The future of the bitcoin network will be determined by multiple factors. Adoption of Segregated Witness as a transaction standard will be crucial in this regard.
So far, it seems that things are heading in the right direction.
SegWit Adoption Keeps Rising
Recent statistics provided by TransactionFee show the adoption rate is still on the rise.
A lot of positive changes have occurred since October of 2018.
At that time, the use of SegWit for payments sat at just 40%.
Fast forward to today, and that rate has increased to roughly 60%.
There is still plenty of room for future progress, but that will always be the case.
One way to increase the use of SegWit is through service providers making it the default way to send transactions.
Most exchanges currently adhere to this standard by now.
One of the most recent companies to finally come around to SegWit is BitMEX.
Why the company took nearly two years to implement this transaction standard, is anyone’s guess.
Getting those final 40% of bitcoin payments converted into SegWit will be a crucial challenge in the years to come.
Everyone wants bitcoin to be more efficient and faster to use.
Until all of those people rely on services supporting SegWit, that will not happen anytime soon.
It is now up to the remaining service providers to get on with the program in this regard.