Leading cryptocurrency exchange Binance has launched SegWit support for Bitcoin deposits. From now on, users will be able to send money to SegWit (bech32) addresses by selecting the BTC (SegWit) network.
SegWit, or Segregated Witness, stands for Segregated Witness, is a technology for trading in Bitcoin at low rates and high speeds.
SegWit was developed in 2015. Bitcoin has been put forward as a solution to the scalability problem facing Blockchain networks, especially. In SegWit, transaction signatures are separated from transaction data so that more transactions can be placed within a single block. This, in turn, improves the efficiency of the network.
SegWit was added to the Bitcoin network in August 2017. By the way, SegWit is also used in Litecoin. With Binance integrating SegWit into their systems, users will be able to benefit from faster transfers and lower fees.
According to Blockchair data, SegWit usage in Bitcoin is currently around 50 percent.