Asknostr:
If I have my BTC on a wallet with a segwit address, can I transfer it to a taproot Address or will I lose my coins?
#nostr #plebchain #nostriches #btc #bitcoin #blockchain #taproot #asknostr
Discussion
never lose in hodling in legacy seqwit or any address unless u give seed/privkey to someone
sweeping will COST u onchain FEE whenver u do it
Why do you want to do that anyway?
Unless you are setting up multisig or some sort of more advanced type of wallet, it's not cost effective.
When paying from a segwit address with a single private key behind it, the size of your signature in bytes will be smaller so your total cost to make a transaction will be lower.
When you pay from a taproot address with many keys or some advanced spending conditions, then a taproot signature is smaller than the equivalent on segwit, but not for a standard single signature address.
Another benefit for using a taproot address is that if you are using multisig or something advanced, no one will know if you did that or what the spending conditions were in most cases making it more private than segwit for those things.
Legacy bitcoin addresses, although the absolute least cost effective, are still supported on bitcoin, you don't need to worry about segwit becoming unsupported in the future because removing support for an old feature is a breaking change, requiring a hard fork and I don't think anyone dares to even attempt that, especially not for this reason.
yes no need MOVE until u wanna SPEND or USE or SEND
I thought legacy is the most expensive one. I can see the difference between legacy and segwit, but segwit and taproom I don't see any difference on the address.
So what is the cheapest gas prices now?
Oh, it is native segwit where I have my bitcoins on. 5 USD I have on taproot. But I wonder what are the difference and what if I send funds to the wrong thing. What will happen?
What is now the cheapest. Legacy, segwit, native segwit or taproot?
Yeah, legacy is the most expensive. There is a small difference between segwit and taproot, but taproot will be most cost effective and very popular for lightning channels, utxo sharing schemes, and other L2 protocols built on top of lightning.
For single signature wallets, segwit will be the most cost effective, but if you want to hide in the crowd, i.e. you don't want your address to stand out as "probably a single sig wallet", then you may choose to use taproot anyway.
So, if I have my funds on native segwit (bc1xxxx1f) and I send to taproot (bc1xxx2f), will my funds get lost or is it compatible?
Yes it cost fees, but it would be nice to know about how much it will be. A few minutes later the fees look different again
mempool.space is one of the best places to find out what fee you want to set.
Note that if you set the fee too low, the transaction will most likely just take longer (days, weeks, or months).
The worst case is that the transaction never confirms and the network forgets about the transaction eventually.
Fortunately, until you see the transaction confirmed in a block, you can assume it is still in your wallet. Once confirmed, it has moved. There is no limbo really, and you never lose funds.
good point - any utxo pow blockchain this is trade-off --- balance in fee paid to miners for confirming
I have this problem at the time. I am waiting since days, but it is gone in my wallet already