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Author Topic: How to create a segwit wallet  (Read 355 times)
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March 01, 2018, 03:05:25 PM
 #1

Hi am a  newbie,can anybody tell me how to create a segwit wallet because I see all the  members in the campaigns talk about it.
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March 01, 2018, 03:24:39 PM
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Hi am a  newbie,can anybody tell me how to create a segwit wallet because I see all the  members in the campaigns talk about it.

You can simply download the newest version of Electrum, and instead of generating a "standard" wallet, you generate a segwit wallet.

To check if you've done so correctly, go to your receiving adresses, and if they start with BC1, you're good to go.

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March 01, 2018, 04:01:09 PM
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Hi am a  newbie,can anybody tell me how to create a segwit wallet because I see all the  members in the campaigns talk about it.
Look at this post for a list of wallets in different platforms that have Segwit support:
https://medium.com/@rogermagno/segwit-wallets-02-07-2018-76d836bccbc9
Although the post is a bit outdated seeing that the most recent version of Bitcoin (0.16.0) has segwit support out of the box.

For better compatibility it's better to use a segwit address that starts with "3" as the segwit addresses that start with "bc1", even though they have the least fees, are not generally adopted so they are not compatible with most wallets.
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March 01, 2018, 05:30:41 PM
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Hi am a  newbie,can anybody tell me how to create a segwit wallet because I see all the  members in the campaigns talk about it.
Your use determines which type of wallet you can use. "What do you want to do with your Bitcoin?" generally:
1. If you want to contribute to Bitcoin network you can download Bitcoin Core: 0.16.0 it supports native segwit addresses "lowest fee" [Not recommended].
2. For medium payments, you can use electrum.
3. fast and easy way to get segwit wallet is greenaddress you can download it from chrome web store [2.87 MB]
4. For large/big payments, you can use trezor

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March 01, 2018, 06:24:59 PM
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 #5

Segwit addresses are nothing but soft fork which solves the long debated scalability and malleability issue of the bitcoin. They just segregates or takes away the signature out of the transaction data, so that the signatures can't be changed at a later time to prevent the losing or stealing of btc. By this way a size of the transaction becomes lower and hence more transactions can be filled inside a block and increasing the transaction speed and there by reducing the fees.
Many of the wallets are opting for segwit day by day and the latest one being the Core wallet.

Wallets which support segwit addresses:

Hardware Wallets:
Hardware wallets has been a great deal of storage for people using cryptos. Nano Ledger and Trezor are the best wallets out there to store your crypto assets safely and first and quick in implementing newer stuffs. Not only they support segwits, they also allow you to change the fees of satoshis/byte.

Desktop Wallets:
When coming to desktop wallets, the best one will be the classic core wallet. But Core adopted segwit just this week and it is pretty new. You can also use Electrum for segwit supports, as they adopted segwits prior to core. Just go the official Core/Electrum website and download the latest version and set up the wallet.

Web/Mobile Wallets:
Green Address and Greenbits has been an early adopter of segwit and they are really secure. Greenbits was the first mobile wallet to implement segwit and if you need to try web wallet, go for Green Address.

Paper Wallets:
The classic way of storing coins in earlier days were Paper. If you are a paper wallet user, reach out for segwitaddress.org where you can create your own segwit wallet.

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March 01, 2018, 06:32:19 PM
 #6

3. fast and easy way to get segwit wallet is greenaddress you can download it from chrome web store [2.87 MB]
Your main GreenAddress account is a 2of2 account. This means that two signatures are required to validate any transaction: one from you, and one from us.
I thought by that definition in faq, greenaddress is a multisig wallet.
Can someone show me a txid made by this wallet, it would be easily noticeable.
or explain why it says 2of2 account?

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March 01, 2018, 08:34:16 PM
 #7

I thought by that definition in faq, greenaddress is a multisig wallet.
Can someone show me a txid made by this wallet, it would be easily noticeable.
or explain why it says 2of2 account?
Greenaddress IS a multisig address.
2 of 2 means that BOTH signatures are needed to move funds in the wallet -- one of the user, and the other by green address.

