Are you using Segwit?

[Elqui]

Im thinking switching to segwit, i just wanna know whats your experience with it.

Im planning to join some ICO and im planning to use that for buying tokens because i read that it cost less. Please let me know if segwit is worth a try, thanks.

[Pursuer]

this is not something that others should tell you. just like bitcoin itself, start trying it out and see for yourself. almost all bitcoin wallets have already implemented SegWit, so you may already be able to use it. start a new wallet for example with Electrum and choose SegWit, get one address, send a transaction of some small amount to it and then spend it to see how things work.

you can also go play around in this site: https://coinb.in/#fees to see how different outputs create a different transaction size and require a different fee.

[bob123]

Im thinking switching to segwit, i just wanna know whats your experience with it.

There isn't much to say about it.
Segwit fixes transaction malleability and lets you save fees with your transactions.


Native segwit (bech32, addresses starting with bc1..) might not be accepted at every online site / merchant since not all of them already updated their server to accept this address format.
But it offers a huge 'discount' in fees when sending a transaction.

Nested segwit (p2pkh nested in p2sh; addresses starting with 3..) is accepted everywhere and does also cost less in fees to send a transaction.

[Pursuer]

Native segwit (bech32, addresses starting with bc1..) might not be accepted at every online site / merchant since not all of them already updated their server to accept this address format.

just to clarify: this means if they don't accept bc1 addressed you can not withdraw from that service to your address but you still can make deposits meaning you can have  your coins in a bech32 address and send from that address to your exchange for instance but withdraw to a base58 address (starting with 1 or 3).

[eternalgloom]

this is not something that others should tell you.

Yes we should: Go use Segwit, you're wasting too much Bitcoin on fees if you don't.

I'm regularly paying just 0.00001 BTC or less in fees to send Bitcoin. Why would you keep using legacy addresses when you can easily save so much.
I know it can be a pain if you use the same address on different services, but it'll be a relief once you're just using your segwit address by default.

[Elqui]

this is not something that others should tell you.

Yes we should: Go use Segwit, you're wasting too much Bitcoin on fees if you don't.

I'm regularly paying just 0.00001 BTC or less in fees to send Bitcoin. Why would you keep using legacy addresses when you can easily save so much.
I know it can be a pain if you use the same address on different services, but it'll be a relief once you're just using your segwit address by default.

Thanks, thats so sweet. I tried researching about segwit but its really a different story knowing the experience of people on it. Im now relieved of using it, thanks guys

[bob123]

Native segwit (bech32, addresses starting with bc1..) might not be accepted at every online site / merchant since not all of them already updated their server to accept this address format.

just to clarify: this means if they don't accept bc1 addressed you can not withdraw from that service to your address but you still can make deposits meaning you can have  your coins in a bech32 address and send from that address to your exchange for instance but withdraw to a base58 address (starting with 1 or 3).

Right. Thanks for making that clarification. Should have been more detailed.




@OP:
To mention an argument 'contra segwit': You won't be able to claim every shitcoin forkcoin anymore.
Depending on the 'aidrop' and the implementation of those forks, you might need your BTC stored on an legacy address to be able to access them later.

But since each shitcoin forkcoin created in the future, probably never will have any real value, this shouldn't be too much of an argument.

IMO the advantages (scalability, lower fees, fix of transaction malleability and being a requirement for LN (i.e. HTLC's)) outweigh the 'disadvantages'.

[hase0278]

Thanks, thats so sweet. I tried researching about segwit but its really a different story knowing the experience of people on it. Im now relieved of using it, thanks guys

Since you already got the answers you want, I suggest you lock this topic or thread before it becomes a spam mega thread like the other threads in this section with many pages. Either way, wise choice in choosing Segwit there but before using it to store a lot of bitcoins, I suggest you try testing it first in storing small amounts so that later on, you'd be familiar on what fees to set using Segwit enabled addresses.

[BitcoinHodler]

To mention an argument 'contra segwit': You won't be able to claim every shitcoin forkcoin anymore.
Depending on the 'aidrop' and the implementation of those forks, you might need your BTC stored on an legacy address to be able to access them later.

they stopped creating new shitcoins a while ago and on rare occasions that one came out ever since early 2018, they weren't worth enough to cover the withdrawal fees from exchanges.
also i think i read somewhere that there is a way to claim them, but i have never been interested enough to investigate more.

outweigh the 'disadvantages'.

what are the disadvantages of SegWit?