Title: What is BTC Segwit address? Post by: Crypto Library on June 11, 2022, 04:42:33 PM We are currently hearing this word "BTC SegWit address" in many places, for those who don't know about it, details are given below
What is SegWit ? Quote from: trustwalletcommunity link=https://community.trustwallet.com/t/trust-wallet-is-segwit-compatible/923 Segregated Witness (SegWit) is a protocol upgrade developed in 2015. The protocol upgrade brought up a number of benefits, such as improved transaction speed and block capacity. In addition, SegWit solved the so-called transaction malleability bug. How to create SegWit (Bech32) BTC wallet address and why it is worth a while?As of June 2020, Bech32 349 is supported in many popular wallets and is the preferred address scheme. Quote from: CoinDeal link=https://coindeal.com/support/article/segwit/ Before we describe how to create a SegWit Bitcoin address, you should know that there are two main reasons why you should do it. Is trust wallet compatible with Segwit?First of all, as an innovative exchange platform, we want to show our support to the SegWit adoption and therefore every BTC withdrawal done to a bech32 address will reduce the CoinDeal withdrawal fee by half. Additionally, it is important to remember that EVERY transaction you do FROM a bech32 Bitcoin address (starting with bc1…) is going to be cheaper than if you did it using old/legacy BTC address (starting with 1… or 2…). There are several ways of getting a bech32 BTC address as some online/desktop wallets offer to create them for you. In our eyes, one of the best and safest option is to get an Electrum desktop app and use it to create a BTC wallet supporting SegWit. Here is a short guide on how to do so:
Quote from: trustwalletcommunity link=https://community.trustwallet.com/t/trust-wallet-is-segwit-compatible/923 Your new Bitcoin , Litecoin , Viacoin and Digibyte Wallet are native SegWit compatible which means you can send/receive to/from any bech32 address. I have tried my best to give as much information as possible, sorry if anything is wrong. Thank YouTitle: Re: What is BTC Segwit address? Post by: khaled0111 on June 11, 2022, 06:00:17 PM Thank you for quoting the guide on how to create a segwit wallets with Electrum but I think it's a bit outdated. Newer version of Electrum will create a segwit wallet (bech32 adresses starting with bc1) by default and this is since version 4.1.0 (March 2021)*.
Newer version of Electrum do not allow creating legacy wallets from the GUI anymore. To do so you have to use the command line. Or you can generate a legacy seed from the Console by typing this command: Code: make_seed(seed_type="standard") * https://github.com/spesmilo/electrum/blob/29d8d8de2619bba9f87c2cc6ca3e68ae2b33031f/RELEASE-NOTES#L152 Title: Re: What is BTC Segwit address? Post by: hugeblack on June 11, 2022, 06:19:51 PM just want to add, it is better to learn about cryptos from better sources and not from trustwalletcommunity, news sites, unknown sites or any other paid company academy.
The information that is provided is usually general, inaccurate, not highly credible, and they do not correct articles after they have been published. Do not forget that some of these companies, for example, (Bitcoin.com) they hate bitcoin, so you may find some intentional errors. Title: Re: What is BTC Segwit address? Post by: JeromeTash on June 11, 2022, 09:46:59 PM I have tried my best to give as much information as possible, sorry if anything is wrong. Thank You Then don't share any information here if you are not sure about it, or else you end up misleading newbies For example; is going to be cheaper than if you did it using old/legacy BTC address (starting with 1… or 2…). Addresses that start with 2... are not used on the mainnet. They are testnet legacy pay to script hash address.Title: Re: What is BTC Segwit address? Post by: smartaction on June 12, 2022, 01:06:17 AM I have tried my best to give as much information as possible, sorry if anything is wrong. Thank You Some SegWit Wallet Provider List
