By Jujas - 23.02.2020
Bitcoin address type legacy or segwit
What is the difference? The most visible difference between Legacy and SegWit addresses are the address formats. There are three address types: Legacy . Legacy addresses are not segwit compatible, but you can still send matters is that this address type is widely supported and can be used to.
Yes, of course.
It's totally normal at protocol level. Just like what Murch had said: There are no restrictions on sending from any type of outputs to any address type in the Bitcoin protocol The ability to limit where the "unlocked" bitcoin UTXO could go is actually a bitcoin address type legacy or segwit feature of bitcoin, called "covenants".
Currently people could only use tricks like presigned time-locked transactions to achieve similar goals. In the wallet address check maybe this could be done in a more intuitive and powerful way.
A transaction sending bitcoins all from 1-starting P2PKH legacy addresses doesn't enjoy discounts of SegWit, so that it has the most expensive miner fees among those three address types.
In fact SegWit v0 doesn't reduce transaction data size so much, its cheap miner fee is mainly an artificial discount.
Send and receive BTC/LTC - difference between SegWit and Legacy address
continue reading However SegWit transactions indeedly has technical advantage over legacy ones, like, avoiding the quadratic sighash problem.
A transaction sending bitcoins from 3-starting P2SH-wrapped "compatible" SegWit address actually consumes more bytes than a legacy 1-starting address mainly because P2SH "script hash" itself consumes 20 byteshowever, it still has cheaper miner fee than 1-starting legacy bitcoin address type legacy or segwit due to discounts.
A 3-starting address is P2SHwhich was brought by Gavin Andresen at very https://reddit-money-crypto.site/address/poloniex-address.html stage of the history of bitcoinso that it's now highly improbable to see a wallet which can't recognise 3-starting P2SH addresses.
SegWit utilize P2SH to "wrap" its special "anyone-can-spend" script. P2SH can actually "wrap" anything.
Its typical usage has been multi-sig for quite a long time, much earlier than SegWit. When an old wallet sends bitcoins to a bitcoin address type legacy or segwit address, it the payer doesn't care about what kind of stuff is "wrapped inside" that address at all.
It can be either a legacy multi-sig, SegWit, or something other - whatever, it doesn't matter.
It could even be a totally unspendable address! It's then the responsibility of the payee to ensure that s he can still spend the bitcoins on that 3-starting address.
You can now enjoy lower fees on all your future bitcoin transactions ⚡
Then what's "anyone-can-spend"? Old versions pre However they would still accept SegWit blocks as if those blocks were valid, despite they cannot fully validate them - the forward yahoo dogecoin usually called "backwards compatibility" by a lot of developers is still retained, in the sense that old nodes which are not SegWit-aware can still work as normal.
https://reddit-money-crypto.site/address/btc-address-list.html They would accept confirmed SegWit transactions only, in other bitcoin address type legacy or segwit, SegWit blocks only.
Therefore, if you want to break SegWit rules, you must at least become a solo miner yourself, an almostly cost-free attempt like bitcoin address type legacy or segwit invalid "robbing" transaction from some SegWit addresses won't work at all.
Here comes the minor downside of SegWit that old non-SegWit-aware full nodes can't https://reddit-money-crypto.site/address/bitcoin-segwit-address-format.html 0-confirmation SegWit transactions SegWit was carefully designed to achieve this.
It's actually quite similar to what P2SH had done.
There's a concept called bitcoin address type legacy or segwit rules" in bitcoin, that such rules are just self-discipline, so that they only restrict the behavoir of a full node itself.
Only "validity rules" or "consensus rules" apply to the blockchain. SegWit address actually means "anyone can spend bitcoins on this address" according to old validity bitcoin address type legacy or segwit, so that old nodes would still accept SegWit blocks.What is Segwit? Segregated Witness Explained Simply
SegWit-aware new nodes would only accept the valid chain It violates the old standardness rules, so that old nodes won't mine any SegWit transactions into their own blocks. According to new validity rules, spending bitcoins from SegWit address typically must provide valid signatures, without all-valid signatures bitcoin address type legacy or segwit would be an invalid transaction, so that new nodes would reject bitcoin address odex login legacy or segwit such an invalid transaction, or a bitcoin address type legacy or segwit invalid block including any invalid transaction.
New nodes won't mine bitcoin address type legacy or segwit invalid transaction into their own blocks either, of course.
However, according to the new standardness rules, valid SegWit transactions is also standard not violating the new standardness rulesso that new nodes would happily mine valid SegWit transactions into their own blocks.
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