BitPay Announces SegWit Support

BitPay cryptocurrency processor now supports SegWit — the company reported on its blog. The decision was made three years after the company opposed the upgrade in favor of an alternative solution, SegWit2x.

BitPay processes payments of about $1 billion per year. In April 2020, the company processed 100,718 payments, with 91.93% being transactions with bitcoins (BTC). The blog post states that SegWit reduces transaction costs by up to 30%. BitPay also introduced a feature that can reduce commissions by 5-10% compared to previous versions. Rejecting SegWit or other transaction “batching techniques” makes participants pay more for transaction processing. So, the BitMEX platform has an increased average fee for transactions without SegWit.

Recall that earlier,  the struggle of SegWit against SegWit2x split the bitcoin community. The dispute escalated into a war between various groups of crypto enthusiasts, some of whom entered into closed industry agreements, which was later followed by the launch of the Bitcoin Cash project.

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