Electrum + Segwit

[RealBitcoin]

1) Do we need to have a new update for electrum when the segwit patch comes out?
2) Will the old electrum versions work, and can they sign transactions after the segwit comes out, or do we have to uppgrade all electrums to the latest version?

[1715095710]

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[1715095710]

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[1715095710]

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[kyren]

1) Do we need to have a new update for electrum when the segwit patch comes out?
2) Will the old electrum versions work, and can they sign transactions after the segwit comes out, or do we have to uppgrade all electrums to the latest version?

idk the answer to 2, but we will definitely require a new version of electrum for segwit.

[shorena]

I cant answer the electrum specific questions, but SegWit will introduce a new address type. You can keep using the version 1 addresses that are common now (starting with a 1) and thus every old software will still be able to receive and send coins. They can not pay to a new SegWit address however.

[RealBitcoin]

I cant answer the electrum specific questions, but SegWit will introduce a new address type. You can keep using the version 1 addresses that are common now (starting with a 1) and thus every old software will still be able to receive and send coins. They can not pay to a new SegWit address however.

You mean 1 and 3, because 3 is for the multisig wallets.

So the new address type will be a 3rd type? What will be the purpose of the new address type?

[shorena]

I cant answer the electrum specific questions, but SegWit will introduce a new address type. You can keep using the version 1 addresses that are common now (starting with a 1) and thus every old software will still be able to receive and send coins. They can not pay to a new SegWit address however.

You mean 1 and 3, because 3 is for the multisig wallets.

1 is for version 1 addresses (pay to pubkey hash), 3 is for pay to script hash. A subset of pay to script hash is multi sig.

So the new address type will be a 3rd type? What will be the purpose of the new address type?

Same as version 1, it makes it simpler. Version 1 addresses are just a specific script, while pay to script hash addresses can be anything possible with bitcoin. SegWit is also just a specific script where the signature is elsewhere.

[RealBitcoin]

Same as version 1, it makes it simpler. Version 1 addresses are just a specific script, while pay to script hash addresses can be anything possible with bitcoin. SegWit is also just a specific script where the signature is elsewhere.

I see, so the version 3, will just phase out slowly the addresses, but I hope support for v1 will remain forever, in the protocol and in electrum, since most people store their money in cold storage.

Folks who have 5000+ BTC would probably not like to change their addresses often, so at least 20-30 year support for v1 would be good.

[shorena]

Same as version 1, it makes it simpler. Version 1 addresses are just a specific script, while pay to script hash addresses can be anything possible with bitcoin. SegWit is also just a specific script where the signature is elsewhere.

I see, so the version 3,

3 is not version 3.

will just phase out slowly the addresses, but I hope support for v1 will remain forever, in the protocol and in electrum, since most people store their money in cold storage.

Folks who have 5000+ BTC would probably not like to change their addresses often, so at least 20-30 year support for v1 would be good.

Version 1 address will not become invalid with SegWit, they will just require more block space and thus it will be more expensive (in terms of fee) to spend coins received on them.

[RealBitcoin]

Version 1 address will not become invalid with SegWit, they will just require more block space and thus it will be more expensive (in terms of fee) to spend coins received on them.

So I guess then electrum will be uppgraded, and the v3 address will be the default generated one, however it will still support v1.