[Bitcoin] How to get faster confirmation times and lower fees by using SegWit

in #bitcoin6 years ago

On August 25th, the SegWit soft fork (BIP141) was activated, which increased the total size of bitcoin blocks from 1 MB to 4 MB in addition to other improvements. However, this transaction capacity increase is an opt-in feature, and only applies to transactions sent from new SegWit addresses created after the upgrade.

https://en.bitcoin.it/wiki/Block_weight

"It is not possible to create exactly-equivalent legacy transactions for SegWit transactions. If BTC is sent to a SegWit address, then it must be spent in a SegWit input. However, for comparison, a similar 1-input, 1-output legacy transaction would be about 191 bytes. The legacy transaction would consume 0.0191% of a 1MB legacy block, while this transaction consumes 0.0136% of a SegWit block, a reduction of 34%. Different transaction types can have much greater reductions."

http://segwit.party/charts/

WALLETS THAT SUPPORT SEGWIT ADDRESSES:

https://greenaddress.it
https://samouraiwallet.com/
https://trezor.io/
https://ledgerwallet.com/
https://btc.com/
https://electrum.org/

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