Chaincode Labs’ten Mark Erhardt’ın according to analysis 88 percent of Bitcoin transaction inputs pay higher transaction fees than necessary. Erhardt based this inference on data showing that only 12 percent of transaction inputs use the SegWit format, which charges less transaction fees.
Erhardt said that relying on traditional transaction fees contributed to Bitcoin blocks remaining much smaller than they could possibly be and to an increase in the number of unverified transactions. he believes.
The bitcoin mempool was filled with 107 blocks of unverified transactions at some point the other day, a reminder that it is possible to save money by creating less costly transactions. According to Erhardt, the easiest way to do this is to use SegWit for all future transactions.
Erhardt is responsible for moving from traditional transactions to SegWit, which offers data efficiency to minimize the traffic in the blockchain network pointed out that it is necessary.
Erhardt believes it is too late for large wallet service providers to integrate SegWit, causing unnecessary congestion in the mempool and blockchain network. Erhardt, stated that:
“It’s been almost 3.5 years since SegWit was activated. At what point will wallets that fail to send to SegWit addresses be considered outdated? “
The mempool has not cleared in 57 days. BTC is estimated to facilitate more on-chain payments than ever before. BTC has 98.3% of the SHA256d hashrate. The average blocksize is 1,320.39 kB for the past 30 days. Fees made up 16.13% of the past day’s mining rewards.#mempoolreport pic.twitter.com/ldJsnETeK8
– (@murchandamus) February 10, 2021
SegWit transactions currently account for around 51 percent of all Bitcoin transactions. This rate is expected to increase due to the increase in demand for SegWit address support offered to commercial wallet providers.
Currently, the minimum transaction fee is estimated at 149 hours / bytes, or $ 14.97 per BTC traded at $ 44,870.