SegWit, two months after its activation, already exceeded 10% of use in the Bitcoin network.
SegWit transactions can save Bitcoin users up to 40% in fees.
Data related to the use of SegWit and Taproot in the Bitcoin network reveals that the first of these improvements is being used in 82% of transactions. Taproot, for its part, is currently only used in 0.65% of transactions. This is its highest figure since its activation in November 2021.
SegWit (Segregated Witness or Segregated Witness) is an improvement that was activated in the Bitcoin network in August 2017. Its function basically consists of separating or segregating (hence its name) certain data of a transaction from the signatures that are used to verify its validity. This allows more transactions to be added to a block, as well as lowering network fees.
Taproot, unlike SegWit, does not influence the amount of information that is included in each block, but its distribution. this update allows Bitcoin transactions to enjoy a higher level of privacyas it tries to reveal only the information that is strictly necessary to the network.
It could be said that both Bitcoin improvements have a similar degree of relevance in the development and scalability of this network. However, the acceptance and use of SegWit is much faster than that of Taproot, as the statistics tool shows OXT.
It is logical that SegWit is much more used than Taproot considering that the former has been active for more than four years, while the latter has only been active for a little over two months. This favors the fact that a large number of platforms, wallets and exchange houses have implemented it. However, when comparing SegWit’s usage in its first few months to that of Taproot, Bitcoin’s Segregated Witness is still far ahead.
In the graph presented above, it can be seen that in the first two months after the activation of SegWit, its use already exceeded 10% of Bitcoin transactions. This is in contrast to Taproot which has yet to reach 1% usage.
Privacy is important, but savings go first
In a previous CriptoNoticias article on the adoption of Taproot, it was already presented what could be one of the possible causes behind its slow acceptance compared to SegWit. And it is that SegWit, as mentioned at the beginning of this article, affects the cost of transaction fees.
According to a report by the Canadian consulting firm Veriphi reviewed by CriptoNoticias, Bitcoin users can save up to 40% on fees by using SegWit.
Taproot, being an improvement that does not have a direct impact on cost reduction or offer any kind of purely economic benefit, seems to be less attractive. It is not that it is less important, since privacy, which is one of the main focuses of this tool, is an essential factor of the bitcoiner philosophy.
While Taproot may be showing a slower evolution than SegWit in its use on the Bitcoin network, there are three elements that play a crucial role in the adoption of this improvement: education, development and time.
On the one hand, to successfully promote the adoption of Taproot in order for it to become a standard for Bitcoin transactions, it is important that people understand the benefits it brings. In addition to this, the development of tools that facilitate its use before it becomes a standard is also essential. Finally, more time must be given to the spread and adoption of this technology before drawing conclusions that could be hasty regarding its acceptance in the bitcoiner community.