Binance has recently announced that it has now enabled Segregated Witness (SegWit) support on its platform. As per the announcement, Binance incorporates SegWit support for Bitcoin deposits and withdrawals. This announcement by the exchange came during Christmas and the users can transfer funds directly to the SegWit address. According to the official announcement by Binance: “Please note SegWit should help reduce fees; however, if you incorrectly send incompatible assets to the address, your funds will not be recoverable and will result in permanent loss.” Increase in Transaction Capacity as Binance Incorporates SegWit SegWit is a Bitcoin protocol upgrade that has been designed with the main aim of scaling the network and fixing the bugs. SegWit is quite popular in the industry when it comes to updating the data on the blockchain. As Binance incorporates SegWit support on its platform, it is hoping to increase the transaction capacity. SegWit is having the potential to allow a higher number of transactions to be stored in a single block, which ultimately increases the transaction capacity. According to the data from transactionfee.info, it is clear that around two-third of Bitcoin payments are happening through SegWit. Lightning Network For Bitcoin as a Payment Protocol It has been claimed a lot of times that Bitcoin has emerged as the best store of value. However, when it comes to everyday use, there are several limitations to it. For this, Lightning Network has been used as it helps Bitcoin to act as a payment protocol. Lightning Network is a Layer 2 scaling solution for Bitcoin that helps in enabling instant lower-cost transactions at an ease. Among other cryptocurrencies, Bitcoin is the most trusted one and this year it has performed impressively well. The largest cryptocurrency has now hit a new all-time high, which is indicating a major bull run ahead.
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