Day 5: I will post this guide regularly until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. User demand from this community can help lead to some big changes. Have you joined the /r/Bitcoin SegWit effort?
SUMMARY
Segregrated 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. If users demand SegWit now it will temporarily releive the transaction backlog while bigger solutions like Lightning are developed.
TODAY's NEWS/DEVELOPMENTS/VICTORIES
- Conomi promises SegWit "in a few days"
- Bitpanda implements Segwit!
- Pirate Bay provides a bech32 SegWit address Which one of you emailed them to request this ;)
- Spreading the message to Twitter: Daily Reminder: switch to segwit wallets and exchanges immediately
- Segwit adoption increasing! Please help to raise awareness!
- Spread the word and help the SegWit adoption. Also have fun;)
MEMPOOL/SEGWIT STATISTICS
- BitInfoCharts.com - Average Transaction Fees - $40USD per Tx (down from $55)
- Blockchain.info - Unconfirmed Transactions - 173K Unconfirmed Tx's (down from 274K)
- SegWit Charts - 10% SegWit Tx's
BACKGROUND
Subhan Nadeem has pointed out that:
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
- 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.
- 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
- 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.
- 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 SEGWIT & BATCHING STATUS
| Exchange | Segwit Status | Batching Status |
|---|---|---|
| Binance | NOT READY | Yes |
| Bitfinex | Ready | ? |
| Bitonic | Ready | ? |
| Bitstamp | Deployed | Yes |
| Bittrex | ? | Yes |
| Coinbase/GDAX | NOT READY | No |
| Gemini | Ready | No |
| HitBTC | Deployed | Yes |
| Huboi | ? | ? |
| Kraken | Ready | Yes |
| LocalBitcoins | Ready | ? |
| OKEx | ? | ? |
| Poloniex | ? | Yes |
| QuadrigaCX | Deployed | Yes |
| Shapeshift | Deployed | No |
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.
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.
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?
-
Draw your own conclusions based on their own words:
March 2016 - Coinbase CEO Brian Armstrong has reservations about Core
SEGWIT BLOG GUIDES
PREVIOUS DAY'S THREADS
There's lots of excellent info in the comments of the previous threads:
- Day 1: If every Bitcoin tx was a SegWit tx today, we'd have 8,000 tx blocks & the tx backlog would disappear. Tx fees would be almost non-existent once again. THE NEXT BITCOIN TX YOU MAKE, MAKE IT A SegWit TX. DOWNLOAD A SegWit COMPATIBLE WALLET AND OPEN A SegWit COMPATIBLE EXCHANGE ACCOUNT RIGHT NOW
- Day 2: I will repost this guide daily until available solutions like Segwit & order batching are adopted, the mempool is empty once again, and transaction fees are low. You can help. Take action today
- Day 3: ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 274K, more exchanges adding SegWit, Core prioritizes SegWit GUI
- Day 4: Unconfirmed TX's @ 174K
Submitted December 28, 2017 at 09:04AM by Bastiat http://ift.tt/2DmwjRG
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