In the middle of a storm of FUD news for Bitcoin and an important market correction, there is good news. BitPay invoices are fully compatible with payments from SegWit wallets. It took some time for the team behind BitPay to integrate SegWit, but now that is enabled, it will allow Bitcoin to keep scaling.
BitPay Now Supports SegWit for Invoices
Bitcoin has been facing scalability difficulties due to the amount of users in the network. Everyday, thousands of transactions were performed, increasing the fees and the transaction times. SegWit is one of the proposals that reduce the size of each transaction. Different wallets and exchanges are implementing it allowing Bitcoin to scale.
BitPay has released a blog post that describes how the platform was upgraded in order to accept payments from SegWit wallets.
“Payments from SegWit wallets have a different transaction format than non-SegWit transactions. That means they aren’t automatically fully compatible with the node software which many bitcoin services used before SegWit. This led to a slower payment experience for SegWit users.”
BitPay is one of the most important bitcoin payment processors in the world. Merchants who were receiving bitcoin payments realized that the fees were really high and that it was more difficult to find individuals wishing to pay with the famous cryptocurrency. With this implementation, fees are reduced and transaction times too, making Bitcoin a more competitive option to use for payments.
Now it will be a much better experience for individuals that pay merchants with Bitcoin. The payment process will be smooth and fast, making the it easier for daily Bitcoin users to pay with this cryptocurrency.
‘BitPay is committed to providing the best payment experience for every blockchain we support,” reads the statement. ‘That’s why we have put in the work to make our payment processing service fully compatible with bitcoin transactions from SegWit wallets.’
At the moment of writing this article, there are 19 SegWit wallets deployed, 90 that are ready, 22 that are adapting themselves to be compatible with SegWit and 24 more that are planning to move to SegWit.