So… What is SegWIT?

There’s a lot of chatter about August 1st, regarding a thing called SegWIT. But what is it and why does it matter, does it matter?

SegWit is the process by which the block size limit on a blockchain is increased by removing signature data from Bitcoin transactions. When certain parts of a transaction are removed, this frees up space or capacity to add more transactions to the chain (Thanks, Investopedia).

That doesn’t mean to much to me either, but at least we’re on the same page… Let’s try and get more into it with a video.