SegWit is a software upgrade aimed to speed up Bitcoin transactions
What it does is that it helps to take some of the solving work needed to confirm transactions off the main chain, which helps to speed up the transaction process. And in essence, this also helps to reduce transaction fees - which for Bitcoin climbed to almost $50 back in December.
Coinbase was one of the major cryptocurrency exchanges to launch a SegWit upgrade in recent weeks, and that has seen a pickup in transactions adopting SegWit's software. Here is what SegWit transactions percentage look like over the last 30 days (from SegWit.party):
With transaction costs being one of the main hindrances in using Bitcoin for transaction purposes, the increased adoption in SegWit is something positive - well, at least for the time being.
Bitcoin is now trading around $10,350 on the day, still struggling to get above $11,000.
