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Author Topic: Legacy or Segwit on Ledger Nano S  (Read 453 times)
bjbear123
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December 07, 2017, 02:11:55 PM
 #1

Hello,

I am transferring over a small amount of BTC to my Ledger Nano S, however there is 2 options on the Ledger, Bitcoin Legacy OR Bitcoin Segwit.

Which one should I transfer funds to ??

Are both supported everywhere ? Are both just as safe ? If I choose Segwit, will I get future Forks ??

Thank you


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OmegaStarScream
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December 07, 2017, 02:14:17 PM
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If by SegWit addresses, you're referring to the ones that start with 3 then yes, nothing to worry about. I had my funds stored in SegWit addresses on Trezor and I did receive Bitcoin Gold fork so It should be the same thing for your Ledgerwallet.

LeGaulois
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December 07, 2017, 04:22:20 PM
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Yesterday I tried to use a Segwit address on Ledger Nano S, then tried to send some bitcoins from an exchange for testing, the site was telling me the address is not valid. Is there a possibility that some exchanges/web wallets don't support these types of addresses?

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December 07, 2017, 08:48:49 PM
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Yesterday I tried to use a Segwit address on Ledger Nano S, then tried to send some bitcoins from an exchange for testing, the site was telling me the address is not valid. Is there a possibility that some exchanges/web wallets don't support these types of addresses?
It's possible, but strange. Segwit addresses are just pay to script hash (P2SH) addresses and have been in Bitcoin since the beginning. The exchange could be doing the wrong thing and only letting addresses start with a 1, which is not how Bitcoin addresses work.

bob123
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December 07, 2017, 08:49:17 PM
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Yesterday I tried to use a Segwit address on Ledger Nano S, then tried to send some bitcoins from an exchange for testing, the site was telling me the address is not valid. Is there a possibility that some exchanges/web wallets don't support these types of addresses?

Yes, quite a few exchanges (and wallet provider) aren't supporting addresses starting with a 3 yet. Will probably still take some time until its 'fully' adopted or at least used.

@OP:
You can choose whatever address type you like. Legacy is the original bitcoin address format. Segwit was implemented through a soft fork a few months ago.
Segwit transactions are smaller in size, and therefore cheaper when spending from. You are free to choose which you want to use.

Iranus
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December 07, 2017, 10:54:19 PM
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Pros of sending to a SegWit address:

-Significantly lower fees than legacy addresses
-Possibility of LN in the future
-Same chain as legacy (they're both BTC addresses)

Cons:

-There's no standard for signing messages with SegWit addresses, so legacy might be better for verification
-SegWit wallet implementations could potentially be buggy since they're relatively new and not implemented on some major services

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December 08, 2017, 12:26:39 AM
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-SegWit wallet implementations could potentially be buggy since they're relatively new and not implemented on some major services

I doubt any reputable wallet provider would allow a buggy segwit release. I don't think that's an issue. That's why it's taking so long for some services to implement it, is because they're making sure they do it right.

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December 08, 2017, 04:45:42 AM
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Yes, quite a few exchanges (and wallet provider) aren't supporting addresses starting with a 3 yet. Will probably still take some time until its 'fully' adopted or at least used.
Huh?? I haven't seen one wallet or exchange that doesn't support "3" addresses... a "3"-type SegWit address is, for all intents and purposes, just a "P2SH" address... P2SH addresses have been around since the very early days of Bitcoin. ANY Bitcoin wallet should be able to send to a "3" address. For instance, "3" addresses are also used by "legacy" MultiSig wallets.

If the exchange does NOT support sending to a "3" address, then the exchange is BROKEN and should NOT be used.

What a lot of exchanges and wallets are NOT supporting is SegWit iteself... they are not using SegWit addresses... and cannot send to SegWit "native" addreses (aka bech32 aka "bc1")... The only wallet I know that supports "bc1" addresses is Electrum.

Just be aware, that if you chose to put your coins on a SegWit address... any future Bitcoin Fork that doesn't support SegWit will likely make it difficult to claim your coins... also, there is currently no standard for "signing" messages from SegWit addresses which can make participating in ICOs and AirDrops difficult (if you're into that sort of thing)

bjbear123
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December 08, 2017, 09:02:35 AM
 #9

Thank you for all your help, I have decided to keep with Bitcoin Legacy as I just was quoted £1 more on fees transferring out of a Segwit address haha !!

I was thinking there would be a huge reduction in fees with segwit but that does not look to be the case,

Thank you all for you help

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Iranus
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December 08, 2017, 06:30:03 PM
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I just was quoted £1 more on fees transferring out of a Segwit address haha !!
This is not how fees work.  You can send any fee or no fee, it's just that lower ones may not get confirmed depending on the network conditions.

You will pay less fees when using SegWit on a regular basis because the witness data is treated as external, thus making the transaction appear somewhat smaller.

Read more about this here.

LeGaulois
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December 09, 2017, 10:10:07 AM
 #11

Thanks guys.

I was sure that it couldn't be a problem so I was quite surprised and in doubt thinking, i did something wrong (couldn't think about something).
I will test again to see but look like better for me to not use it for several reasons (at least for now)

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