SurBTC leaves SegWit2x agreement

Yet another cryptocurrency exchange, Chile's SurBTC, leaves SegWit2x agreement
12 October

Yet another cryptocurrency exchange leaves SegWit2x agreement.

This time this is the Latin American Bitcoin exchange, SurBTC, refused to support SegWit2x just a month before the planned November hardfork. 

The company claims that the new hardfork could be unsafe and is not supported by the Bitcoin Core developers. Indeed, Bitcoin.org has just published a “blacklist” of websites that continue to support the SegWit2x hardfork, arguing that storing any BTC on such services is strongly not recommended. 

We’ve always loved SegWit and we see a small increment (2mb) in the size of the block as a good idea as it would relieve pressure, lower fees and give some time to other more definitive scaling alternatives such as the Lightning Network to develop. Nevertheless, we can’t pretend to be bitcoin “scaling experts”. We don’t believe in trying to force a change bitcoin’s core developers don’t feel safe with.
 

Agustin Feuerhake
SurBTC team

The company also highlights that they haven’t seen proper support and they "don’t like what they currently see on the btc1 code repository in terms of technical considerations and open source collaboration".

SurBTC argues to be defending the interests of a growing Latin American user community that feels strongly against a new contentious hardfork. Thus, if the hardfork does happen, the exchange could eventually list both assets but will allow for sure its users to at least withdraw both. Due to practical reasons, SurBTC will continue to list BTC, and they will incorporate B2X (or the names that catch on among the industry) later.

SegWit implemented in Bitwala Wallet

The implementation intends to lower the fees when sending or receiving bitcoin into wallet to or from another wallet that supports SegWit
14 December

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.

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 chartsSegWit 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.