TXID is like any other transaction, with the address starting with 3 indicating a p2sh address
This is a sample TX ID of a transaction made by a GreenAddress wallet:
.https://blockchain.info/tx/e801ef473ed1f5e0fb541d5c8cfccc2418e3af2f5d398dc303ec60949fa2d15c
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March 08, 2018, 01:57:51 AM
 #8

Segwit addresses are nothing but soft fork which solves the long debated scalability and malleability issue of the bitcoin. They just segregates or takes away the signature out of the transaction data, so that the signatures can't be changed at a later time to prevent the losing or stealing of btc. By this way a size of the transaction becomes lower and hence more transactions can be filled inside a block and increasing the transaction speed and there by reducing the fees.
Many of the wallets are opting for segwit day by day and the latest one being the Core wallet.

Wallets which support segwit addresses:

Hardware Wallets:
Hardware wallets has been a great deal of storage for people using cryptos. Nano Ledger and Trezor are the best wallets out there to store your crypto assets safely and first and quick in implementing newer stuffs. Not only they support segwits, they also allow you to change the fees of satoshis/byte.

Desktop Wallets:
When coming to desktop wallets, the best one will be the classic core wallet. But Core adopted segwit just this week and it is pretty new. You can also use Electrum for segwit supports, as they adopted segwits prior to core. Just go the official Core/Electrum website and download the latest version and set up the wallet.

Web/Mobile Wallets:
Green Address and Greenbits has been an early adopter of segwit and they are really secure. Greenbits was the first mobile wallet to implement segwit and if you need to try web wallet, go for Green Address.

Paper Wallets:
The classic way of storing coins in earlier days were Paper. If you are a paper wallet user, reach out for segwitaddress.org where you can create your own segwit wallet.

Good post.

I just want to add Samourai Wallet to mobile wallets list. Pretty good wallet.


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March 13, 2018, 04:01:01 AM
 #9

If you have an android device, just go to play store and type segwit in the search. You would get multiple segwit wallets listed and I suggest Electrum as the best segwit wallet since that is safe and simple to use. Apart from that you may choose any segwit wallet if you're interested in.

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March 13, 2018, 07:47:02 AM
 #10

I have been using edge wallet https://edgesecure.co/ and pretty happy with it. Available in mobile app for iOS and Android.
Yes it support SegWit, its new but they are the same company as AirBitz so i guess we can trust them.
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March 13, 2018, 01:21:09 PM
 #11

Hi am a  newbie,can anybody tell me how to create a segwit wallet because I see all the  members in the campaigns talk about it.
Your use determines which type of wallet you can use. "What do you want to do with your Bitcoin?" generally:
1. If you want to contribute to Bitcoin network you can download Bitcoin Core: 0.16.0 it supports native segwit addresses "lowest fee" [Not recommended].
2. For medium payments, you can use electrum.
3. fast and easy way to get segwit wallet is greenaddress you can download it from chrome web store [2.87 MB]
4. For large/big payments, you can use trezor

I disagree with your point of view that the Bitcoin Core is not to be recommended, for two main reasons:

a) it is the one and only official wallet. All the other wallets are third-party developers. And for as much as everyone says that they are trustworthy I'd rather go straight to the official developers.

b) using the parameter "prune=550" in the configuration you don't even have to download the entire blockchain!

Why would you not recommend it then?

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March 13, 2018, 01:28:09 PM
 #12

b) using the parameter "prune=550" in the configuration you don't even have to download the entire blockchain!
That's incorrect... Even with "prune" mode, you still have to download the full blockchain, you just don't have to store the full blockchain.

Also, "prune" mode has some significant disadvantages, such as if you need to "rescan" or "reindex", for instance after importing a private key or address, you'll need to redownload the entire blockchain again.

