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Author Topic: what is Segwit and Legacy wallet means?  (Read 857 times)
lekam0213
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November 03, 2017, 09:03:42 AM
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I am just exploring other boards to get some additional idea about bitcoin and found some terms like Segwit and Legacy wallet, what does it mean? And how it works?
Please give me some of your idea about it.
Thanks

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November 03, 2017, 11:17:02 AM
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I am just exploring other boards to get some additional idea about bitcoin and found some terms like Segwit and Legacy wallet, what does it mean? And how it works?
Please give me some of your idea about it.
Thanks

As far as my understanding goes SegWit changes transaction message structure in order to move signature and deny malliability (possebility of transaction ID tampering). This change does not affect previous transactions (i.e. old format will still work). However since old versions of software don't know about new rules thew won't be able to generate or rebroadcast segwit transactions. But (I'm not compleately sure about that) legacy wallet will still be able to sync with current blockchain.
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November 05, 2017, 12:02:00 PM
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Actually there are no segwit- and legacy wallets. This term just describes in which address format you store your coins.
You can either store them on a (original) legacy format address or on a segwit address format.
The decision in which format you store your coins is up to you. But i would prefere the legacy format to store coins long-term.
If you are going to spend a lot of your coins the legacy format gives you advantages regarding transaction fee.

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March 13, 2018, 03:54:55 AM
Last edit: March 14, 2018, 06:35:28 AM by nc50lc
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 #4

To be clear, non-technical members usually call SegWit Address as SegWit Wallet.
and...
What bob123 meant was SegWit addresses can be in legacy format (Starts with 3) which is P2SH-P2WPKH address that has backward-support to standard legacy addresses.
And the bc1 (he called original) or bech32 Native SegWit address is currently not supported by other wallets and services.

Read these threads for more info: Legacy vs Segwit wallets. Whats the difference? / Difference between SegWit addresses.

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