PSA: Lately there’s been a lot of “hate this/boycott that” company on r/bitcoin. The cultism and fanaticism mentality of “us against them” belongs on a different subreddit. Let’s keep it that way.

submitted by /u/DesignerAccount
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Bitcoin – The Currency of the Internet

Bitcoin matters not because it’s fast, cheap, or easy; but only because nobody controls it. It grew spontaneously in the wilds of the internet without a central planner. After it, no alt could ever recreate this, as there’s no spontaneous market demand for a less secure Bitcoin.

Bitcoin matters not because it's fast, cheap, or easy; but only because nobody controls it. It grew spontaneously in the wilds of the internet without a central planner. After it, no alt could ever recreate this, as there's no spontaneous market demand for a less secure Bitcoin. submitted by /u/hamerH3a4
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Bitcoin – The Currency of the Internet

Day 6: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and tx fees are low. Refer a friend to SegWit today. There’s no $10 referral offer, but you’ll both get lower fees and help strengthen the BTC protocol

TL/DR

Bitcoin users can help lower transaction fees and contribute to bitcoin by switching to SegWit addresses and encourage wallets/exchanges to do the same.

SUMMARY

Segregated Witness (SegWit) was activated on the Bitcoin network August 24 2017 as a soft fork that is backward compatible with previous bitcoin transactions (Understanding Segregated Witness). Since that time wallets and exchanges have been slow to deploy SegWit, some admitting in December 2017 that they have not even started work on integrating it. Others, such as Zebpay in India have already implemented SegWit and are reaping the benefits of reduced transaction fees. If bitcoin users demand SegWit now it will temporarily relieve the transaction backlog while more even more advanced solutions such as Lightning are developed.

Batching is another great way that exchanges can reduce their fees. See: Saving up to 80% on Bitcoin transaction fees by batching payments. Despite the benefits of batching, some exchanges have been slow to implement it.

There is an opportunity now for all bitcoin users to individually contribute to help strengthen and improve the bitcoin protocol. At this point, the process requires a bit of work/learning on the part of the user, but in doing so you'll actually be advancing bitcoin and leaving what could turn out to be a multi-generational legacy for humanity.


MEMPOOL/SEGWIT STATISTICS


BACKGROUND

On Dec 18 Subhan Nadeem has pointed out that:

If every transaction in the Bitcoin network was a SegWit transaction today, blocks would contain up to 8,000 transactions, and the 138,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.

A few thousand bitcoin users from /r/Bitcoin switching to making their next transactions SegWit transactions will help take pressure off the network now, and together we can encourage exchanges/wallets to rapidly deploy SegWit for everyone ASAP. Let's make 80%+ SegWit happen fast. You can help by taking one or more of the action steps below.


ACTION STEPS

  1. If your favorite wallet has not yet implemented SegWit, kindly ask them to do so immediately. In the meantime start using a wallet that has already implemented SegWit.
  2. If your favorite exchange has not yet implemented SegWit, try to avoid making any further purchases of bitcoin at that exchange and politely inform them that if they do not enable SegWit within 30-days they will lose your business. Sign-up for an account at a SegWit deployed/ready exchange now and initiate the verification process so you'll be ready to bail
  3. Help educate newcomers to bitcoin about the transaction issue, steer them towards SegWit wallets from day one, and encourage them to avoid ever purchasing bitcoin through non-SegWit ready exchanges that are harming bitcoin.
  4. Spread the word! Conact individuals, websites, etc that use bitcoin, explain the benefits of SegWit to everyone, and request they make the switch

IMPORTANT NOTE: The mempool is currently still quite backlogged. If you are a long-term holder and really have no reason to move your bitcoins at this time, wait until the mempool starts to clear and transaction fees go down before moving your bitcoins to a SegWit address or SegWit friendly exchange.


SELECTED TOP EXCHANGES BY BATCHING & SEGWIT STATUS

Exchange Segwit Status Batching Status
Binance NOT READY Yes
Bitfinex Ready Yes
Bitonic Ready Yes
Bitstamp Deployed Yes
Bittrex ? Yes
Coinbase/GDAX NOT READY No
Gemini Ready No
HitBTC Deployed Yes
Huboi ? ?
Kraken Deployed Yes
LocalBitcoins Ready Yes
OKEx ? ?
Poloniex ? Yes
QuadrigaCX Deployed Yes
Shapeshift Deployed No
  • Note: all exchanges that have deployed SegWit are currently only sending to p2sh SegWit addresses for now. No exchange will send to a bech32 address like the ones that Electrum generates

Source 1: BitcoinCore.org

Source 2: /r/Bitcoin

Official statements from exchanges:


SELECTED WALLETS THAT HAVE SEGWIT ALREADY

Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction

SegWit Enabled Wallets Wallet Type
Ledger Nano S Hardware
Trezor Hardware
Electrum Desktop
Armory Desktop
Edge iOS
GreenAddress iOS
BitWallet iOS
Samourai Android
GreenBits Android
Electrum Android

FAQs

If I'm a HODLer, will it help to send my BTC to a SegWit address now?

  • No, just get ready now so that your NEXT transaction will be to a SegWit wallet. Avoid burdening the network with any unneccessary transactions for now.

Why is SegWit adoption going so slowly? Is it a time-consuming process, is there risk involved, is it laziness, or something else?

