How to save on fees with bech32 without having to send for a bech32 before

Forsyth Jones

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Quote from: Xynerise on June 16, 2018, 09:10:23 AM

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Soon tutorial on Electrum, Bitcoin's lightweight and alternative wallet, but it will not be as easy as bitcoin core wallet.

I don't think it'll be possible on Electrum since it uses one derivation path for each wallet.

PS Samourai mobile wallet on Android has the option to receive change to like addresses.

It has yes but it's a bit complicated, you have to have two wallets at Electrum, it might not even make up for the work.

When sending a payment to Electrum, just set a change address in the field send, ex:

p2pkh-keyhash, 0.01 (sending address)
p2wpkw-keyhash, 0.002 (change address)

Or if you just send an amount to a sending address and the total remaining balance you send to a bech32 change address from your electrum wallet.

Xynerise

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Quote

Soon tutorial on Electrum, Bitcoin's lightweight and alternative wallet, but it will not be as easy as bitcoin core wallet.

I don't think it'll be possible on Electrum since it uses one derivation path for each wallet.

PS Samourai mobile wallet on Android has the option to receive change to like addresses.

Forsyth Jones

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I'm already tired of hearing people saying that bech32 addresses are incompatible with other wallets, which are not very used or are useless. I do not know if this type of address will be the default in the bitcoin network, if they will change etc but for now the default remains the legacy addresses as most wallets softwares and exchanges and other services related to the BTC use them. In Bitcoin Core the default of the receive addresses are the segwit addresses mirrored in p2sh, the change addresses also, when you spend the balance in the bitcoin core wallet, if there is any remaining balance is passed to the address of the same type, ie p2sh-segwit, but you can change the type of change address that the wallet must pass the remaining funds using the command line:

"-changetype=" replace the change "address type" you want to configure, for example in the following image:

"-changetype = bech32" so that any balance you spend, if there is any remaining balance, the wallet will pass the balance to a bech32 change address. To change the change address, simply choose between "legacy" and "bech32", "p2sh-segwit" does not need to be set because it is configured by default and change address as well.

Tutorial on how to do this:

- right-click the bitcoin core client shortcut icon, if you do not have a shortcut, create one and do so.

- in the window that appears, in the text box next to Destination, type the front of "C:\Program Files\Bitcoin\bitcoin-qt.exe" -addresstype=bech32

- click Apply, and then click OK.

- If the client is open, close it and open again that bitcoin core will run with the new rules.

This tutorial will be very useful when the mempool grow again and the fees go to the heights as it was the peak of November and December of 2017, because the addresses segwit bech32 reduce the fees by up to 40%, I will make sure to resuscitate this topic when this time to come, for now this topic was only to demonstrate that you can use bech32 in a user-friendly way (if you use bitcoin core), today you have no need to do that unless you want to econimize a lot on your transactions.

Soon tutorial on Electrum, Bitcoin's lightweight and alternative wallet, but it will not be as easy as bitcoin core wallet.

If you use the coinomi wallet that is also compatible with bech32 (receive and send) if you receive a legacy or p2sh-segwit address in your coinomi wallet, if you spend an amount and there is a remaining balance, wallet will direct the change (remaining balance) to a bech32 address. I think Samourai Wallet does the same thing too.

If you have any doubts during this process write your doubt that I will clarify it.

Topic: How to save on fees with bech32 without having to send for a bech32 before (Read 230 times)