Bitcoin Forum

Does it lower Bitcoin transaction fees?

One does not use a segwit 'wallet', but segwit address-/transaction- types.

Segwit is already pretty good adopted. The majority of services and block explorer (at least the good ones) have adopted using segwit (bech32).


When using segwit (either nested P2SH segwit (addresses starting with 3..) or native segwit (addresses starting with bc1..) your transactions are going to be smaller in size.
Therefore the fees are lower when choosing the same fee rate (sat/B) compared to a legacy transaction.

If you want to save on fees, i'd recommend to use bech32 since the size is notably smaller than nested segwit (which also already is clearly smaller in size than legacy).


But it might be worthy to note that not all services already accept bech32 addresses (e.g. as withdrawal addresses). This is due to the fact that they simply haven't updated their software yet.
The majority of services (exchanges) do already support withdrawals to bech32.


Long answer short:
Yes, it does reduce the fees. And it additionally helps to improve BTC's eco system.

Yes.

Bitcoin Core offers it by default now. Whenever you spend coins, even to legacy addresses, your change goes into a segwit address.

I have tried it in the very beginning, and since then if I can, I choose Segwit TXs.

They are much faster man!  The 1º time I tried I paid 30$ fees! (but this was including some Withdraw fees as well)

I think now you can use Segwit without fear.

I have  and what i like most about it is the increased capacity to store more transactions, which means lower transaction fee, more transactions per block = faster transactions. In addition to that it also fixes transaction malleability, an attack that lets a person change a Bitcoin transaction’s unique ID before the transaction is confirmed on the Bitcoin network.

I have seen some post about it. But personally I haven't tried it yet. Even though it seems to be something that makes sense. I will love to see update of users that have tried it.

Yes' I'm using it. You don't have to do a lot to get a segwit address. The easiest way is to download electrum wallet and create a new segwit wallet ( it gives you a choice whether the wallet will work with segwit or not). It lowers the cost of transaction significantly.

Many cryptocurrency exchanges did not support Segwit so I think this method for sending funds is not the most secure.

I send bitcoin from a bitcoin core wallet and it is very cheap

In fact, segwit transactions are MORE secure than legacy transaction (e.g. https://en.bitcoin.it/wiki/Transaction_malleability (https://en.bitcoin.it/wiki/Transaction_malleability)).

Most exchanges are already using segwit and do also allow to withdraw to segwit addresses.

Nested P2SH segwit is accepted EVERYWHERE, simply since the address can't be distinguished from a legacy multisignature (both starting with 3...
Few softwares havn't been updated yet to accept bech32.


But it is definitely NOT LESS SECURE than legacy transactions.

I've never used a Segwit address,and I'm pretty sure that the transaction fees won't be lower.
People here claim that Segwit transactions are more secure,but I don't know what are the risks involved into just sending bitcoin to another wallet.Perhaps a will get a Segwit wallet in the future,but right now I'm not moving my bitcoins.

You should educate yourself a bit more.

The fee of a transaction is dependent on the size of the transaction, period.
The size of a transaction IS SMALLER with segwit transactions, period.

The only logic consequence is that segwit transactions are lower in fees (about 30%-40% with bech32).

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You should read the whole thread before replying:

segwit seems pretty promising. gonna try it.

Yes the transaction fees will be lower, since your transaction will be smaller in size.
There are no additional risks involved with using a segwit address, just pick a secure wallet in general.

Sounds like you really need to read up on how Segwit works.

Edit: Sorry, I missed @bob123's reply, which basically explains it better than me.