Bitcoin wallet provider and altcoin Blockchain.com is facing pressure from users to integrate Segwit technology. This generates lower transaction fees than the company currently charges.
Blockchain.com, formerly known as Blockchain.info, is one of the most used Bitcoin wallets that does not support SegWit. This technology allows faster and cheaper Bitcoin transactions by changing the features of the transaction itself, including its size.
Despite being available as of 2017, SegWit has generated criticism from members of the community, who have expressed various concerns about its implementation.
Blockchain.com CEO Peter Smith has previously said he is a SegWit supporter. However, the technology has not yet been implemented in their wallets.
“Since Segwit was activated on August 1, 2017, Blockchain.com claims to have created 31 million new wallets,”
wrote BashCo, the Reddit moderator for the r / Bitcoin subreddit.
“There are 31 million wallets that do not accept Segwit!”,
he complained.
Since Segwit was activated on Aug 1st 2017, Blockchain (.) Info claims to have created 31 million new wallets.
That’s 31 million wallets that don’t support Follow!
BC.i claims to account for 25% of #Bitcoin transactions, all of which are overpaying on $ BTC tx fees. @NicSherrod pic.twitter.com/ZmJhMdloM1
– BashCo (@BashCo_) August 26, 2019
Blockchain.com’s total user base currently stands at around 41 million. Despite being among the oldest wallet providers, the company has regularly drawn controversy over its business practices.
Most recently, Blockchain.com has partnered with the BitPay payment processor for wallet integration.
Bitpay took a serious PR blow last week, when a prevented a user to send a $ 100,000 donation in Bitcoin to a charitable organization fighting fire in the Amazon forest.
Blockchain.com and BitPay aren’t the only big companies avoiding SegWit – neither does Binance provide SegWit merchant addresses.
In May, Changpeng Zhao said that although the technology will likely appear on the platform in the future, it is not a priority for developers.
“SegWit is on our list of upgrades, but it’s a lower priority, as Bitcoin transactions are currently operating, especially with Lightning Network, which has taken over some of the trades on the Bitcoin core network,”
explained the.
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