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| Name | should I use bitcoin segwit or native segwit |
| Video Uploader | Video From Drake on Digital |
| Upload Date | This Video Uploaded At 26-12-2020 14:30:01 |
| Video Discription | what is the difference between bitcoin SegWit and native SegWit Use native segwit , so you have lower fees. Using a legacy address is pointless as it simply means slower confirmations and higher fees. Under the gear icon on top right click experimental features Native segwit to allow bech32 addresses as well which are even better , but you may want to also use a regular p2sh segwit account because some businesses have not upgraded to accept the newest address types. Bech32 native segwit (P2WPKH and P2WSH ) (Addresses that start with BC1) Pros - 1. native SegWit-Bech32 address to save 39-58% in fees for same priority vs sending from non segwit address 2. Better checksum and better error correction and detection - 3. less blockweight used thus more tx per block 4. Either all lowercase or uppercase so easier to read off without making mistakes Cons- 1. Not all businesses and wallets support it right now SegWit-P2SH (some addresses that start with 3) Pros - 1. SegWit-P2SH address starting with 3 to save 26-44% in fees for same priority vs sending from non segwit address 2. Backwards compatible with all wallets Cons - 1. Higher fees than native segwit for same priority 2. larger txs than native segwit so more block congestion 3. Less ideal address format compared to advantageous of bech32 Legacy P2SH Addresses (some addresses that start with 3, common with multisig addresses) Pros - 1. Like P2SH-segwit addresses compatible with all addresses and most wallets Cons - 1. 26 -58% higher fees than using a segwit transaction for the same priority 2. larger txs than segwit so more block congestion 3. Less ideal address format compared to advantageous of bech32 Legacy P2PKH Addresses (some addresses that start with 1) Pros - Like P2SH-segwit addresses compatible with all addresses and most wallets Cons - 1. 26 -58% higher fees than using a segwit transaction for the same priority 2. larger txs than segwit so more block congestion 3. Less ideal address format compared to advantageous of bech32 |
| Category | Education |
| Tags | crypto wallet | segwit | segregated witness | segwit explained | segwit bitcoin | segregated witness explained | what is segwit | native segwit | legacy address | bitcoin segwit explained | segregated witness bitcoin | segregated witness bitcoin explained | segwit vs legacy | bitcoin | cryptocurrency | crypto | btc | cryptography | bitcoin explained | bitcoin wallet | what is segwit: explained to a child | bitcoin analysis | soft fork | p2sh | bech32 | what is the difference between SegWit and native segwit |
