Bitcoin wallet and bitcoin segwit wallet

ranochigo

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Quote from: buyandsale on March 15, 2018, 07:53:27 AM

segwit wallet has low fees really ?

The fees are pretty reasonable in general. Segwit addresses can potentially have a lower fee when compared to a similar legacy transaction. Segwit transactions has their weight counted differently which results in a "discount".

Quote from: Oulay on March 15, 2018, 08:19:26 AM

I guess this is why I confused things up.
So just to get things totally clear, services already support sending to P2SH addresses and that's why they all support sending to nested SegWit addresses?

Yup.

Every service and wallet that I'm aware of supports P2SH addresses, nested segwit or not. P2SH has been around for a long time.

Oulay

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Quote from: bob123 on March 15, 2018, 07:14:47 AM

-snip-

Quote from: HCP on March 15, 2018, 07:52:29 AM

-snip-

Thanks for the correction guys, I'll edit my post so that it doesn't show wrong info.

Quote from: HCP on March 15, 2018, 07:52:29 AM

The issue is that some wallets and service providers (exchanges, gambling sites, webwallets etc) do not support Native "bc1" addresses at this time, so you can't send from these services to a "bc1" address... As they are likely to flag a "bc1" address as invalid and refuse to send to it.

I guess this is why I confused things up.
So just to get things totally clear, services already support sending to P2SH addresses and that's why they all support sending to nested SegWit addresses?

buyandsale

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segwit wallet has low fees really ?

HCP

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Quote from: Oulay on March 14, 2018, 11:29:05 AM

So what's the difference?
SegWit nested addresses can send and receive from all addresses including legacy and native SegWit addresses. While native SegWit "bc1" addresses can only send and receive from other native "bc1" and SegWit nested "3" addresses and cannot send or receive from legacy addresses.

That's half right...

Nested SegWit "3" can send/receive from anywhere
Native SegWit "bc1" can send/receive from anywhere

The issue is that some wallets and service providers (exchanges, gambling sites, webwallets etc) do not support Native "bc1" addresses at this time, so you can't send from these services to a "bc1" address... As they are likely to flag a "bc1" address as invalid and refuse to send to it.

Currently, Electrum and Bitcoin Core support "bc1" addresses.. and it seems Coinbase have started generating "bc1" change addresses... So, while uptake is slow, more and more wallets/service providers are beginning to support Native SegWit.

bob123

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Quote from: Oulay on March 14, 2018, 11:29:05 AM

Quote from: Fantastic33 on March 09, 2018, 08:19:25 PM

Is it possible to transfer btc from my btc wallet to btc segwit wallet?

To answer this question, you have to know that there are two types of SegWit addresses...

The answer to this question (which by the way is: YES) is completely independent from the type of segwit addresses..
It is always possible to transfer btc's from a non-segwit wallet to a segwit wallet.

Quote from: Oulay on March 14, 2018, 11:29:05 AM

...While native SegWit "bc1" addresses can only send and receive from other native "bc1" and SegWit nested "3" addresses and cannot send or receive from legacy addresses.

This statement is illogical and contentual wrong.
SegWit was implemented as a soft fork. If somehow it wouldn't be possible to send/receive to/from 'old legacy' addresses, this would not be called backwards compatible.
Backwards compatibility is a requirement for a soft fork.

Additionally, not every address starting with a '3..' is a nested segwit address (P2WPKH/P2SH).
Simple multi-signature addresses also do start with a '3..'.

Oulay

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Quote from: Fantastic33 on March 09, 2018, 08:19:25 PM

Whats the difference between btc wallet and btc wallet with segwit? .... Is it better to use the wallet with segwit?

The difference is that transactions made from SegWit addresses cost less fees, so yes, it's better to use a SegWit wallet. And now the mempool is empty and fees are at their lowest so it is a great time to transfer your BTC to a SegWit address.

Quote from: Fantastic33 on March 09, 2018, 08:19:25 PM

Is it possible to transfer btc from my btc wallet to btc segwit wallet?

To answer this question, you have to know that there are two types of SegWit addresses.
1) P2SH SegWit nested addresses that start with '3' and as others mentioned not all addresses that start with '3' are SegWit nested but all SegWit nested addresses do start with '3'.
2) Bech32 native SegWit addresses that start with 'bc1'.
And of course there are the legacy non-SegWit addresses that start with '1'.

