How To Take Advantage of Segwit Compatible Wallets.

[Optional]

I've been scratching my head a little bit over SegWit since it was implemented a few months ago. I expected it was just a seamless upgrade and once enabled would speed up and cheapen all bitcoin transfers.

I was wrong. It actually requires an entirely different format wallet, one which cannot even receive bitcoin from a non-segwit compatible wallet (every single wallet apart from Electrum v3)

So the only way to actually get bitcoin into a Segwit wallet is to transfer it to a non-segwit version of Electrum V3 and then transfer it to your Segwit version wallet.


Once you do that, you can save on fees and transfer times by using it to fund books who offer a Segwit compatible wallet deposit address. Currently the only one I am aware of is Fairlay.

I haven't seen any books offering segwit withdraws though. (Fairlay might?)



Really good article here that explains the issues in more detail: https://btcmanager.com/electrum-3-0-...wit-addresses/

Looks a bit like the whole segwit idea was a bit of a lame duck from the start to me. I wonder if key players knew that and still pushed ahead with it...

[littlekona]

Very Tecky stuff...I just miss the old days when BTC was 400$ and was just a EASY and cheap vessel to fund and withdraw now its so complicated! Good info here though lets keep it updated!

[Optional]

Very Tecky stuff...I just miss the old days when BTC was 400$ and was just a EASY and cheap vessel to fund and withdraw now its so complicated! Good info here though lets keep it updated!

It is getting more confusing as we move along.

There seems to be a gap in the market to provide an app for non-techies to manage all crypto stuff in one place and deals with forks and issues like this for us.

[Roscoe_Word]

Appreciate Opti's help and input. Has made life easier for the sports bettor.