Segwit insight: What is Segwit?

Full SegWit integration on Bitcoin send and receive transactions. This should help make Bitcoin transactions faster and cheaper than what they used to be.



What is SegWit?
SegWit, short for Segregated Witness, is an improvement to the way Bitcoin transactions are sent. With SegWit, certain information is restructured in Bitcoin transactions, rendering them effectively smaller, which means more transactions can now fit into a block. This, in turn, should help make Bitcoin transactions faster and cheaper than what they currently are.
Note that SegWit is not the same as the proposed (and suspended) SegWit2X fork.
For a more technical description, see this.


What’s in it for me?
Cheaper and faster Bitcoin transactions. As customers start switching over to new SegWit addresses, this will translate into a further reduction in sending fees in the coming weeks and months.
Note that Bitcoin network fees fluctuate, based on blockchain congestion, so comparing fees over different time periods isn’t always straightforward.
Until recently, you could only receive Bitcoin on some exchanges e.g Luno in a non-SegWit Bitcoin wallet address (known as a legacy wallet address).
Henceforth, you can also receive Bitcoin in your new SegWit Bitcoin wallet address on Exchanges. Note that the receive fee, explained here, will remain in place and that you can also send Bitcoin instantly and free of charge to anyone, by using their email address or mobile number.


What do I need to do?
To add a SegWit wallet address:
Now, when you want to receive Bitcoin, you should use your SegWit Bitcoin receive address. Legacy Bitcoin addresses start with a 1......, whereas SegWit Bitcoin addresses start with a 3...... Bitcoin sent to your old, legacy Bitcoin address will still work.
Note: You can send Bitcoin from a legacy wallet to a SegWit wallet (and vice versa) — it is still done on the same Bitcoin blockchain. It’s just if you’re sending to and from a SegWit-compatible wallet, you may enjoy a reduction in fees.

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