Bitcoin owners, you need to do these two things right now

[OmegaStarScream]

In case you didn't come across this article through Reddit or Twitter, here it is: https://hackernoon.com/bitcoin-owners-you-need-to-do-these-two-things-right-now-a73122dd23d4

TL;DR? We all know that the fees are currently high so we must do something about it. What every user could do right now is to simply use SegWit wallet and take control over his private keys. I feel like more people need to read this so feel free to give this thread a bump from time to time.

[vibingpositively]

What people actually don't know this? I switched to a Segwit account in August because if you read any articles basically all of them mention you will have lower fees on Segwit than a legacy account. I have zero clue why people are still running legacy accounts, unless it is through an exchange which okay that makes sense.

[stompix]

We all know that the fees are currently high so we must do something about it. What every user could do right now is to simply use SegWit wallet and take control over his private keys.

The main problem is not with the users, the problem is with the services that are still too slow on adopting segwit wallets.
Sure I would love to pay 1/3 of the fees but if the guy on the other end is not willing, what can I do? other than pester him to get a sw wallet.

I really don't understand why they are so slow, they are hurting their business, they are losing customers, it makes no sense....unless
But, I don't even want to think it's a bch conspiracy..

[mobnepal]

Almost every bitcoin services are ready for adopting segwit but what stopping them to do so ? https://bitcoincore.org/en/segwit_adoption/

Electrum allows us to create segwit address but sending from such address to normal address will make no difference in fee and it is hard to find another guy or merchant that have segwit address as receiving address.

This transition might take next few years.

[bitart]

What people actually don't know this? I switched to a Segwit account in August because if you read any articles basically all of them mention you will have lower fees on Segwit than a legacy account. I have zero clue why people are still running legacy accounts, unless it is through an exchange which okay that makes sense.

I've also started with the segwit address when I have received the ledger nano s, I have sent some coins into the wallet and I have connected it to a mycelium wallet. And I have been terrified that the mycelium has showed 0 balance despite of the ledger chrom extension wallet showed the normal balance....
I have quickly googled for it and realized that mycelium is not able to use segwit addresses on the ledger nano s, so I have to use the legacy one... just one example
It would be better to be able to use the segwit type addresses everywhere, but we still need to wait, unfortunately...

[bitvalak]

I wait for the transaction to return to normal rather than having to move to segwit or other hardfork. Because it will be too complicated if everyone moves into segwit and transactions will also accumulate pending transactions.

[cozk]

I wait for the transaction to return to normal rather than having to move to segwit or other hardfork. Because it will be too complicated if everyone moves into segwit and transactions will also accumulate pending transactions.

Maybe its like the BTC price... There is no coming back. 

[Yakamoto]

In case you didn't come across this article through Reddit or Twitter, here it is: https://hackernoon.com/bitcoin-owners-you-need-to-do-these-two-things-right-now-a73122dd23d4

TL;DR? We all know that the fees are currently high so we must do something about it. What every user could do right now is to simply use SegWit wallet and take control over his private keys. I feel like more people need to read this so feel free to give this thread a bump from time to time.

I'll have to look into actually using this then, I was considering it based on the existence of SegWit but I didn't realize that there were fee savings too. It won't help the rest of the unconfirmed transactions piling up but it will save some money in the short-term so it can't be worse than what I can think it could be.

Thanks for letting me know, I wasn't sure if these wallets were worth using at all but this is becoming more convincing.

What are the benefits of SegWit on the blockchain at large, aside from having fees reduced for individuals? I'm hitting up google too so that I can get more information on the subject.

[flippener]

I put my BTC in a Segwit format wallet. It was so hard to claim forks and airdrops (since the private key couldn't be recognised in most cases) that I've gone back to a non-Segwit format.

[Egoitss]

Good article thank You.

[uszaty43]

Legacy wallets are still paying upto 0.004 worth of fees for a single transaction, that is insane enough to keep holding until our last days of life .. Who is going to send money with a fee of $80 - $100?

What people actually don't know this? I switched to a Segwit account in August because if you read any articles basically all of them mention you will have lower fees on Segwit than a legacy account.

And yes, i can not understand that kind of people who are still using legacy ones, if your wallet provider allows segwit ones, then why the hell are you using legacy?

I have zero clue why people are still running legacy accounts, unless it is through an exchange which okay that makes sense.

And no, exchanges are using segwit, if they were using legacy, the fees could be more than $50 for withdrawing a few satoshis.

[cindygirl]

In case you didn't come across this article through Reddit or Twitter, here it is: https://hackernoon.com/bitcoin-owners-you-need-to-do-these-two-things-right-now-a73122dd23d4

TL;DR? We all know that the fees are currently high so we must do something about it. What every user could do right now is to simply use SegWit wallet and take control over his private keys. I feel like more people need to read this so feel free to give this thread a bump from time to time.

While this will help, people shouldn't have to be switching from the wallets they've always used in order to get fees which are still too high anyway. There have to be better solutions. Hopefully in time they will come.

[faithupgrade]

Wow this is indeed a good news. Never knew that Electrum can give a Segwit wallet. How about blockchain dot info?

In case you didn't come across this article through Reddit or Twitter, here it is: https://hackernoon.com/bitcoin-owners-you-need-to-do-these-two-things-right-now-a73122dd23d4

TL;DR? We all know that the fees are currently high so we must do something about it. What every user could do right now is to simply use SegWit wallet and take control over his private keys. I feel like more people need to read this so feel free to give this thread a bump from time to time.

[figmentofmyass]

TL;DR? We all know that the fees are currently high so we must do something about it. What every user could do right now is to simply use SegWit wallet and take control over his private keys. I feel like more people need to read this so feel free to give this thread a bump from time to time.

i guess i agree with this sentiment. the problem is that it doesn't make much of a difference. in the past couple months, median transaction fees are now 350% higher than late october, and every day the spam attacks are pushing them even higher. in that context, 30-40% means very little.

what the ecosystem desperately needs is not segwit adoption, but rather market competition for ASIC chip manufacturing. i really hope halong mining is for real. as long as bitmain controls a majority of hash power, they can continue this attack. they are reaping much higher block rewards because of the congestion (including the fees from their spam attacks). this is basically a war of attrition. they are starving users of confirmation, much like a 51% censorship attack.

[filharvey]

Thanks for the details about segwit.Even i too thought these much day that by default,our electrum wallets has got activated with segwit.But it was a great mistake.I might have saved a lot these much days.

Could we activate segwit in our existing wallet or should we download the new version of Segwit 3.0 wallet ?

[OmegaStarScream]

The main problem is not with the users, the problem is with the services that are still too slow on adopting segwit wallets.
Sure I would love to pay 1/3 of the fees but if the guy on the other end is not willing, what can I do? other than pester him to get a sw wallet.

I really don't understand why they are so slow, they are hurting their business, they are losing customers, it makes no sense....unless
But, I don't even want to think it's a bch conspiracy..

The delays seem to be coming from B2X supporters (Coinbase, Bitpay, ShapeShift etc.) or companies affiliated with Roger Ver (Blockchain.info etc.) so I see no reason on why you shouldn't believe It's a conspiracy.

Could we activate segwit in our existing wallet or should we download the new version of Segwit 3.0 wallet ?

If you're referring to Electrum then you should update your wallet to anything above 3.0