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Author Topic: The OFFICIAL SegWit Activation Thread  (Read 3143 times)
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August 24, 2017, 03:23:32 AM
 #21

I like this segwit going, hope this will end the congestion in the blockchain and make our transaction faster and lower fees.
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August 24, 2017, 03:26:13 AM
 #22

Anybody knows how to send a Segwit BTC transaction ? Do we need to have a specific wallet for this?

No, Most probably, All transaction made on block greater than 480824 is already in Segwit effect.

Give this a read... I think it would apply to most other wallets also

https://blog.trezor.io/prepare-get-ready-segwit-segregated-witness-activation-bitcoin-wallet-950bb2196de9




...After your done reading
and once your wallet has segwit address move your coins to there and you can take advantage of the higher block limits.
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.

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August 24, 2017, 03:48:28 AM
 #23

~
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.

he means a wallet that supports SegWit keys and can make a SegWit transaction.
SegWit is activated and the bitcoin network is now accepting these transactions, but you have to make them. and for that you can't use old version of wallets.

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August 24, 2017, 04:02:35 AM
 #24

Anybody knows how to send a Segwit BTC transaction ? Do we need to have a specific wallet for this?

No, Most probably, All transaction made on block greater than 480824 is already in Segwit effect.

Give this a read... I think it would apply to most other wallets also

https://blog.trezor.io/prepare-get-ready-segwit-segregated-witness-activation-bitcoin-wallet-950bb2196de9




...After your done reading
and once your wallet has segwit address move your coins to there and you can take advantage of the higher block limits.
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.


You generally don't need to change anything.

Segwit uses a new type of address and all wallets over the coming days-weeks should begin to enable them.

So when you click on receive, it should give you the new segwit address to use.  Every wallet has a different schedule when they will enable the function but it will most likely be a seamless transition for most users.  You will not be able to send a segwit transaction until you have coins parked in a segwit address, so once you can get a segwit address just move your coins over to it.  Then you won't be fighting for space in the blocks with other users sending legacy transactions.
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August 24, 2017, 04:07:55 AM
 #25

~
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.

he means a wallet that supports SegWit keys and can make a SegWit transaction.
SegWit is activated and the bitcoin network is now accepting these transactions, but you have to make them. and for that you can't use old version of wallets.
Does it mean i just need to update my wallet software? or wallets will change my "wallet address" in order to activate "Segwit" on that certain wallet? Thank you.

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August 24, 2017, 04:15:10 AM
 #26

~
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.

he means a wallet that supports SegWit keys and can make a SegWit transaction.
SegWit is activated and the bitcoin network is now accepting these transactions, but you have to make them. and for that you can't use old version of wallets.
Does it mean i just need to update my wallet software? or wallets will change my "wallet address" in order to activate "Segwit" on that certain wallet? Thank you.

You will probably need to update the software.

Then once they enable segwit future addresses should be segwit.
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August 24, 2017, 04:18:01 AM
 #27

Anybody knows how to send a Segwit BTC transaction ? Do we need to have a specific wallet for this?

No, Most probably, All transaction made on block greater than 480824 is already in Segwit effect.

Give this a read... I think it would apply to most other wallets also

https://blog.trezor.io/prepare-get-ready-segwit-segregated-witness-activation-bitcoin-wallet-950bb2196de9




...After your done reading
and once your wallet has segwit address move your coins to there and you can take advantage of the higher block limits.
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.


You generally don't need to change anything.

Segwit uses a new type of address and all wallets over the coming days-weeks should begin to enable them.

So when you click on receive, it should give you the new segwit address to use.  Every wallet has a different schedule when they will enable the function but it will most likely be a seamless transition for most users.  You will not be able to send a segwit transaction until you have coins parked in a segwit address, so once you can get a segwit address just move your coins over to it.  Then you won't be fighting for space in the blocks with other users sending legacy transactions.
Oh my god, i think my brain just exploded. Do you mean that segwit addresses will be implemented to the wallets which means the current wallet i will use will change my "bitcoin wallet address" in order to feel the changes of segwit activated address?.

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August 24, 2017, 04:24:38 AM
 #28

~
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.

he means a wallet that supports SegWit keys and can make a SegWit transaction.
SegWit is activated and the bitcoin network is now accepting these transactions, but you have to make them. and for that you can't use old version of wallets.
Does it mean i just need to update my wallet software? or wallets will change my "wallet address" in order to activate "Segwit" on that certain wallet? Thank you.

You will probably need to update the software.

Then once they enable segwit future addresses should be segwit.
So the old wallet address will not feel the segwit changes on bitcoin?

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August 24, 2017, 04:28:22 AM
 #29

Why do some people dislike Segwit? I have heard only good things about it and if it will improve and evolve Bitcoin why stop it?


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August 24, 2017, 04:32:36 AM
 #30

Do we know if larger blocks can now actually be built by the pools? It looks like the block sizes of the first few blocks are still the same than pre-SegWit activation. What is the estimate when we will see a block size processed >1MB?


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August 24, 2017, 04:34:27 AM
 #31

The no. of transactions are almost the same as non-Segwit block. I thought that transactions will double by the time we have Segwit.

