For the uninitiated, SegWit, otherwise known as Segregated Witness is a space-saving transaction format, which is meant to increase the block size limit on the Bitcoin blockchain. It was first introduced by a Bitcoin developer and the co-founder of Blockstream in 2015. However, it was finally activated on August 23, 2017.
Three and a half years later and its implementation is still alien to a lot of users. The analyst believes an over-reliance on legacy transaction fees is contributing to the backlog of unconfirmed Bitcoin transactions. As of press time, Bitcoin mempool had over 104,000 pending transactions with fees in excess of 13 BTC.
Erhardt believes that the easiest way to bring down fees is to adopt SegWit for all future transactions. He said:
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Source: Cryptocurrency - investing.com
