Coinbase has announced on Twitter that Bitcoin SegWit testing is in its final phases, and will be available for Bitcoin sending and receiving in “the next few weeks.” This is designed to reduce Bitcoin’s fees and transfer times, and further reduce the load on its network.
BTC: USD pairs on Coinbase’s GDAX exchange accounts for about 5% of bitcoin’s daily trading volume, according to CoinMarketCap. Once you add in the other Coinbase broker BTC service, other currency pairs and other transactions it’s safe to assume that a considerable portion of daily transactions happen through Coinbase/GDAX.
As such this development could feasibly have a discernible effect on global Bitcoin transaction times and fees.
Author: Sara Bauer