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March 13, 2018, 04:29:13 PM
 #13

a) it is the one and only official wallet. All the other wallets are third-party developers. And for as much as everyone says that they are trustworthy I'd rather go straight to the official developers.

There is no 'official' wallet. Each wallet is a 3rd party wallet.
The real 'official' wallet would theoretically be the last version satoshi uploaded.

The developer of core are not the 'official' developer of bitcoin. Bitcoin is an open source protocol.



Why would you not recommend it then?

  • It takes long to initially sync the blockchain
  • It needs a lot of HD space (if pruning: the problem of rescan/reindex as HCP mentioned)
  • After a few weeks without usage: syncing again

There are quite some reasons why people (especially newcomers to btc who don't directly want to contribute to the network) could choose
a better option than core as main wallet.

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March 14, 2018, 06:13:29 AM
 #14

Why would you not recommend it then?
Because

  • it is not deterministic: A deterministic wallet is a system of deriving keys from a single starting point known as a seed. [1]
  • require regular backups.
  • viruses in the blockchain: Although these viruses do not infect your device but are incompatible with the antivirus software, which causes problems in the wallet
  • difficult to use for beginners
All these things do not apply to who asked the question so I did not recommend it. Smiley

Sources:
#1 https://en.bitcoin.it/wiki/Deterministic_wallet

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March 14, 2018, 08:43:19 AM
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it is not deterministic: A deterministic wallet is a system of deriving keys from a single starting point known as a seed.
Bitcoin Core is a determinstic wallet, by default. If you create a new wallet now, it would be deterministic. I'm can't remember if every wallet would be converted to HD wallets off the top of my head.
require regular backups.
You don't. You only need to back it up when you change your password or encrypt your wallet. Even if its not the deterministic wallet, the keypool is 1000 and I doubt anyone can make that many transactions in a week.
viruses in the blockchain: Although these viruses do not infect your device but are incompatible with the antivirus software, which causes problems in the wallet
The solution is just to configure your antivirus to ignore files with that extension or in that folder, pretty simple.
difficult to use for beginners
What's so difficult about it? The send and receiving columns are labeled pretty clearly. The obvious downside that is only prominent is the time it takes to synchronize.


If you have the patience, go for Bitcoin Core. If you don't mind less privacy and security, then go for SPV wallet. I'm not saying that they are outright insecure however.

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March 14, 2018, 01:00:58 PM
 #16

Bitcoin Core is a determinstic wallet, by default. If you create a new wallet now, it would be deterministic. I'm can't remember if every wallet would be converted to HD wallets off the top of my head.
Bitcoin Core has been a deterministic wallet since 0.13.0 (https://bitcoin.org/en/release/v0.13.0)

And no, older wallet files are not (and can not be) converted into HD wallets. If your wallet doesn't have the HD icon in the bottom right, it's a deterministic wallet file. If the HD icon has a cross through it, it's an older non-HD wallet file.

The reason a lot of folks don't realise it is deterministic, is because of the fallacy that the "12/24 words" are "The Seed"™... They're not, the words are mnemonics... In other words, just a way to encode the seed (which is actually just a very large number) as a set of words that are easier to transcribe without errors... Anyway, because Bitcoin Core doesn't give you "12/24 words", people think it doesn't have a seed.

Bitcoin Core (since 0.13) has a "seed", it just hides it from the user in the wallet.dat file... And the backup methodology is to make backups of the wallet file, thus backing up the seed... As opposed to writing down a mnemonic that enables one to restore the seed and recreate the wallet.

