Author: Jim Rogers 2017-12-21 22:18:32
Published on: 2017-12-21T22:18:32+00:00
The major cryptocurrency exchanges have not implemented segwit yet, and a major issue in the industry is that they have begun applying transfer limits on both crypto and cash. These limits result in many transactions instead of one to transfer crypto to cold storage devices, and exchanges do not respond for months to requests to upgrade limits. The issues may self-resolve over time due to KYC and explosive growth. Jameson Lopp suggests that high volume senders should be more efficient in their use of block space by batching transactions and implementing SegWit. BitGo has been proactive about outreach regarding efficient use of block space, and generally helps hasten its adoption. Melvin Carvalho asks how the blockchain would be secured in the long term once the reward goes away and fees replace it. While this bodes well for the long term security of the coin, there is some legitimate concern that the fee per transaction is prohibitive for certain use cases at this point in the adoption curve. Observations of segwit adoption show around 10% at this point and watching the mempool shows that the congestion is at a peak, though it's quite possible this will come down over the long weekend.
Updated on: 2023-06-12T23:15:33.467165+00:00