What is the Benefit of Using SegWit Formet wallet? SegWit cost low gas fee then other wallet like Legacy (P2PKH), Native SegWit (bech32) and This allows each block to have extra capacity to store more transactions per block. This means the network can process more transactions per block. How will a user know what Formated wallet he is using? Wallet Format For BTC :
Title: Re: What is BTC Segwit address? Post by: Crypto Library on June 12, 2022, 04:32:13 AM -Snip- If you follow the links I provided, you will see this information there. But I appreciate your opinion. It highlights some important points Which I should have mentioned. Title: Re: What is BTC Segwit address? Post by: nc50lc on June 12, 2022, 06:39:44 AM SegWit cost low gas fee then other wallet like Legacy (P2PKH), -snip- Please do not use the term "gas fee" in Bitcoin. It's an Ethereum term, use "fee rate" for the 'sat/vB' amount or "fee" for the absolute fee instead.Title: Re: What is BTC Segwit address? Post by: o_e_l_e_o on June 12, 2022, 09:48:22 AM How will a user know what Formated wallet he is using? There are a few things wrong with this.Wallet Format For BTC :
P2SH addresses are not necessarily nested segwit. There are plenty of other scripts which can be encoded in a P2SH address and will have addresses starting with 3 while not being nested segwit. Bech32 is the encoding of the character set and checksum, not an address type. Native segwit is more accurately called P2WPKH (pay to witness pubkeyhash). Now that we have taproot (P2TR, which also use bech32 encoding), you need to specify that native segwit addresses start with bc1q. This is distinguish them from taproot addresses which start with bc1p. Title: Re: What is BTC Segwit address? Post by: NdaMk on June 12, 2022, 09:31:46 PM just want to add, it is better to learn about cryptos from better sources and not from trustwalletcommunity, news sites, unknown sites or any other paid company academy. The information that is provided is usually general, inaccurate, not highly credible, and they do not correct articles after they have been published. Do not forget that some of these companies, for example, (Bitcoin.com) they hate bitcoin, so you may find some intentional errors. I think I also need answer to this question because most of this sites only have post crediting there own software /app with showing its lapses or cons but that's what every typical programmer will do. So we're can we get the right information apart from the stated places Title: Re: What is BTC Segwit address? Post by: 1miau on June 13, 2022, 01:29:34 AM How to create SegWit (Bech32) BTC wallet address and why it is worth a while? It's always good to know that there are different address types of Bitcoin addresses and that we can save some fees and reduce network congestion by using SegWit (the best one is native SegWit, bech32). I've written a guide about it some time ago: Why people should be using SegWit addresses (https://bitcointalk.org/index.php?topic=5355829.0) And also mikeywith wrote an interesting guide for newbies: BTC addresses starting with "3" what are they ? simplified explanation. (https://bitcointalk.org/index.php?topic=5133475.0) See also my comment here because in my opinion it's very easy to spot on Blockchair: https://bitcointalk.org/index.php?topic=5133475.msg50677183#msg50677183 It's displayed a bit differently today but "additional information" (below transaction status) will show you "Has witness data? yes/no". :) https://i.imgur.com/KPA80BZ.png https://i.imgur.com/IjhUxtC.png SegWit (Yes): https://blockchair.com/bitcoin/transaction/db6d2b441a5964cd4c3ccdb7316738b020def1fdf2726201f07cc74016844e50 No SegWit (No): https://blockchair.com/bitcoin/transaction/b4262cc5ac3be3899c6d840408eb4252c150bdf82534921360aa5946ded9d62a (that's what o_e_l_e_o described here: P2SH addresses are not necessarily nested segwit. There are plenty of other scripts which can be encoded in a P2SH address and will have addresses starting with 3 while not being nested segwit. Title: Re: What is BTC Segwit address? Post by: SquirrelJulietGarden on June 15, 2022, 03:41:06 PM Bech32 adoption (https://en.bitcoin.it/wiki/Bech32_adoption).
