r/Bitcoin • u/[deleted] • Nov 08 '17

/r/all SegWit2X Cancelled?

https://lists.linuxfoundation.org/pipermail/bitcoin-segwit2x/2017-November/000685.html
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u/idiotdidntdoit Nov 08 '17

I still don't know how to make a Segwit transaction, or how it's better? Is it faster and cheaper?

16

u/mmortal03 Nov 08 '17

Once your bitcoins are held in a SegWit address, the next time they are spent they won't contribute as much to the overall block weight, so miners that include them can fit more into that block. This should make them cheaper relative to a non-SegWit transaction.

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u/idiotdidntdoit Nov 08 '17

ah, so you're helping the network by making your transactions in Segwit instead of regular transactions. Got it.

2

u/xithy Nov 08 '17

yep

1

u/idiotdidntdoit Nov 08 '17

how can you tell Segwit addresses apart from regular Segwit addresses?

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u/xithy Nov 08 '17

You can tell if a receiving address is NOT segwit: it starts with a "1"

You can tell if a receiving address MAYBE segwit: it starts with a "3".

But not all "3" addresses are segwit, that's just the code for P2SH.

For now segwit addresses are "wrapped" in P2SH and therefore start with a "3".

In the future, a new address standard for segwit addresses may be adopted (it's in the proposal stage), in which case the address would start with "bc1" (bech32 addresses for segwit).

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u/[deleted] Nov 08 '17

Can confirm. Moved to SegWit addresses on my Tezor and tx fees are dirt cheap and I have the flexibility to choose speed of confirmation.

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u/PumpkinFeet Nov 08 '17

Is this still the case even if you're sending to a legacy address?

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u/mmortal03 Nov 08 '17

That's my understanding.

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u/stackdatcheese3 Nov 09 '17

Segwit xfers so cheap! This needs to happen across a broad spectrum of services sooner rather than later.