Legacy or Segwit on Ledger Nano S | Bitcointalksearch.org

bob123

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Quote from: jerry0 on March 09, 2018, 03:36:48 PM

I want to move my btc from electrum into nano ledger s. So to make it safe, just make the nano ledger s legacy?

Both can be used without any problems.
Especially because ledger is using the nested P2SH (no compatibility problems at all).

Quote from: jerry0 on March 09, 2018, 03:36:48 PM

Then either keep bitcoin cash in electroncash wallet or move it to nano ledger s.

It is advised to move anything you can to your hardware wallet.
Its more secured and thats what you should be wanting to achieve.

Quote from: jerry0 on March 09, 2018, 03:36:48 PM

I would definitely want to do transactions with sending btc to and from nano ledger s. Thus use it like i did with electrum where send/receive is easy.

The decision between legacy and segwit on the nano s has nothing to do with the usability.

Quote from: jerry0 on March 09, 2018, 03:36:48 PM

I also wouldn't mind lesser fees. But you could still control the fees yourself right?

You can always set the fee you want. SegWit will make your transactions smaller in size.
Therefore you will save some BTC in fees.

Quote from: jerry0 on March 09, 2018, 03:36:48 PM

So in my situation where i basically want to move my btc from electrum to nano ledger s for now and not do any transactions from nano ledger s to any other site for a bit, just choose legacy? Someone below you say choose segwit but i dont want any issues where if i send btc from electrum to nano s... there would be issues not likes not compatible? I want to make it as simple as you can get.

You don't have any problems with P2SH addresses since they are already available since very very early in the bitcoin saga.
Some websites don't accept bech32 addresses (starting with bc1..) yet, simply because they didn't update their site.
Nested P2SH segwit (starting with 3..) won't give you any problems at all.

Conclusion: Use segwit

TryNinja

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Quote from: jerry0 on March 09, 2018, 04:08:09 PM

Okay i noticed something very strange. I had reset my nano ledger a few times already and written the 24 word each time. Well i did it this time, i noticed that in the 24 word phrase, the same word is used twice. I had to make sure of this when writing it down because i thought didnt i just write the word down and it did. So imagine the word is outdoor and it shows that in word number 5 and word number 23. Is this normal? i made sure and went back and its the same word but different word numbers.

Don't worry. There is nothing wrong with that.

jerry0

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hi there thanks.

Okay i noticed something very strange. I had reset my nano ledger a few times already and written the 24 word each time. Well i did it this time, i noticed that in the 24 word phrase, the same word is used twice. I had to make sure of this when writing it down because i thought didnt i just write the word down and it did. So imagine the word is outdoor and it shows that in word number 5 and word number 23. Is this normal? i made sure and went back and its the same word but different word numbers.

TryNinja

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Quote from: jerry0 on March 09, 2018, 03:36:48 PM

Well i have my btc in electrum at the moment. First off, is electrum legacy? I assume its not segwit right?

You can create both kinds of wallets with Electrum.

Quote from: jerry0 on March 09, 2018, 03:36:48 PM

I want to move my btc from electrum into nano ledger s. So to make it safe, just make the nano ledger s legacy?

Make safe from what? Just choose Segwit. You will be helping the network and paying less fees.

Quote from: jerry0 on March 09, 2018, 03:36:48 PM

The other thing is once i do this, i want to get bitcoin cash with electron cash on my computer. Then either keep bitcoin cash in electroncash wallet or move it to nano ledger s.

Moving both of them to your Nano S would be the better option.

Quote from: jerry0 on March 09, 2018, 03:36:48 PM

I also wouldn't mind lesser fees. But you could still control the fees yourself right? I read it doesn't even matter since if you choose segwit as oppose
to legacy, it automatically does the fee and speed but even if you choose segwit, you could just put less fees?

I believe you can customize the fees regardless of what kind of wallet you are using.

Quote from: jerry0 on March 09, 2018, 03:36:48 PM

So in my situation where i basically want to move my btc from electrum to nano ledger s for now and not do any transactions from nano ledger s to any other site for a bit, just choose legacy? Someone below you say choose segwit but i dont want any issues where if i send btc from electrum to nano s... there would be issues not likes not compatible? I want to make it as simple as you can get.

There will be no issues since Nano S' Segwit address start with a 3 and not bc1.

jerry0

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Well i have my btc in electrum at the moment. First off, is electrum legacy? I assume its not segwit right?

I want to move my btc from electrum into nano ledger s. So to make it safe, just make the nano ledger s legacy?

The other thing is once i do this, i want to get bitcoin cash with electron cash on my computer. Then either keep bitcoin cash in electroncash wallet or move it to nano ledger s.

I would definitely want to do transactions with sending btc to and from nano ledger s. Thus use it like i did with electrum where send/receive is easy.

I also wouldn't mind lesser fees. But you could still control the fees yourself right? I read it doesn't even matter since if you choose segwit as oppose
to legacy, it automatically does the fee and speed but even if you choose segwit, you could just put less fees?

