That however does not mean that all wallets will let you make a transaction to any address. You can transfer your coin from a legacy address into a segwit address and the other way round. Segwit and legacy addresses are mutually compatible. Why do some wallets say a SegWit address is invalid?
ELECTRUM LTC LEGACY TO TREZOR FULL
… some exchanges will only let you send coins to a legacy wallet.įor a full list on which wallets support which address format, head over to our post about altcoin wallets.Electrum wallet does this, and for you it means that if you choose to restore a seed into a SegWit wallet, your Legacy balance will not show. … your wallet might only support one address type at a time.… not all features you might want to use are available with all formats.Your wallet seed can be used to generate either address format. If you own a private key, you can choose to use Segwit or Legacy addresses with it - or both. Where to use bitcoin legacy wallet (P2PKH)įrom your private key, you can generate either address format crypto exchanges where you are fully verified (KYC/AML).Try LocalCryptos! Where to use bitcoin bech32 wallet crypto exchanges where you are not verified and might be required to sign a message with your address (signing is problematic with native segwit).crypto trading platforms where you withdraw money often.
apps that use automated escrow, like localcryptos (you have no other choice there).If you don’t really care, keep using legacy, unless you really have to. If you like the idea of slightly cheaper transactions, use SegWit. If you support second layer scaling and scripting solutions on the Bitcoin and Litecoin network, use SegWit. Litecoin Nested SegWit (P2SH, or “pay to script hash”): address starting with M or more rarely with 3.Litecoin Legacy (P2PKH, or “pay to public key hash”): address starting with L.Bitcoin Native SegWit (bech32, or “base32 encoded with error detection”): address start with bc1.Bitcoin Nested SegWit (P2SH, or “pay to script hash”): address starting with 3.Bitcoin Legacy (P2PKH, or “pay to public key hash”): address starting with 1.If you want to switch to SegWit addresses, you need either the Electrum wallet or one of the Ledger wallets.
Second layer scaling solutions such as Lightning Network are among these advanced capabilities. In general, segwit transactions are cheaper, and on top of that they allow certain advanced scripting.
As a result, the transaction is smaller in terms of bytes, and requires less network fee. It is specifically part of the transaction signature data that gets removed. SegWit segregates part of the data out of the transaction.
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