So what's the difference?
Bech32 native SegWit addresses are new and are not supported by all wallets and services yet. The result is that you may not be able to send your BTC to a native SegWit address unless you import your private keys into a wallet that support this type of addresses. While all wallets and services support sending to P2SH SegWit nested addresses.

teddy5145

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Quote from: Shenzou on March 10, 2018, 02:56:29 PM

Yes you are able to switch to using segwit enabled wallet and send your bitcoin to it, but it will cost you some fees, because of big centrelized wallet services like Coinbase and Blockchain who have not yet supported it, switching from them to a segwit wallet will come at a cost, your transactions may have lower transaction time and lower fees, but you are going have to buy a harware wallet like LegerNano S or Trezor who supports this technology.

Switching to Segwit will save you money in long term, especially if you send coins daily.
Blockchain itself hasn't supported Segwit yet(You can't search Segwit address on Blockchain), but it's just a minor problem as there are Segwit block explorer already.
Transaction time are still the same as your transactions will need to be included to a block, just like non-Segwit transactions.
Segwit are currently supported by Electrum, don't buy yourself a hardware wallet if your goal is simply just to taste Segwit.

Quote from: Fantastic33 on March 09, 2018, 08:19:25 PM

Im thinking if i need to change my wallet to a btc wallet with a segwit.
Whats the difference between btc wallet and btc wallet with segwit? Is it possible to transfer btc from my btc wallet to btc segwit wallet? Is it better to use the wallet with segwit?

Just create and send your coins to a Segwit address as usual, it's good for the Mempool and your TX Fee

Shenzou

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Quote from: Fantastic33 on March 09, 2018, 08:19:25 PM

Im thinking if i need to change my wallet to a btc wallet with a segwit.
Whats the difference between btc wallet and btc wallet with segwit? Is it possible to transfer btc from my btc wallet to btc segwit wallet? Is it better to use the wallet with segwit?

Yes you are able to switch to using segwit enabled wallet and send your bitcoin to it, but it will cost you some fees, because of big centrelized wallet services like Coinbase and Blockchain who have not yet supported it, switching from them to a segwit wallet will come at a cost, your transactions may have lower transaction time and lower fees, but you are going have to buy a harware wallet like LegerNano S or Trezor who supports this technology.

bob123

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Quote from: hugeblack on March 10, 2018, 02:18:00 AM

Quote from: Fantastic33 on March 09, 2018, 08:19:25 PM

Whats the difference between btc wallet and btc wallet with segwit?

btc wallet (Legacy) using addresses of the form "1" while segwit wallets using addresses of the form "3 or bc1"
lower transaction fee and fast confirmed

Not every address starting with a 3 is segwit nested P2SH.
Multi-signature addresses start with 3. They already were used 5 years ago.
Native segwit addresses use the bech32 format (starting with bc1).

With removing redundant data from the transaction, segwit reduces the size and therefore the overall fee of the transaction (no influence on feerate [sat/B])
Transactions do not confirm faster with segwit. The speed on confirmation depends on the speed at which blocks are found (on average: 6 per hour)

hugeblack

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Segwit blocks Added a new concept called Block Weight and it is calculated on a per-transaction basis "Each transaction has a weight "
for more read this --------> understanding segwit

Code:

(tx size with witness data stripped) * 3 + (tx size)

segwit wallet is a wallet that enables segwit by default.

Quote from: Fantastic33 on March 09, 2018, 08:19:25 PM

Whats the difference between btc wallet and btc wallet with segwit?

~~btc wallet (Legacy) using addresses of the form "1" while segwit wallets using addresses of the form "3 or bc1"~~
~~lower transaction fee and fast confirmed~~

Read bob123 comment.

for more read this ----->bitcoin-legacy-vs-segwit-

Quote from: Fantastic33 on March 09, 2018, 08:19:25 PM

Is it possible to transfer btc from my btc wallet to btc segwit wallet? Is it better to use the wallet with segwit?

Yes. just download one of these wallets:

mobile wallet

For more read this ----> overview of different mobile wallets and SegWit

Xynerise

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39twH4PSYgDSzU7sLnRoDfthR6gWYrrPoD

Segwit wallets have lower transaction sizes, so they have lower fees by default, and you can save up to 50% on fees depending on the type of segwit wallet you use and your type of transaction.
So, yes, it is better to use a segwit wallet if you want lower fees.

Fantastic33

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Im thinking if i need to change my wallet to a btc wallet with a segwit.
Whats the difference between btc wallet and btc wallet with segwit? Is it possible to transfer btc from my btc wallet to btc segwit wallet? Is it better to use the wallet with segwit?

Topic: Bitcoin wallet and bitcoin segwit wallet (Read 272 times)