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March 14, 2018, 10:43:09 PM
 #17

since the topic is about creating segwit wallet, l want to ask something about redeem script
If I generated addresses with iancoleman tools, how to get redeem script of each P2SH address?
because I will be needing it to retrieve utxo of 3xx address for creating transaction (with coinb.in)

and another question (unrelated to previous one), if I can create the raw tx manually in the human readable format
can I use non-synced bitcoin core to sign that raw tx? or it needs the blockchain to verify the tx?
I will then broadcast/push the signed transaction to the network thru bc.info or btc.com

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March 14, 2018, 11:53:31 PM
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 #18

since the topic is about creating segwit wallet, l want to ask something about redeem script
If I generated addresses with iancoleman tools, how to get redeem script of each P2SH address?
because I will be needing it to retrieve utxo of 3xx address for creating transaction (with coinb.in)
You can read how P2SH-P2WPKH addresses and redeemscripts are generated here: https://bitcoincore.org/en/segwit_wallet_dev/#creation-of-p2sh-p2wpkh-address
Quote
To create a P2SH-P2WPKH address:
- Calculate the RIPEMD160 of the SHA256 of a public key (keyhash). Despite the keyhash formula is same as P2PKH, reuse of keyhash should be avoided for better privacy and prevention of accidental use of uncompressed key
- The P2SH redeemScript is always 22 bytes. It starts with a OP_0, followed by a canonical push of the keyhash (i.e. 0x0014{20-byte keyhash})
- Same as any other P2SH, the scriptPubKey is OP_HASH160 hash160(redeemScript) OP_EQUAL, and the address is the corresponding P2SH address with prefix 3.

Basically:

KeyHash = RIPEMD160( SHA256( Pubkey generated by IanColeman Tools ))
RedeemScript = 0014 + KeyHash


So, if your pubkey was: 03178c6ef588f5e8d595c1e9d1a0317dac1ec3e2c27d4d663a7ad72f285205790e

SHA256(PubKey) = D33ABE68F4B25D7E26F865872685D333CDAA96503B209D547A612FCF7060539E
RIPEMD160(SHA256) = 0BA27164080E9696D48F35F91CB26BECCAC23B4B

RedeemScript = 00140BA27164080E9696D48F35F91CB26BECCAC23B4B


IMPORTANT NOTE
: Be careful if you're using "online" SHA-256 calculators... if you just copy/paste your public key into a lot of these online hash calculators, it WON'T give you the correct answer, as it is treating your pubkey as a string, rather than Hex Bytes... I suggest using: http://gobittest.appspot.com/Address

Paste your pubkey into "1 - Public ECDSA Key", click "send"... your KeyHash will be in "3 - RIPEMD-160 Hash of 2"



Quote
and another question (unrelated to previous one), if I can create the raw tx manually in the human readable format
can I use non-synced bitcoin core to sign that raw tx? or it needs the blockchain to verify the tx?
I will then broadcast/push the signed transaction to the network thru bc.info or btc.com
I believe you can create and sign it without being synced... you just need to pass all the appropriate transaction info into the command

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March 17, 2018, 09:02:34 AM
 #19


IMPORTANT NOTE
: Be careful if you're using "online" SHA-256 calculators... if you just copy/paste your public key into a lot of these online hash calculators, it WON'T give you the correct answer, as it is treating your pubkey as a string, rather than Hex Bytes... I suggest using: http://gobittest.appspot.com/Address

Paste your pubkey into "1 - Public ECDSA Key", click "send"... your KeyHash will be in "3 - RIPEMD-160 Hash of 2"

thanks HCP. Other than gobittest site, is there any downloadable page that I can run it offline
I think I should send a feedback to iancoleman and request adding redeem scripts to his tool
btw, is he also on this forum or only reachable on github?

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March 17, 2018, 09:08:35 PM
 #20

Unfortunately, all I know of is that page... And how to do it with Python scripts and the "pybitcointool" modules...

It was when I was messing around with this stuff months ago and having all sorts of issues converting keys to addresses that I found the little "gotcha" with the SHA-256 calculators...

I also found this one: https://www.fileformat.info/tool/hash.htm that works if you use the "binary hash" option with the hex... not sure if you can download it... As it seems to be a POST form Undecided

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