Two of the largest cryptocurrency exchanges in the world,\u00a0 Coinbase and Bitfinex, have simultaneously announced their support of Segregated Witness (SegWit) protocols. The launch promises Bitcoin investors faster transaction times and lower transactions fees, which have recently dropped from over $35 to less than $1.<\/p>\n
Highly popular trading platform Bitfinex announced the implementation via Medium<\/a>:<\/p>\n \u201cToday Bitfinex is delighted to announce support for bitcoin deposit and withdrawals using P2SH Segregated Witness (SegWit) addresses\u2026 The SegWit implementation means Bitfinex users can benefit from lower BTC withdrawal fees (approximately 15%) and improved processing times on transactions across the Bitcoin network.<\/p><\/blockquote>\n Bitfinex noted in the announcement that SegWit is now implemented for Bitcoin only, and not for Bitcoin Cash. This is an important distinction, as any Bitcoin Cash<\/a> sent to a Bitfinex SegWit address will be lost. The Bitfinex platform processes more than $1 billion in daily trading volume, and is one of the largest exchanges by volume online.<\/p>\n Bitfinex CEO Paolo Ardoino released a statement on the implementation:<\/p>\n \u201cSegWit provides not only an immediate benefit for users, but also a foundation for future Bitcoin development. By supporting SegWit addresses, Bitfinex is tackling three of the biggest crypto-enthusiast concerns: transaction fees, transaction speed, and total network capacity.\u201d<\/p><\/blockquote>\n Coinbase has not yet completed the rollout of SegWit, announcing a phased implementation over the next week with a 100% launch finalized by the end of February:<\/p>\n Our engineering team has finished testing of SegWit for Bitcoin on Coinbase.<\/p>\n We will be starting a phased launch to customers over the next few days and are targeting a 100% launch to all customers by mid next week.<\/p>\n — Coinbase (@coinbase) February 20, 2018<\/a><\/p><\/blockquote>\n\n