SegWit and What it Means for Your Bitcoin

[sabrina8089]

SegWit, or Segregated Witness, is a potential solution to a problem that has caused much debate in the Bitcoin community for a while. The idea behind SegWit is that there was a scaling limit to Bitcoin that would always prevent it from having more than a certain amount of transactions per minute. Right now, only 1 megabyte worth of transactions can be executed every 10 minutes and this is creating a backlog. As more users show interest in Bitcoin, this popularity tends to work as a double-edged sword resulting in delays in the system. It also makes it entirely implausible to implement systems that use micro payments or anything of the sort. Learn more: https://www.coinstaker.com/segwit-and-w ... r-bitcoin/

[GreyWyvern]

Reminder: Segwit is NOT a scaling solution.

[Priyankasharma1]

Bitcoin’s Core developers ultimately came up with a solution: Segregated Witness (SegWit). SegWit is included in Bitcoin’s current software. It works by separating the signature data from the transaction data; this sets up to four times as many transactions into a block. More significantly, SegWit fixed a few other bugs in the software and that sets the step for possible future upgrades to the network like the lightning network. You can also read more about Segwit and Bitcoin news from below website-
http://www.unkrypted.com/bitcoins-upcoming-segwit2x/

[Decoded]

Bitcoin’s Core developers ultimately came up with a solution: Segregated Witness (SegWit). SegWit is included in Bitcoin’s current software. It works by separating the signature data from the transaction data; this sets up to four times as many transactions into a block. More significantly, SegWit fixed a few other bugs in the software and that sets the step for possible future upgrades to the network like the lightning network. You can also read more about Segwit and Bitcoin news from below website-
http://www.unkrypted.com/bitcoins-upcoming-segwit2x/

It mostly adds bugfixes and lays groundwork for the lighting network. Other than that, it is evident that there is barely an affect on the rising transaction fees and backlog of transactions.