Thursday, October 21, 2021

Coinbase Nears Completion of SegWit Sends/Receives

Coinbase Nears Completion of SegWit Sends/Receives

Some bitcoiners have accused top U.S. cryptocurrency exchange Coinbase of dragging its feet when it comes to upgrading to Segregated Witness — or SegWit — transactions. Now, the exchange has just announced it’s entering the “final testing phase” of the upgrade, while SegWit supporters hail the move as a major win. 

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SegWit Coming in “Next Few Weeks”

As Coinbase experienced hyper-growth in its user base in 2017, so too did the exchange’s critics grow. And as numerous competitors like Blockchain, Square, and Robinhood are aiming to make fiat-to-crypto plays, Coinbase can’t afford to give its critics any more ammunition than necessary.

At the top of the list of common recent complaints against the exchange? Coinbase not being upgraded to Segregated Witness — a transaction malleability update that allows bitcoin blocks to hold more transactions, making fees cheaper.

In a new February 5th tweet, Coinbase assuaged concerns by confirming its compatibility with SegWit is officially nigh — a bit of a shock announcement, since it was popularly believed the exchange wasn’t close to doing so:

Coinbase Has New Coins Coming … Sometime

The other thing generating a great deal of murmurings in the cryptoverse as of late is Coinbase’s declared decision to list multiple new cryptocurrencies and/or tokens on its marketplace in 2018.

Armstrong pictured.

Speculation has swirled, but nothing official has been announced yet.

Still, traders are trying their best to project what coins will be accepted. For example, many point toward Coinbase CEO Brian Armstrong’s March 2017 statement that Basic Attention Token (BAT) is “exactly the sort of token we’d like to support on Coinbase and […] make it easy to buy/sell these with gov currencies.”

With that said, one can expand that comment out and argue it appears Coinbase’s leadership is at least willing to consider the listing of Ethereum-based ERC-20 token projects. As such, top ERC-20 token projects may have a fighting chance to be listed on Coinbase in the coming months.

Ultimately, speculation reigns for now.

What do you think? Is Coinbase upgrading to SegWit a good move by Coinbase? Sound off in the comments below. 

Images via worldtravlr, Twitter

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