The network fee has to be paid, but what if it doesn’t need to be paid? With the adoption of SegWit and its full approval, with the launch of Bitcoin and tariffs, Bitcoin users (BTC) can save half a billion dollars in network costs.
Perry Werfy’s latest report “calculated” nearly half a million blockchains to calculate how much BTC and MB were saved thanks to these technologies.
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As a brief reminder, SegWit (Segregated Witness) is an optional protocol update for blockchain networks that was first launched in 2017 and basically means “separating transaction signatures.” It is useful for cost, speed and scalability. In the case of a scaling method called classification, this indicates that there are more than three outputs in a transaction, so you have to deal with two different sides at once.
In seven years, from January 2012 to March 2020, 205,941 BTCs were paid to miners – which can be classified. That’s $ 2 billion at current BTC prices.
The report claims that if everyone uses Transaction Batching, more than 20,620 BTCs will be saved by Bitcoin users. Instead of BTC 205,941, users had to pay 185,321 BTC at a 10% discount. This (no) amount stored by BTC through this category is currently worth $ 202 million.