  • SegWit will require some extra work to be done right and securely. Also, most exchanges let the user pay the fee, and up to now users have not been overly concerned about fees so for some exchanges it hasn't been a priority.

Once Segwit is FULLY adopted, what do we see the fees/transaction times going to?

  • Times stay the same – fees will go down. How much and for how long depends on what the demand for transactions will be at that time.

What determines bitcoin transaction fees, to begin with?

  • Fees are charged per byte of data and are bid up by users. Miners will typically include the transaction with the highest fee/byte first.

Can you please tell me how to move my bitcoins to SegWit address in Bitcoin core wallet? Does the sender or receiver matter?

  • The Bitcoin core wallet does not yet have a GUI for its SegWit functionality. Download Electrum v3.0.3 to generate a SegWit address.

    A transaction between two SegWit addresses is a SegWit transaction.

    A transaction sent from a SegWit address to a non-SegWit address is a SegWit transaction.

    A transaction sent from a non-SegWit address to a SegWit address is NOT a SegWit transaction. You can send a SegWit Tx if the sending address is a SegWit address.

    Source: HowToToken

What wallet are you using to "batch your sends"? And how can I do that?

  • Using Electrum, the "Tools" menu option: "Pay to many".

    Just enter your receive addresses and the amounts for each, and you can send multiple transactions for nearly the price of one.

Why doesn't the Core Wallet yet support SegWit?

  • The Core Wallet supports SegWit, but its GUI doesn't. The next update will likely have GUI support built-in

Why isn't a large exchange like Coinbase SegWit ready & deployed when much smaller exchanges already are? Why do they default to high fees? Where is the leadership there?


P2SH/bech32 FAQs

What are the two SegWit address formats and why do they exist?

  • It's been a challenge for wallet developers to implement SegWit in a way that users can easily and without too much disruption migrate from legacy to SegWit addresses. The first wallets to enable SegWit addresses – Ledger, Trezor, Core, GreenAddress – use so-called “nested P2SH addresses.” This means they take the existing Pay 2 Script Hash address – starting with a “3” – and put a SegWit address into it. This enables a high grade of compatibility to existing wallets as every wallet is familiar with these addresses, but it is a workaround which results in SegWit transactions needing around 10 percent more space than they otherwise would.

    Electrum 3.0 was the first wallet to use bech32 addresses instead of nested p2sh addresses.

    Source: BTCManager.com

What is the difference in address format between SegWit address formats P2SH and bech32?

  • P2SH starts with "3…"

    bech32 starts with "bc1…"

Which addresses can I send from/to?

  • P2SH Segwit addresses can be sent to using older Bitcoin software with no Segwit support. This supports backwards compatibility

    bech32 can only be sent to from newer Bitcoin software that support bech32. Ex: Electrum

    Source: BitcoinTalk.org

Why did ThePirateBay put up two Bitcoin donation addresses on their frontpage, one bech32 and one not?

  • The address starting with a "3…" is a P2SH SegWit address that can be sent BTC from any bitcoin address including a legacy address. The address starting with a "bc1…" is a bech32 SegWit address that can only be sent to from newer wallets that support bech32.

SEGWIT BLOG GUIDES


PREVIOUS DAY'S THREADS

There's lots of excellent info in the comments of the previous threads:

submitted by /u/Bastiat
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Bitcoin – The Currency of the Internet

Can we please organize all the information about what is going on right now in this thread? Coinbase, Kraken, GDAX, and so on? There’s no real information here in the sub anymore? Just memes?

Guys, we should make a list of everything that is wrong right now. How is Coinbase doing? Gdax? Kraken?

Below I would like to add the status of other Bitcoin services as you guys keep commenting your experiences. The objective would be for us to have a good overview of whats going on right now.

Mods, please let this post live. We need information during times where everyone is "What the hell is going on".

Please upvote this thread and the good comments and I'll keep editing throughout the day.


  • Bitfinex is doing fine (unless you margin traded yesterday during the flash crash), I didn't try to withdraw though so I don't know if that's working right now.

  • Cryptopia (New Zealand exchange) is doing fine, no downtimes, possible to withdraw and everything seems ok besides everything melting down.

  • GDAX is currently stable.

  • Kraken is having troubles for a long time now. Orders don't go through, 404 errors and duplicated orders, you name it. Basically,yesterday was like any other day for them. (please check Kraken staff comment below).

  • Coinbase FINALLY allowed me to buy bitcoin after several attempts and error messages. (this is not consensus, many people still unable to buy / sell through Coinbase). Coinbase say they are under maintenance.

  • Bitstamp is currently stable and able to make trades.

  • Gemini has been working fine for me. Threw up a couple limit orders as the price was dropping, they went in and ended up being filled successfully.

  • Quadriga (one of the prominent Canadian exchanges) is business as usual.

  • Bittrex is being reported by multiple users, transactions delay, transactions cancelled, support is non existance, etc, be careful.

Kraken replied to the thread with the following comment: "Hi OP, just as a general update, which has been also mentioned by one of the commenters here, /u/bhishmapitamah/ — we do have update(s) coming at Kraken, to the trade engine as well, and they are coming soon (anticipated deployment between 1st and 2nd week(s) of December 2017, although we don't have an exact date). Please see here for further details."

submitted by /u/blockchain_prophet
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Bitcoin – The Currency of the Internet