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Title: Which type of bitcoin address gets the least fees? Post by: wnet on December 28, 2022, 03:46:53 AM I just bought a domain using some Bitcoin and I visited the transaction page on Blockchain.com and it said that this address (me) payed 40% more fees due to inefficiencies in older wallets.
So I've heard of segwit, but is that what they mean? Do they mean bech32 address? Hope someone can anser my question, thanks. Title: Re: Which type of bitcoin address gets the least fees? Post by: jackg on December 28, 2022, 03:55:12 AM Bech32 is native segwit and is the cheapest mainstream on chain way to spend funds (iirc). Those addresses begin with bc1.
Nested segwit is the next cheapest and old systems have to support it because it's in the style of multisig addresses. Legacy is the least efficient way to send funds (addresses beginning with a 1) and those are the most expensive but are also the ones older companies got used to (if there's a company not using segwit, I'd advise against using them as they might be cutting other corners too - especially security wise). Title: Re: Which type of bitcoin address gets the least fees? Post by: wnet on December 28, 2022, 04:10:48 AM Bech32 is native segwit and is the cheapest mainstream on chain way to spend funds (iirc). Those addresses begin with bc1. Nested segwit is the next cheapest and old systems have to support it because it's in the style of multisig addresses. Legacy is the least efficient way to send funds (addresses beginning with a 1) and those are the most expensive but are also the ones older companies got used to (if there's a company not using segwit, I'd advise against using them as they might be cutting other corners too - especially security wise). Hey, thanks for your reply. You answered my question. Title: Re: Which type of bitcoin address gets the least fees? Post by: Despairo on December 28, 2022, 04:49:31 AM Just to add there's another version address called as taproot which start with bc1p while native segwit start with bc1q. Right now there's not many wallet and exchange are support taproot address, so if you use taproot address and then send it to exchange that unsupported taproot address, your coins will gone.
But there's no problem if you send and receive from native segwit, nested segwit and legacy address. Title: Re: Which type of bitcoin address gets the least fees? Post by: hd49728 on December 28, 2022, 05:07:39 AM Cheapest to most expensive
Native Segwit (Bech32, starts with bc1q) > Nested Segwit (starts with 3) / Taproot (Bech32m, starts with bc1p) Legacy (starts with 1) Your transaction fee depends on your inputs, outputs and address types that will define transaction size. A next factor is fee rate which you are free to choose if you are using non custodial wallets. Use this tool if you want https://bitcoindata.science/plot-your-transaction-in-mempool.html Title: Re: Which type of bitcoin address gets the least fees? Post by: CageMabok on December 28, 2022, 05:28:48 AM I just bought a domain using some Bitcoin and I visited the transaction page on Blockchain.com and it said that this address (me) payed 40% more fees due to inefficiencies in older wallets. Because someone has already answered, and I think the answer given by @jackg is also very correct. So on this occasion I just want to give a little extra through two references that I have read and looked at carefully which might also help you to understand more deeply about the thing you are asking about. Please open and read the two sites below because I can't parse everything hereSo I've heard of segwit, but is that what they mean? Do they mean bech32 address? Hope someone can anser my question, thanks.
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