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SegWit Implementation advantages : decreased transaction fees and improved speed

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Published: 21 Feb 2018 › Updated: 21 Feb 2018SegWit Implementation advantages : decreased transaction fees and improved speed

SegWit Implementation advantages : decreased transaction fees and improved speed

Using SegWit will allow more transactions to be included within a block and will minimize fees for anyone who chooses to take advantage of this feature.

LN is a decentralized network of payment channels which permit users to make micropayments between two parties without the need to broadcast directly to the blockchain. As a result, transaction fees are decreased and the speed of the whole payment process is too.

Cryptocurrency idealists have envisioned Bitcoin becoming a sort of “free banking” system from the start. Consider LN in that context: Just like people don’t have to carry around weights of gold to engage in commerce, Bitcoin users need not clear all transactions “on-chain” to enjoy the benefits of the digital currency. With LN, they can transact using the network and clear their balances on the underlying blockchain — just like how people exchange gold-backed notes with banks. The most exciting part, in this example, is that rather than needing to rely on an intermediary bank, LN permits people to act on their own

Now Segwit wallet is implemented & supported by Coinbase & bitfinex

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Tech Product Development | Blockchain Enthusiastic | Ethereum & Smart Contract Development

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