Bitcoin - SegWit Transactions

Bitcoin - SegWit Transactions

Imagine the Bitcoin network as a busy road where each car represents a transaction. Originally, this road had only one lane, meaning only a limited number of cars (transactions) could pass at a time. When the road got too crowded, cars had to wait, causing traffic jams and increasing the cost of the journey (transaction fees).

Then came SegWit, a major road overhaul. SegWit added a special lane for motorcycles (the transaction signatures), which are an essential part of each journey (transaction) but took up a lot of space. With motorcycles having their own lane, more cars can pass on the main road at the same time, reducing traffic jams.

The number of "SegWit Transactions" is like a counter telling us how many cars are taking advantage of the new motorcycle lane. The higher this number, the smoother the traffic on the Bitcoin road. This shows that the overhaul was successful and that journeys (transactions) are happening more quickly and at a lower cost for everyone.

In the beginning, when SegWit was introduced, many drivers (users) were still learning about the new lane and how to use it. Over time, more and more drivers began to switch lanes, and the count of "SegWit Transactions" grew. Now, we can look at this count as a sign of how modern and efficient the road has become. The story of SegWit in the Bitcoin network is a tale of constant innovation, seeking to make journeys faster and more affordable for everyone in the crypto community.