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Bitcoin transactions gain momentum as users adopt software upgrade

The software update SegWit is designed to speed up bitcoin transactions

Camila Russo | Bloomberg  |  New York 

Photo: Shutterstock

Segregated Witness, or SegWit, the software upgrade designed to speed up transactions, is gaining traction. The number of transactions using the technology doubled to more than 30 percent in just the past three days, according to the Party website, which tracks the data. The following chart shows the percentage of transactions using in the past week.

As grew in popularity in the past year, the cryptocurrency’s network became clogged, making times and fees soar. In December, costs climbed to as high as $55, according to BitInfoCharts. is meant to solve that problem by taking some of the work needed to confirm transactions off the main chain, speeding up the process.

Major crypto-asset exchanges Coinbase Inc. and Bitfinex started using this month, helping to speed up adoption. The upgrade was first released in August.

fees have dropped to a four-month low of $2, though confirmed transactions per day have also dropped to around 200,000 from more than double that number in December.

First Published: Thu, March 01 2018. 10:00 IST