Editorial 1 year ago

Eli Afram

What’s happening to the Segwit transaction count???

Segwit proponents have been for weeks hailing the parabolic increase in Segwit transactions. Not long ago, almost 18% of all transactions were Segwit based.

What’s happening to the Segwit transaction count???

 

Well it has suddenly dropped back down towards 8%…  That is a frightening drop.  The parabolic rise has come to an end.

Reddit users on r/btc exploded into a frenzy of amusing and outlandish theories. But the most likely of all was theorised by user u/windsok who stated “Possibly a service was gradually converting a lot of UTXO’s to segwit addresses, and they have now completed that backlog.”

This is likely.

If a service was running and processing such a conversion in bulk, it would also explain how we managed to get an effective blocksize in certain instances reaching almost the maximum Segwit would enable in full capacity.

The nature of the soft-fork approach means that this will take a significantly long time before the conversion is ever complete.

Hard forks provide incentive for the eco-system to upgrade. If a minority chooses not to, they would have to create another coin. In some regards, Bitcoin (BCC) would have been the output of a Segwit hard fork in any case. Instead, Segwit now deals with a heap of technical debt, backward compatibility, AND a painstakingly slow migration…

Eli Afram
@justicemate

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Add a Comment

lastest news

Growing pains of a new technology

Editorial 16 hours ago

Growing pains of a new technology

The recent hash war seemed vaguely familiar. What does all this remind you of? - A new technology with the potential to change the world - Rival groups fighting over protocols they each see as ...

Read More
Exchanges need to delist ABC Coin immediately!

Editorial 3 days ago

Exchanges need to delist ABC Coin immediately!

In light of the mess made of the November 15 Bitcoin Cash upgrade and the billions of dollars knocked out of the overall cryptomarket as a result of Bitcoin ABC's reckless behaviour, we're asking cryptocurrency ...

Read More
Crypto crash creating credibility, not chaos

Editorial 7 days ago

Crypto crash creating credibility, not chaos

The cryptocurrency sell-off has a number of investors singing the blues. More than a handful of individuals bought into crypto following Bitcoin Core’s (BTC) massive price gains last year, expecting to see the same explosive ...

Read More