So in my situation where i basically want to move my btc from electrum to nano ledger s for now and not do any transactions from nano ledger s to any other site for a bit, just choose legacy? Someone below you say choose segwit but i dont want any issues where if i send btc from electrum to nano s... there would be issues not likes not compatible? I want to make it as simple as you can get.

GreekCoiner

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Are you kidding me? You have the opportunity to choose segwit BIP 49 and you ask that? Of course segwit.

bob123

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Quote from: jerry0 on March 09, 2018, 03:04:29 PM

So is the choice legacy or segwit? So if i choose segwit... could i change it back to legacy?
Or is the only way to do this basically reset my nano ledger s and choose legacy instead and thus generate a new pin and 24 word?

You can look at it as 2 different wallets. You can always switch inbetween them (Options -> Blockchains -> Bitcoin (Segwit/Legacy)).
Both addresses are derived from your 24 word seed.
If you want to move your funds from a legacy to segwit address (or vice versa) you have to make a transaction.
You can not combine funds from both 'wallets' in one transaction. If you wan't to move all of your funds form the nano s you would need 2 transaction (1 segwit + legacy).

It is advised to use SegWit for transactions being smaller in size (and therefore paying less in fees).

jerry0

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So is the choice legacy or segwit? So if i choose segwit... could i change it back to legacy?

Or is the only way to do this basically reset my nano ledger s and choose legacy instead and thus generate a new pin and 24 word?

RGBKey

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Quote from: ony2k on March 06, 2018, 09:20:38 PM

...If it doesn't need fixing, DON'T FIX IT and keep it simple stupid.

But Bitcoin did need fixing. The fees were becoming outrageously high, and we needed a transaction malleability fix. Segregated Witness brought both of those.

HCP

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Quote from: ony2k on March 06, 2018, 09:20:38 PM

Good choice on keeping legacy BTC as legacy and not transferring to segwit on the Nano S. Though Ledger has a how to on it, BTC segwit may get knocked out of the box insofar as future forks are concerned. The old cliche (rule's of life) simply apply, and they certainly do apply within a technology full of potential gotcha complexity(s). The faster segwit speed and lower fees are not that great a factor if not transacting in the millions, as well. Pay a little more, sleep nights. The rules, you might ask? If it doesn't need fixing, DON'T FIX IT and keep it simple stupid.

There is no such thing as "faster segwit speed"... SegWit transactions are not prioritised over Legacy transactions... at least, no miners that I know of do this. Also, it could be argued that NOT shifting to SegWit actually hurts the network and potentially makes fees higher for everyone.

Also, fees are actually MORE important the less you are transacting... As always, the amount of BTC being transacted has little bearing on the total fee you will pay (it's all about transaction "weight"), but the total fee paid becomes a much larger percentage of the amount being transacted the less you send. That is to say, sending 1 BTC for 0.0001 BTC in fees, is only 0.01% fee... but sending 0.001 BTC for the same 0.0001 BTC is 10% fee!!?! Shocked

Being able to keep fees low makes sending smaller BTC amounts more viable.

But hey, if your priority is making a couple of bucks from whatever ScamCoin™ fork is just around the corner, by all means, leave your coins in legacy addresses... (and pay higher fees to move your coins every time you want to claim fork coins Tongue

)

ony2k

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Good choice on keeping legacy BTC as legacy and not transferring to segwit on the Nano S. Though Ledger has a how to on it, BTC segwit may get knocked out of the box insofar as future forks are concerned. The old cliche (rule's of life) simply apply, and they certainly do apply within a technology full of potential gotcha complexity(s). The faster segwit speed and lower fees are not that great a factor if not transacting in the millions, as well. Pay a little more, sleep nights. The rules, you might ask? If it doesn't need fixing, DON'T FIX IT and keep it simple stupid.

bob123

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Quote from: cavender999 on March 01, 2018, 03:13:13 AM

Please help me!

I have successfully purchased Nano coins on Binance and cannot withdraw them to my ledger wallet through myetherwallet. I have been able to transfer other coins but with Nano I keep on getting the error 'Withdraw Access Error'.

The nano coins from binance have nothing to do with the ledger nano s.

Ledger = Manufacturer of the Nano S
Nano S = Hardware wallet from ledger [1]

Nano (cryptocurrency; available on binance) = DAG based crypto. Was named 'Raiblocks' earlier. [2]

Both are independend from another. Nano also isn't an ERC20 token.
As far as i know ledger currently is building an application to store nano on their nano s.

[1] https://www.ledgerwallet.com/products/ledger-nano-s
[2] https://nano.org/en

cavender999

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Please help me!

I have successfully purchased Nano coins on Binance and cannot withdraw them to my ledger wallet through myetherwallet. I have been able to transfer other coins but with Nano I keep on getting the error 'Withdraw Access Error'.

Any help would be grately appreciated.

SomeGuyInOz

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Quote from: bit247 on January 20, 2018, 05:07:11 PM

segwit is fast and transaction fees are lower

Sending using a segwit address is no faster (nor slower) than using a legacy address. It should be a little cheaper, though. That said, at the time of writing this reply you could get away with sending BTC for under 10c if you wanted to, even using a legacy address. The mempool is emptying.

bit247

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segwit is fast and transaction fees are lower

LeGaulois

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Thanks guys.

