increased by 1200% from $0.2 to $2.60 and the daily trading volume surpassed $106 million.  The 1inch token spikes 1000% thanks to both the listing and the airdrop since the last one served to all those who used the platform to make 4 trades which gave a total of 55200 eligible addresses to claim the tokens.