Segregated Witness Wallet Development Guide (https://bitcoincore.org/en/segwit_wallet_dev/) It is many years since the Segwit deployment so nowadays if a wallet does not support it, you should choose another one to use. Title: Re: What is BTC Segwit address? Post by: khaled0111 on June 15, 2022, 11:55:56 PM It is many years since the Segwit deployment so nowadays if a wallet does not support it, you should choose another one to use. Exactly! Segwit (bech32) was first introduced back in 2017 (if am not wrong) so it has been around for more than five years now. Given all its benefits, not only to users but to the Bitcoin network as a whole, it's better to avoid using any service/wallet which didn't upgrade their servers/codes to support it.I would like to see more threads on the B&H board talking about taproot (for example: its advantages and which wallets support it). Title: Re: What is BTC Segwit address? Post by: SquirrelJulietGarden on June 16, 2022, 02:34:08 AM Exactly! Segwit (bech32) was first introduced back in 2017 (if am not wrong) so it has been around for more than five years now. Given all its benefits, not only to users but to the Bitcoin network as a whole, it's better to avoid using any service/wallet which didn't upgrade their servers/codes to support it. Some exchanges nowadays still don't support Segwit Bech32 address. Binance only supports it in December 2020. They are too late but at least they support it. Their announcement (https://www.binance.com/en/support/faq/0a6fcbc99a87424481c08bd894601759)Electrum wallet stops to support Legacy address long time ago. They only allow users to use Bech32 address by default. There is way to use Console and get Legacy address but it is for tech guys. Quote I would like to see more threads on the B&H board talking about taproot (for example: its advantages and which wallets support it). Taproot, I have some topics in Taproot - The biggest upgrade for Bitcoin since 2017 & documents to read. (https://bitcointalk.org/index.php?topic=5348092.msg57406258#msg57406258) If you or anyone knows other topics about Taproot, please give me links, I will consider adding them to my topic.Title: Re: What is BTC Segwit address? Post by: Zilon on June 16, 2022, 08:10:36 PM Exactly! Segwit (bech32) was first introduced back in 2017 (if am not wrong) so it has been around for more than five years now. Given all its benefits, not only to users but to the Bitcoin network as a whole, it's better to avoid using any service/wallet which didn't upgrade their servers/codes to support it. Some exchanges nowadays still don't support Segwit Bech32 address. Binance only supports it in December 2020. They are too late but at least they support it. Their announcement (https://www.binance.com/en/support/faq/0a6fcbc99a87424481c08bd894601759)Title: Re: What is BTC Segwit address? Post by: pooya87 on June 18, 2022, 03:57:41 AM Luno also place support for Bech32 address as well but are yet to implement them. the late adoption isn't bad though it shows support for low transaction fee by some exchange. If any exchange is not yet supporting Bech32 addresses today then you can't really call it "late" because it's been 5 years already! Late is for when it takes then 6 months to implement something not 30 months. It should make you wonder what else they haven't upgraded like their security and maybe even vulnerabilities that could lead to you losing your coins while using their services. Title: Re: What is BTC Segwit address? Post by: Charles-Tim on June 18, 2022, 07:49:07 AM But don't you think if more exchange especially centralized ones adopt Bech 32 and its upgraded version Bech 32m privacy bridge might occur because it will be hard to detect if a transaction was anonymous or not. I do not really understand this, but did you mean because of anonymity, P2TR may not be adopted on exchanges? Exchanges can accept any of it. As far as I still know, you can maintain privacy and anonymity and still pay into the exchanges if your coin is not tainted or involved in illegal transactions. Yet, both native segwit and P2TR are not privacy means of payment like Monero and Litecoin Minblewinble. Although, you can have privacy if you know how or maintain anonymity while using bitcoin for payment, but bitcoin blockchain is transparent and available to the public.If any exchange is not yet supporting Bech32 addresses today then you can't really call it "late" because it's been 5 years already! Late is for when it takes then 6 months to implement something not 30 months. It should make you wonder what else they haven't upgraded like their security and maybe even vulnerabilities that could lead to you losing your coins while using their services. Over 80% and more of bitcoin transactions are now segwit, I am wondering how some exchanges like OKX and Huobi Global and maybe some wallets are not yet supporting segwit, since 2017 when segwit was adopted.https://talkimg.com/images/2023/05/14/blob98ab0314018d74a7.png Title: Re: What is BTC Segwit address? Post by: Cashi on June 19, 2022, 03:32:09 PM SegWit cost low gas fee then other wallet like Legacy (P2PKH), -snip- Please do not use the term "gas fee" in Bitcoin. It's an Ethereum term, use "fee rate" for the 'sat/vB' amount or "fee" for the absolute fee instead.Bitcoin is not using Gas for transactions, it's simply using a normal transaction provided by sats/vbyte. Title: Re: What is BTC Segwit address? Post by: Cookdata on June 19, 2022, 06:16:58 PM In addition to what others have said, don't generate seed phrase on Electrum if you plan on using it on another wallet, may be not today or tomorrow because the the seed words isn't BIP39 compatible standard for other wallet. Electrum wallet support BIP39 seed phrase, meaning you can always used any seed phrase on Electrum wallet to generate addresses but you can't use their own mnemonic words for other wallets.
Title: Re: What is BTC Segwit address? Post by: Charles-Tim on June 19, 2022, 07:54:14 PM In addition to what others have said, don't generate seed phrase on Electrum if you plan on using it on another wallet, may be not today or tomorrow because the the seed words isn't BIP39 compatible standard for other wallet. That is true, seed phrase generation on Electrum is not BIP39 and the seed phrase generation on Electrum can not be imported on BIP39 wallets. But you can try Bluewallet, you will be able to successfully import Electrum seed phrase on the wallet, it works fine. |