Why Coinbase Adding SegWit is Huge News for Bitcoin

Herbert2020

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Quote from: blockchainwriters on February 22, 2018, 12:25:33 AM

Bitcoin did not appear to move positively after the news, with the price of $10,715 down nine percent from the previous day.

this is because it was not a price related news or adoption related news so it didn't have any effect on the price.
also because the timing of it is not right. the market is neither on the rise nor on the drop side. it is mostly on a weird unpredictable ups and downs phase without any breakouts and denying all expectations.

but this is a good news nonetheless. i am very interested to see how much SegWit adoption will increase when they actually implement it, so far it is around 10%.

Kakmakr

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Coinbase handle a lot of the transactions in the USA and I should think also a large percentage of the transactions, globally. We have seen the influence, when Coinbase goes down, so it is not a huge secret. Knowing this, they should have been the first company to implement "Batching" and also "SegWit", but they opted to implement BCash first. What does that tell you?

They have no moral conscience as a corporate leader in this community, because they are focussed on profits. I will not be surprised if they turn their back on the Bitcoin community, once they have grown a big enough user base. Just like Circle did, when they changed their business model.

squatz1

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Huge news though I wouldn't go to trusting Coinbase until it's done, any big company is going to want to make the news for doing things but who knows if they'll ever deliver. It's taken them WAYYY too long to support Segwit which could've been saving them money, and the network from congestion for a longtime now.

I'll await them actually going live with segwit.

European Central Bank

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you know what would be much, much huger? coinbase batching transactions. they could have been doing that years ago and perhaps there would never have been any fee pressure ever. bitstamp are doing it. no doubt others will. coinbase haven't mentioned this one very basic thing that even a child could tell them would be helpful for all bitcoin users.

udivkx

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If this news is true, it's only good for bitcoins. This will increase its value and popularity. Even if there is a separation chain. The cryptocurrency market is too young for collapse.

avikz

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It is indeed an excellent news. Till date I have been using only Electrum for my segwit transactions even though I have a coinbase account as well. But due to higher fees, I nearly stopped using online wallet providers like coinbase and blockchain. It is a good news that at least coinbase has shown interest to implement segwit. Once it is implemented, the transactions will be much faster and cheaper. Good for overall bitcoin network and the way transaction is being processed.

bitart

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Quote from: zhekinsp on February 22, 2018, 12:29:55 AM

Because lot of users using coinbase as their wallet and make transaction from their itslef but they not yet upgraded to segwit so the transaction fee is still high in the coinbase wallet when compared to other walletmso it is a good news that coinbase is gonna implement segwit too.
I will help the unconfirmed transaction under control because transaction happening more faseter than the legacy address.But there is nothing relation between the news and the price drop maybe the users still not aware of this news.

Will the existing users be forced to use the segwit accounts? If someone has a legacy address yet, will Coinbase offer a SegWit address next time when the user generates a new receiving address?
If the system only enables people to use the Segwit addresses (who have no idea about Segwit addresses still) then it will not help in the near future. For the average joes, the only difference is still that Segwit starts with '3' and normal (legacy) starts with '1'...

zhekinsp

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Because lot of users using coinbase as their wallet and make transaction from their itslef but they not yet upgraded to segwit so the transaction fee is still high in the coinbase wallet when compared to other walletmso it is a good news that coinbase is gonna implement segwit too.
I will help the unconfirmed transaction under control because transaction happening more faseter than the legacy address.But there is nothing relation between the news and the price drop maybe the users still not aware of this news.

blockchainwriters

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The popular cryptocurrency exchange is rolling out support for a technology that is expected to make transactions process more efficiently, improving the performance of Bitcoin. "Our engineering team has finished testing of SegWit for Bitcoin on Coinbase," the company wrote on its Twitter page Wednesday..

It makes key changes to how transactions are recorded on the blockchain, meaning a more efficient use of the data space in each block. Each block, processed every 10 minutes, is around one megabyte in size and adds data to the public blockchain about each transaction so it's public record..

What "SegWit" does is it segregates this witness data and compresses it down, so more transactions can fit in each block and the remaining uncompressed data is the essential details of the transaction. "No matter how much some people bash Coinbase, this is still great news for Bitcoin as a whole, and it will encourage further adoption," a Reddit user called Mufos said in the Bitcoin subreddit..

Bitcoin did not appear to move positively after the news, with the price of $10,715 down nine percent from the previous day. With just 14 percent of blocks using SegWit in recent days, Coinbase support could help change its fortunes..

https://www.inverse.com/article/41499-bitcoin-cryptocurrency-coinbase-segwit

Topic: Why Coinbase Adding SegWit is Huge News for Bitcoin (Read 161 times)