New Default Bitcoin Code To Make Cryptocurrency Rise Even Higher
Coinbase Inc, the largest cryptocurrency exchange in the US, is leading the charge to improve Bitcoin by rolling out a long-awaited software update meant to address the cryptocurrency's many issues. Known as Segregated Witness (SegWit), the software the new code is focused on scaling the network paving the way for technology that will speed up transactions and bring down transaction fees.
By solving the main issues many have with Bitcoin, it could once again become a viable mode of transaction. This could also eventually lead to the rise in the cryptocurrency's price as it becomes even more established in the world's economy.
Activated last August after months of controversy, SegWit is now spearheading the development of a more structured, "themed" release for the Bitcoin Core software. Following the 0.16.0 code release, the sixteenth "major release" since the cryptocurrency's debut, users will now be able to take advantage of their benefits.
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SegWit addresses will be the default and well integrated into the wallets themselves, meaning that new addresses are automatically compatible with the scaling feature. With addresses being created automatically, wallet users should soon experience lower fees.
Coinbase announced via a Tweet that it will begin a phased rollout this week with the changes expected to affect consumers by the middle of the week. This is after the San Francisco-based exchange received numerous complaints about inefficiency and high transaction charges.
"We store billions of dollars worth of Bitcoin on behalf of customers and any change to our infrastructure is done with significant planning and consideration for the security and stability of our platform," Coinbase said in a Dec. 15 blog post. "This upgrade helps reduce the size of transactions, which improves the overall transaction capacity of the Bitcoin network. This upgrade should also help reduce the fees customers pay on bitcoin transactions."
Coinbase has warned its users that once the update is live, they will no longer be able to recover funds if they incorrectly send Bitcoin Cash to a Bitcoin address. Bitcoin cash is the cryptocurrency spinoff created amid disagreements over how to make the network more efficient.
