Yesterday Bitwala announced that it have implemented SegWit into the Bitwala Wallet and now it is available for all users of wallet. SegWit is a technical improvement of the Bitcoin Blockchain that paves the way for cheaper transactions and enables scaling solutions on top of Bitcoin.
— Bitwala (@bitwala) December 13, 2017
Segregated Witness was activated on the Bitcoin Network on August 24th, 2017 on block #481824. It has since seen a steady increase in adoption, and SegWit transaction makes up about 9% of all Bitcoin transactions.
SegWit Transaction percentage Charts
The update intends to lower the fees when sending or receiving bitcoin into wallet to or from another wallet that supports SegWit.
The full potential of the SegWit upgrade will unfold as more and more participants in the ecosystem update their systems. While the cost of transactions will be reduced with SegWit, users will continue paying the current fees because Bitwala’s payment processor is yet to activate SegWit. It is expected the upgrade to take place in Q1 2018.