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Bitcoin is currently dealing with a scaling problem. People are creating more transactions than can fit in the blocks. So if you want your transaction included
by sputknick 9y ago
Bitcoin is currently dealing with a scaling problem. People are creating more transactions than can fit in the blocks. So if you want your transaction included in a block, you need to be willing to pay a higher transaction fee. the metric for this is satoshi/byte (s/b). Not long ago (Christmas time) you could easily get a transaction in a block for 60 s/b, now it's like 300-400 s/b. There is an update in place that will go live August 1 that should fix this.
- SparkyMcUnicorn 9y agoFrom what I hear, this update make bitcoin no longer decentralized. Is Segwit centralized?
- uncletaco 9y agoSegwit just separates (segregates) out the transaction data from the signatures (witnesses). The "centralization" talk stems from worries about the Lightning Network, but the "centralization" idea is a fair bit more nuanced than that.
- jstanley 9y agoSegWit is not centralised, at all. It's just a way of separating signatures from transactions so that they can be stored more efficiently, and accounted for more accurately.