SegWit (Segregated Witness) – What Is It and How Does It Work?

From Satoshi Nakamoto's historic whitepaper to modern times, the world of cryptocurrencies has changed a lot. This sector has brought about a real revolution in the world economy in just under ten years. Not everyone knows that the algorithm created following Nakamoto's paper has undergone several changes over time. This software (known as "Bitcoin Core") has shown more rigidity than many modern blockchains. For this reason, analyzing one of its significant changes over time is an exciting aspect. Therefore, this…

Bitstamp Exchange Now Fully Supports SegWit Bech32 Addresses

On the 27th of February 2020, Bitstamp announced adding full support for SegWit bech32 Bitcoin addresses. The announcement said that all Bitstamp users can now withdraw Bitcoin to bech32 addresses and develop new deposit addresses in this format. In this case, Bitstamp generated new Bitcoin deposit addresses for all its clients. When depositing Bitcoin onto the exchange, Bitstamp users can now choose between the old format or the bech32. Nevertheless, the exchange prefers all users to switch to bech32, claiming…

Introduction to the Lightning Network – Bitcoin’s Scalability Savior

Bitcoin’s Rampant Growth and Scalability Problem  Throughout its existence, Bitcoin has only been capable of processing around 7 transactions per second. Growing at a rate that most people would call unsustainable, Bitcoin’s scalability problem has slowly become a hindering issue. While a low transaction count was initially enough, the system has been congested for a few years.  As a result, transactions today take a long time to process, and transaction fees are extortionate due to the demand. Ten years later, scalability…

BitMEX Embraces SegWit as The Latter’s Adoption Hits 66%

Following recent research and analysis, the use of Segregated Witnesses (“SegWit”) has immensely increased in light of Bitcoin transactions conducted. This is all based on the reviews by various sources that are inclusive of SegWit.Space, stating an increase in the adoption of the protocol, which ranges up to 66% of Bitcoin transactions. Also, the records show that towards late last year, there was a significant upsurge ranging from about 40% in September to a steady yet close 60% in October. …