Post
Topic
Board Development & Technical Discussion
Re: Bitcoin wallet and bitcoin segwit wallet
by
bob123
on 10/03/2018, 16:37:42 UTC
Whats the difference between btc wallet and btc wallet with segwit?
  • btc wallet (Legacy) using addresses of the form "1" while segwit wallets using addresses of the form "3 or bc1"
  • lower transaction fee and fast confirmed

  • Not every address starting with a 3 is segwit nested P2SH.
    Multi-signature addresses start with 3. They already were used 5 years ago.
    Native segwit addresses use the bech32 format (starting with bc1).

  • With removing redundant data from the transaction, segwit reduces the size and therefore the overall fee of the transaction (no influence on feerate [sat/B])
    Transactions do not confirm faster with segwit. The speed on confirmation depends on the speed at which blocks are found (on average: 6 per hour)