Blockchain.com facing pressure for making users pay higher transaction fees

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Blockchain.com is among the leading crypto wallet providers, and lately, the company has been facing immense pressure to adapt to Segregated Witness (SegWit) technology. This technology helps in making bitcoin transactions cheaper by altering the characteristics of the transactions.

Blockchain.com, CEO, Peter Smith previously showed his support for SegWit, but the platform never implemented the technology. The decision of not adopting this technology has raised some concerns among the crypto community as they believe the company wants users to pay extra for their transactions.

One of the moderators of subreddit r/Bitcoin, Bash Co tweeted that since SegWit launched in 2017 Blockchain.com has created over 31 million wallets and none of them supports the technology. He further mentioned that Blockchain which is responsible for 25% of all BTC transactions, all of which are overpaying the charges.

Along with Blockchain.com, Bitpay and Binance are also other major wallet providers that do not provide SegWit addresses. Binance, CEO Changpeng Zhao during an AMA session said that the users could expect to see this technology on the platform in the future, but it is not their priority right now. Bitcoin core wallet introduced the SegWit in February of last year. Now all major wallet providers are facing pressure from the community to introduce wallets that support SegWit addresses.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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