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Coinbase Announces SegWit Support

The exchange house and provider of services related to cryptocurrencies, Coinbase, announced on its blog today that it will support the transactions of bitcoins made with SegWit (Segregated Witness) on its platform.

Over the next week, the Coinbase bitcoin wallets will be enabled to take advantage of the benefits of the SegWit protocol; which will not only allow a significant increase in the speed of transactions, but also reduce the cost of the commissions related to each transaction.

Coinbase recognizes in its publication on the adoption of this protocol, that one of the most common comments received from its users is related to the high price of their commissions when doing bitcoin transactions. Therefore, they hope that this improvement will serve as a response to their customers.

A common piece of feedback from customers is transaction fees for sending Bitcoin on Coinbase are too high. While transaction fees in Bitcoin have recently decreased, we’re committed to providing customers with options that can help reduce fees. That’s why we’re excited to enable SegWit compatible Bitcoin sends and receives.

Dan Romero

Vice President and GM of Coinbase

In this way, Coinbase indirectly confirmed the importance of users of platforms linked to Bitcoin raising their voice to get improvements in their services, especially when dealing with improvements such as SegWit that have already been tested and implemented successfully.

Dan Romero, vice president of Coinbase, took advantage of the announcement to highlight that he updated the screen for sending bitcoins to make clear that the commissions go to the miners and not to Coinbase, and clarified that in many cases it supplements those payments to ensure that the transactions are processed. confirm as fast as possible.

In the future, they also plan to include other advances and improvements such as batching, which would enable the sending of bitcoins to different addresses in the same transaction.

The decision of Coinbase is important because it is one of the platforms with the greatest presence in the world among the suppliers of bitcoin purses. The US-based platform offers bitcoin transactions in 192 countries.

They have also implemented SegWit in the Bitcoin addresses of their GDAX trading page. They explain in their press release that they will be implemented 100% in the coming days.

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