I was sure that it couldn't be a problem so I was quite surprised and in doubt thinking, i did something wrong (couldn't think about something).
I will test again to see but look like better for me to not use it for several reasons (at least for now)

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Quote from: bjbear123 on December 08, 2017, 05:02:35 AM

I just was quoted £1 more on fees transferring out of a Segwit address haha !!

This is not how fees work. You can send any fee or no fee, it's just that lower ones may not get confirmed depending on the network conditions.

You will pay less fees when using SegWit on a regular basis because the witness data is treated as external, thus making the transaction appear somewhat smaller.

Read more about this here.

bjbear123

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Thank you for all your help, I have decided to keep with Bitcoin Legacy as I just was quoted £1 more on fees transferring out of a Segwit address haha !!

I was thinking there would be a huge reduction in fees with segwit but that does not look to be the case,

Thank you all for you help

HCP

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Quote from: bob123 on December 07, 2017, 04:49:17 PM

Yes, quite a few exchanges (and wallet provider) aren't supporting addresses starting with a 3 yet. Will probably still take some time until its 'fully' adopted or at least used.

Huh?? I haven't seen one wallet or exchange that doesn't support "3" addresses... a "3"-type SegWit address is, for all intents and purposes, just a "P2SH" address... P2SH addresses have been around since the very early days of Bitcoin. ANY Bitcoin wallet should be able to send to a "3" address. For instance, "3" addresses are also used by "legacy" MultiSig wallets.

If the exchange does NOT support sending to a "3" address, then the exchange is BROKEN and should NOT be used.

What a lot of exchanges and wallets are NOT supporting is SegWit iteself... they are not using SegWit addresses... and cannot send to SegWit "native" addreses (aka bech32 aka "bc1")... The only wallet I know that supports "bc1" addresses is Electrum.

Just be aware, that if you chose to put your coins on a SegWit address... any future Bitcoin Fork that doesn't support SegWit will likely make it difficult to claim your coins... also, there is currently no standard for "signing" messages from SegWit addresses which can make participating in ICOs and AirDrops difficult (if you're into that sort of thing)

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Quote from: Iranus on December 07, 2017, 06:54:19 PM

-SegWit wallet implementations could potentially be buggy since they're relatively new and not implemented on some major services

I doubt any reputable wallet provider would allow a buggy segwit release. I don't think that's an issue. That's why it's taking so long for some services to implement it, is because they're making sure they do it right.

Iranus

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Pros of sending to a SegWit address:

-Significantly lower fees than legacy addresses
-Possibility of LN in the future
-Same chain as legacy (they're both BTC addresses)

Cons:

-There's no standard for signing messages with SegWit addresses, so legacy might be better for verification
-SegWit wallet implementations could potentially be buggy since they're relatively new and not implemented on some major services

bob123

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Quote from: LeGaulois on December 07, 2017, 12:22:20 PM

Yesterday I tried to use a Segwit address on Ledger Nano S, then tried to send some bitcoins from an exchange for testing, the site was telling me the address is not valid. Is there a possibility that some exchanges/web wallets don't support these types of addresses?

Yes, quite a few exchanges (and wallet provider) aren't supporting addresses starting with a 3 yet. Will probably still take some time until its 'fully' adopted or at least used.

@OP:
You can choose whatever address type you like. Legacy is the original bitcoin address format. Segwit was implemented through a soft fork a few months ago.
Segwit transactions are smaller in size, and therefore cheaper when spending from. You are free to choose which you want to use.

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Quote from: LeGaulois on December 07, 2017, 12:22:20 PM

Yesterday I tried to use a Segwit address on Ledger Nano S, then tried to send some bitcoins from an exchange for testing, the site was telling me the address is not valid. Is there a possibility that some exchanges/web wallets don't support these types of addresses?

It's possible, but strange. Segwit addresses are just pay to script hash (P2SH) addresses and have been in Bitcoin since the beginning. The exchange could be doing the wrong thing and only letting addresses start with a 1, which is not how Bitcoin addresses work.

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Yesterday I tried to use a Segwit address on Ledger Nano S, then tried to send some bitcoins from an exchange for testing, the site was telling me the address is not valid. Is there a possibility that some exchanges/web wallets don't support these types of addresses?

OmegaStarScream

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If by SegWit addresses, you're referring to the ones that start with 3 then yes, nothing to worry about. I had my funds stored in SegWit addresses on Trezor and I did receive Bitcoin Gold fork so It should be the same thing for your Ledgerwallet.

bjbear123

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Hello,

I am transferring over a small amount of BTC to my Ledger Nano S, however there is 2 options on the Ledger, Bitcoin Legacy OR Bitcoin Segwit.

Which one should I transfer funds to ??

Are both supported everywhere ? Are both just as safe ? If I choose Segwit, will I get future Forks ??

Thank you

Topic: Legacy or Segwit on Ledger Nano S (Read 1720 times)