Coinbase recently posted a record on their Twitter profile which said that the company is working towards the final testing of SegWit for Bitcoin on the platform. As they said in the post, “Our team of engineers began the final stage of testing SegWit for Bitcoin on Coinbase. Customers will have access to SegWit Bitcoin transactions in the next few weeks.”
If you are new to SegWit (Segregated Witness), it is basically the process by which the block size limit on a blockchain is increased by removing certain signature data from Bitcoin transactions. In other words, it is the process of removing parts of transactions which frees up space for more transactions on the chain.
Recently, Coinbase was criticized by many users because their SegWit was not the top priority – all while customers waited for the next improvement in the speed of processing transactions. However, Coinbase has initiated the final testing – and we can’t wait to see what the improved SegWit will look like.
The criticism comes after a lot of backend technical problems, network health, scandals and other external factors affected the platform. To make matters worse, an announcement from Visa and MasterCard also came and increased the fee in all transactions linked to buying cryptocurrencies.
At the time, Coinbase tried to focus the blame on the payment giants – but the announcements on social media saw many customers leave the exchange.
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