Friday, December 15, 2017

Coinbase finally speaks on When SegWit?


 Coinbase, the #1 place to buy Bitcoin, Ethereum, and Litecoin in the USA finally makes an official statement on when they are going to implement SegWit, in order to speed transactions and lower fees on the Bitcoin Network.



Segwit is a feature that allows more transactions to be stored in each block, and blocks average about 10 minutes each. So the less space you take up with your transaction, the more room there is in the block as a whole for everybody else to use.

This is kind of like the fat guy on the plane using your armrest and splaying his legs out reallll wide the whole way through your flight. Sure, he paid for his flight, but he is still being rude when a certian threshhold is crossed. Being fat doesn't excuse rudeness, or excuse poor judgement.

The different between the fat guy on the plane and the Fat Cat at the top of the Coinbase pyramid, is that for the fat guy on the plane, he may or may not be in full control of his circumstances, to a degree. He can tuck in a little, but he is still a big ass dude regardless.

The Fat Cats at the top of Coinbase can definitely, easily, implement SegWit Bitcoin addresses by sending the non-SegWit funds to the addresses that do use support the feature. They are in full control of their actions.

**Note: Coinbase is just ONE of many, many "trusted" 3rd parties that their business model is as a gatekeeper between a retail purchaser/users of cryptocurrency. There are others like BitPay to name one other.

It's nice to at least hear they have gone on record with something concrete at least.

Full article here written by Vice President and GM of Coinbase here:

https://blog.coinbase.com/bitcoin-segwit-update-3ab0484e4526

What do you think? Have some information that I don't? Comment below and start the discussion!