Another funny thing is Antpool mined an empty block right after it. How can that be with the mempool having 30,000 unconfirmed transactions?

https://blockchain.info/block-height/481828

they do spy mining, so they always mine some empty blocks. no surprise. they are concerned only about their mining income, not providing the supposedly much-needed capacity that big blocks will provide.

Anybody knows how to send a Segwit BTC transaction ? Do we need to have a specific wallet for this?

i'd wait a bit before risking anything. i'm pretty sure you can send segwit transactions using the latest version of core, but i'm not home to check. the TREZOR Beta Wallet will have segwit enabled in the next couple days.

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August 24, 2017, 04:43:56 AM
 #32

~
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.

he means a wallet that supports SegWit keys and can make a SegWit transaction.
SegWit is activated and the bitcoin network is now accepting these transactions, but you have to make them. and for that you can't use old version of wallets.
Does it mean i just need to update my wallet software? or wallets will change my "wallet address" in order to activate "Segwit" on that certain wallet? Thank you.

yes, most wallets that i know have already enabled the support for SegWit. they have the code written, tested and everything but the released versions don't allow you to create the "new addresses" yet because SegWit was just activated.

for example electrum added the code 5 months ago but it is only on testnet.

just wait and see what the wallet you are using says. they will surely release something to guide you.

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August 24, 2017, 04:50:49 AM
 #33

~
Hi, I don't really understand since i am a newbie here that is seeking and learning bitcoin related things. I ha ve a question. What do you mean by Segwit-Activated- Wallet? What does it mean? that i should use and create another wallet that is segwit-activated? and what does that mean that i've read on coindance that the revolution will not be centralized? Thank you sir.

he means a wallet that supports SegWit keys and can make a SegWit transaction.
SegWit is activated and the bitcoin network is now accepting these transactions, but you have to make them. and for that you can't use old version of wallets.
Does it mean i just need to update my wallet software? or wallets will change my "wallet address" in order to activate "Segwit" on that certain wallet? Thank you.

yes, most wallets that i know have already enabled the support for SegWit. they have the code written, tested and everything but the released versions don't allow you to create the "new addresses" yet because SegWit was just activated.

for example electrum added the code 5 months ago but it is only on testnet.

just wait and see what the wallet you are using says. they will surely release something to guide you.
therefore old wallet address yet updated software can feel the activation of segwit? I will use electrum as my wallet later

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August 24, 2017, 05:34:00 AM
 #34

I think a lot of wallet providers are going to run Beta testing on new SegWit wallets, before they permanently switch over to test it's stability and security. It would be better for them to do this, to make sure SegWit performs as promised. People might be given the choice between SegWit enabled wallets and old Legacy wallets.

I am curious to see how SegWit improvements will work and what performance increase there will be. ^smile^

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August 24, 2017, 06:49:29 AM
 #35

I'm guessing that this doesn't affect paper wallet as you just import the private key into a SegWit enabled wallet.

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figmentofmyass
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August 24, 2017, 08:30:02 AM
 #36

I think a lot of wallet providers are going to run Beta testing on new SegWit wallets, before they permanently switch over to test it's stability and security. It would be better for them to do this, to make sure SegWit performs as promised.

i think the vast majority of testing has been done. segwit has been running on testnet for many months now. but it will still take wallet providers some days to roll out the beta and/or final releases now that it's active on mainnet.

People might be given the choice between SegWit enabled wallets and old Legacy wallets.

i imagine so. this is not so unlike the upgrade to P2SH or multi-sig bitcoin addresses. legacy addresses and transactions are fully compatible with the network so there's no reason why users should be unable to use them.

I am curious to see how SegWit improvements will work and what performance increase there will be. ^smile^

it'll sure be interesting to see everyone's claims tested regarding how fast everyone will upgrade. according to jeff garzik, it'll take years for most of the ecosystem to upgrade....

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August 24, 2017, 08:42:12 AM
 #37

Now that SegWit  is activated let's watch how does it work with the transactions, and their fees. Hope it benefits BTC and it's users, so that the BTC can increase more in value.
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August 24, 2017, 09:09:07 AM
 #38

That's wonderful news that SegWit is running! This should make life so much easier for us  Smiley
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August 24, 2017, 09:11:17 AM
 #39

Now that SegWit  is activated let's watch how does it work with the transactions, and their fees. Hope it benefits BTC and it's users, so that the BTC can increase more in value.
SegWit makes sure that block sizes will decrease significantly in size, and from there it's assumed that the fees will go down significantly as well. I however would like to see it happen first, before I am going to believe it.

Large benefit now that SegWit has been activated, is that the implementation of the Lightning Network is now closer than it ever was. This will ultimately result in even lower fees.

Lightning Network is going to help in regards to offering people the ability to finally conduct micro transactions ultra fast, and ultra cheap ~ this is what a lot people were desperately waiting for.

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August 24, 2017, 09:16:10 AM
 #40

I don't quite understand all the intricacies, but I see what transactions I have no problems and the price of bitcoin has risen to 4,240 USD. The growth is stable. Perhaps our train started, and the next stop will be 5000 dollars.

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