Home Cryptocurrency News Bitcoin BTC.Com Wallet now Offers Both SegWit and Dynamic Fee Options

BTC.Com Wallet now Offers Both SegWit and Dynamic Fee Options

5 min read

More and more companies are integrating SegWit support. It is due time as well, as using Bitcoin has become increasingly expensive. Companies have been struggling to integrate this scaling solution in a timely manner. BTC.com has made some important progress in this regard. Additionally, the company also enabled dynamic fees, which is another welcome change. How this will affect the Bitcoin network, has yet to be determined.

It is always good to see service providers implement solutions for lingering problems Bitcoin is not a perfect cryptocurrency by any standards. It is on the cusp of becoming a legacy system, which is never a good sign. Increasing fees, silver transactions, and  a lack of SegWit support have been pressing problems for some time now. Service providers have struggled to upgrade to SegWit for various reasons BTC.com finally bit the bullet and has announced several changes in this regard.

Bitcoin Needs Faster SegWit Adoption

First of all, the BTC.com wallet now has dynamic fee support. Users can set their fees to low optimal, or priority. As is to be expected, the latter option is the most expensive one. It will also generate the best results with faster confirmations. Giving users ample choice in this matter is more important than ever. For now, the feature is limited to web wallet users, but mobile support will follow suit very soon.

Perhaps the most important aspect is how BTC.com offers native SegWit support as well. They are one of the few service providers to effectively do so right now. Considering how this solution was activated” on the network months ago, adoption rates have been abysmal. It is one of the reasons as to why we are dealing with high fees and slow transactions right now. Another reason is that Bitcoin and SegWit are not ideal solutions whatsoever.

Whether or not these changes will alleviate network congestion, remains unknown. If more service providers follow these steps, things will return to normal very soon. BTC.com is blazing the trail for others to follow in this regard. We all know Bitcoin needs proper scaling support before the network is even remotely useful again. The longer this support takes to materialize, the faster people will look for alternative solutions. It will be interesting to see if anyone will follow the example set by BTC.com in the coming months.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.

Let’s block ads! (Why?)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Japan’s Cryptocurrency Association to Vote on New Regulations This Month

Japan’s newly created cryptocurrency association has drafted new rules that aim to p…