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Subhan Nadeem has pointed out that:
If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.
A few thousand bitcoin users from /r/Bitcoin switching to making their next transactions Segwit transactions will help take pressure off the network now, and together we can encourage exchanges/wallets to rapidly deploy Segwit for everyone ASAP. Let's make it happen.
Exchanges: Find out if your exchange has deployed Segwit already. If not, politely request that they do so within 30-days or they will lose your business. Sign-up for an account with a Segwit deployed/ready exchange now
If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.
A few thousand bitcoin users from /r/Bitcoin switching to making their next transactions Segwit transactions will help take pressure off the network now, and together we can encourage exchanges/wallets to rapidly deploy Segwit for everyone ASAP. Let's make it happen.
Exchanges: Find out if your exchange has deployed Segwit already. If not, politely request that they do so within 30-days or they will lose your business. Sign-up for an account with a Segwit deployed/ready exchange now
I know these are back-of-the envelope calculations, but on the first part, this seems wrong. "A few thousand bitcoin users from /r/Bitcoin" upgrading to Segwit might have very little effect. We have no idea the weight of their transactions nor whether any given thousand redditors transacts much if at all. (HODL!)
The latter part (exchanges) is what matters: economically relevant nodes. The majority of blockchain activity comes from exchanges and services, not regular users. My feeling is that exchanges are far more concerned with scaling their infrastructure due to user growth that they can't handle. And I support that. As a customer of several exchanges and brokers, I can say that performance/trade engine/API/downtime issues are a million times more important to me than withdrawal fees.
Segwit was touted as an opt-in upgrade. Threatening to leave an exchange I otherwise like over it? That's absurd.
