Post
Topic
Board Beginners & Help
Merits 6 from 5 users
Re: Legacy to Segwit Wallets
by
Charles-Tim
on 17/03/2021, 21:31:54 UTC
⭐ Merited by o_e_l_e_o (2) ,BlackHatCoiner (1) ,Pmalek (1) ,vapourminer (1) ,Heisenberg_Hunter (1)
I have a Legacy Wallet by Electrum and want a Segwit Wallet to run on my computer,
Can I have both? How do I add a Segwit Wallet to my device?
Why do you need both segwit and legacy addresses? Before you make your decision, you will pay more fee why using legacy address for payment.

Legacy have the high transaction fee
Nested segwit (3-prefix addresses) can reduce the fee up to 26%
Native segwit (bc1- prefix addresses)  can reduce the fee up to 42%

Also know that you can transfer bitcoin to any of the addresses, you can transfer from segwit to legacy or from legacy to segwit. But using segwit will safe you fee while making Bitcoin transactions. The reason best for you to just send your bitcoin to native segwit addresses.

On electrum, you can just create the native segwit. Open the newly downloaded wallet (download from electrum.org and verify the GPG signature)
Click on 'Next'
Click on 'Standard wallet'
Click on ' Create a new seed'
Click on 'Segwit' just as instructed above by BlackHatCoiner, and safe fee while making transactions.