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Author Topic: Stop complain about high fees and use SegWit NOW  (Read 45 times)
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December 31, 2017, 06:01:23 AM
 #1

I'm sick of hearing people complaining high fees, but they don't bother move their Bitcoin to SegWit address when they make another transaction as well even though they know SegWit can solve the problem.

So, i'll give you valid reason to move to SegWit :
1. If you send a SegWit transaction using a SegWit wallet right now, you save 30%–40% on transaction fees instantly. It is possible since SegWit transaction size is lower compared with transaction with legacy address.
2. If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.
3. SegWit uses less block weight size (1/4 of normal transaction), so if everyone use SegWit, theoretically maximum block size is 4MB.

Furthermore, it means we can experience fast confirmation with lower fees while waiting LN is 100% ready for bitcoin mainnet.

More info/source :
https://hackernoon.com/bitcoin-owners-you-need-to-do-these-two-things-right-now-a73122dd23d4
https://www.reddit.com/r/Bitcoin/comments/7mk8az/day_5_i_will_post_this_guide_regularly_until/
https://medium.com/@jimmysong/understanding-segwit-block-size-fd901b87c9d4
https://en.bitcoin.it/wiki/Block_weight
https://bitcoin.stackexchange.com/questions/54726/what-is-block-weight-and-how-is-it-different-from-block-size

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December 31, 2017, 06:36:05 AM
 #2

3. SegWit uses less block weight size (1/4 of normal transaction), so if everyone use SegWit, theoretically maximum block size is 4MB.
Block size increased to 4 mb?
Why It's different from the 2 mb proposition by the original SegWit2x developer? and most of the largest crypto exchange does not even recognized the fork or the new B2X coin

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December 31, 2017, 06:42:48 AM
 #3

I already use Segwit but I think the main problem is not the individuals, rather the big sites not using it. Also, saving 30/40% in current fees is not bad but they are still high fees, so no wonder people are switching to alts.
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December 31, 2017, 07:13:22 AM
 #4

3. SegWit uses less block weight size (1/4 of normal transaction), so if everyone use SegWit, theoretically maximum block size is 4MB.
Block size increased to 4 mb?
Why It's different from the 2 mb proposition by the original SegWit2x developer? and most of the largest crypto exchange does not even recognized the fork or the new B2X coin

In short, block weight and block size are 2 different things. The concept of block size was removed after SegWit and replaced with block weight which means maximum transaction in each block isn't depended on tx size itself, but the maximum transaction in each block depends on the each transaction block weight. In this case, SegWit uses 1/4 of legacy block weight size. It means max block size is 4MB if everyone use SegWit.
I hope you understand my explanation, CMIIW.

More info/source :
https://en.bitcoin.it/wiki/Block_weight
https://bitcoin.stackexchange.com/questions/54726/what-is-block-weight-and-how-is-it-different-from-block-size

I already use Segwit but I think the main problem is not the individuals, rather the big sites not using it. Also, saving 30/40% in current fees is not bad but they are still high fees, so no wonder people are switching to alts.

That's true, but transaction fees will reduce significantly if everyone use SegWit.

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