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Majority of Bitcoin Community & Industry Supports Segwit, Experts Weign In

Majority of Bitcoin Community Industry Supports Segwit, Experts Weigh In

Majority of Bitcoin Community & Industry Supports Segwit, Experts Weign In

​A Coin Journal survey conducted on 1,100 respondents have found that 71 percent of the community and industry are in support for the Bitcoin Core development team’s Segregated Witness (Segwit).

Most bitcoin users, businesses and developers are in support for Segwit due to its Swiss army knife-like structure. It offers an elegant solution to difficult problems which bitcoin has struggled to deal with in the past. Transaction malleability is one of the issues Segwit addresses and by doing so, it drastically increases the security measures and efficiency of bitcoin wallets, hardware wallets such as Trezor in particular..

As Ryan Shea, the co-founder of Blockstack stated, Segwit also provides an infrastructure for two-layer solutions such as Lightning, secures the process of signing transactions by hardware wallets, reduces unspent transaction outputs, improves the efficiency of signature-hashing and perhaps most importantly, optimizes bitcoin blocks by around 75 percent.

Josiah Hernandez, chief strategy officer of Coinsource, told IBTimes that Segwit’s ability to enable two-layer solutions such as Lightning makes it the most ideal proposal and solution currently present in the market. The adoption of the Lightning network and the optimization of bitcoin blocks will provide mid-term scaling that bitcoin needs.

Hernandez explained:

"Segwit is an elegant solution to a complex problem. It is the culmination of years of research, testing, and development that has already largely reached consensus among both bitcoin businesses and nodes. While providing a foundation for Layer 2 scaling solutions such as lightning network, it also offers an immediate way to help address upwards fee pressure and increased transaction confirmation times via an effective block size limit increase to 2MB. As is, it is the most ideal proposal in market."

IBTimes is the first mainstream media to offer extensive insight into the scaling debate within the bitcoin community. Peter Todd, a Bitcoin Core developer, described IBTimes’ analysis on Segwit as one of the most informative mainstream technical articles he has read by far.

Mainstream media outlets have started to dive into some of bitcoin’s issues and internal debates amid rising demand. Recently, the Wall Street Journal began to provide extensive coverage of bitcoin on its newspaper, including price coverage next to reserve currencies and precious metals such as the US dollar and gold.

As of now, experts including Blockstream CSO Samson Mow believes that the scaling debate is a result of a conflict of ego. Mow hopes the scaling debate will be resolved and bitcoin will be scaled appropriately in the near future.

"The Bitcoin scaling debate isn't really a debate at all. It's a coordinated effort to influence and control protocol development. Bitcoin is the first and most successful protocol for money, so the temptation and reward for various parties to control it is immense – especially businesses that are looking for short term results to induce an exit or liquidity event,” said Mow.

Author : Joseph Young

Joseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.

Bitcoin community Bitcoin Core developer Lightning Network Segregated Witness