Bitcoin Core Review 2020: Fees, Pros, Cons, Tutorial

[uncensored-r/Bitcoin] Day 5: I will repost this guide daily until available solutions like SegWit & order batching are ...

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NOTE Just a daily repost because original OP Bastiat seems to be offline (due to holidays I guess). However, this is quite important as I see much misinformation on which exchanges use segwit or not. Please upvote for awareness.
BACKGROUND
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 138,000 176,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again.
A few thousand bitcoin users from /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 it happen. 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
IMPORTANT NOTE: The mempool is currently overflowing. 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 Not deployed ?
Bitonic Not deployed ?
Bitstamp Deployed Yes
Bittrex ? Yes
Coinbase/GDAX NOT READY No
Gemini Not deployed No
HitBTC Ready Deployed Yes
Huboi ? ?
Kraken Not deployed Yes
LocalBitcoins Not deployed ?
OKEx ? ?
Poloniex Not deployed Yes
QuadrigaCX Deployed Yes
Shapeshift Deployed No
Smaller exchanges which have implemented Segwit
Exchange Segwit Status Batching Status
Zebpay Deployed Yes
Wirex Deployed ?
Source 1Archive Source 2
After seeing this, is it any wonder that 90% of transactions on the network are not using the SegWit technology? And then is it any wonder that fees are ridiculous?
WALLETS
Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction. Next time you need to send a transaction, use "pay to many" and set your second recipient to be your address in a SegWit wallet you control. However, if you have received a lot of payments to your old software, be aware that this could be a large (bytes) transaction and therefore you might be better off waiting. You will have to decide whether it's worth taking the hit now to prevent wasting money on fees in the near future vs not spending any coins until SegWit adoption is higher.
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/iOS
Coinomi (In progress) Android
TODAY's NEWS/DEVELOPMENTS/VICTORIES
MEMPOOL/SEGWIT STATISTICS
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.
    Source
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?
SEGWIT BLOG GUIDES
PREVIOUS DAY'S THREADS
There's lots of excellent info in the comments of the previous threads:
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

12-27 17:31 - 'Day 5: I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? Unconfir...' (self.Bitcoin) by /u/Borax removed from /r/Bitcoin within 0-9min

'''
NOTE Just a daily repost because original OP [Bastiat]1 seems to be offline (due to holidays I guess). However, this is quite important as I see much misinformation on which exchanges use segwit or not. Please upvote for awareness.
BACKGROUND
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 138,000 176,000 unconfirmed transaction backlog would disappear instantly. Transaction fees would be almost non-existent once again]2 .
A few thousand bitcoin users from /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 it happen. 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
IMPORTANT NOTE: The mempool is currently overflowing. 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 Not deployed ?
Bitonic Not deployed ?
Bitstamp Deployed Yes
Bittrex ? Yes
Coinbase/GDAX NOT READY No
Gemini Not deployed No
HitBTC Ready Deployed Yes
Huboi ? ?
Kraken Not deployed Yes
LocalBitcoins Not deployed ?
OKEx ? ?
Poloniex Not deployed Yes
QuadrigaCX Deployed Yes
Shapeshift Deployed No
[Source 1]3 ([link]18 ) [Source 2]4
After seeing this, is it any wonder that 90% of transactions on the network are not using the SegWit technology? And then is it any wonder that fees are ridiculous?
WALLETS
Make sure you have a SegWit capable wallet installed and ready to use for your next bitcoin transaction. Next time you need to send a transaction, use "pay to many" and set your second recipient to be your address in a SegWit wallet you control. However, if you have received a lot of payments to your old software, be aware that this could be a large (bytes) transaction and therefore you might be better off waiting. You will have to decide whether it's worth taking the hit now to prevent wasting money on fees in the near future vs not spending any coins until SegWit adoption is higher.
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
TODAY's NEWS/DEVELOPMENTS/VICTORIES
  • [Core is considering prioritizing SegWit GUI in the Core Wallet and pushing out an update fast without waiting for other features]5
  • [An Exodus Wallet representative has said they will not enable SegWit for now]6
  • [Largest exchange in Brazil implemented withdraws using Segwit]7
MEMPOOL/SEGWIT STATISTICS
  • [BitInfoCharts.com - Average Transaction Fees]8 - median $24USD per Tx
  • [Blockchain.info - Unconfirmed Transactions]9 - 176K Unconfirmed Tx's
  • [SegWit Charts]10 - 10% SegWit Tx's
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.
    [Source]11
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]12
    [Dec 2017 - Coinbase is STILL working on Segwit]13
SEGWIT BLOG GUIDES
  • [HowToToken.com - How To Send Bitcoin Faster And Cheaper Over SegWit Transactions]14
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]15
  • 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]16
  • Day 3: [I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 274K, more exchanges/wallets adding SegWit, Core prioritizes SegWit GUI]17
  • Day 4: [I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? News: Unconfirmed TX's @ 174K, more exchanges adding SegWit, Core prioritizes SegWit GUI][link]19
'''
Day 5: I will repost this guide daily until available solutions like SegWit & order batching are mass adopted, the mempool is empty once again, and transaction fees are low. ARE YOU PART OF THE SOLUTION? Unconfirmed TX's @ 175K
Go1dfish undelete link
unreddit undelete link
Author: Borax
1: https://www.reddit.com/useBastiat 2: ha*kerno**.com*bitc****ow*e*s-yo*-*eed*to*do-these-two-th*ngs-rig*t-*o*-a7*122d*23*4 3: bi*coi*co*e*or**en*segw*t*adoption/ 4: https://www.reddit.com/Bitcoin/comments/7kherf/what_exchanges_batch_there_withdrawal_txs_to_save/ 5: https://www.reddit.com/Bitcoin/comments/7lc1n9/latest_bitcoin_core_irc_meeting_segwit_wallet_is/ 6: https://www.reddit.com/Bitcoin/comments/7lcm1t/exodus_response_as_to_why_they_havent_adopted/ 7: https://www.reddit.com/Bitcoin/comments/7lgxnc/largest_exchange_in_brazil_implemented_withdraws/ 8: https://bitinfocharts.com/comparison/median_transaction_fee-btc-xmr.html#3m 9: https://blockchain.info/unconfirmed-transactions 10: se*wit.*a*ty/ch*r*s/ 11: how**tok**.com*exp*a*ned/se*d-bitco*n-fa*ter-cheaper-**gWit**ran*ac*i*n* 12: https://blog.coinbase.com/what-happened-at-the-satoshi-roundtable-6c11a10d8cdf 13: https://blog.coinbase.com/bitcoin-segwit-update-3ab0484e4526 14: h*wtoto***.com/explai*ed*s*nd-bitc*in-***te*-*hea*er-S*gW*t-tra*sa*tions/ 15: https://www.reddit.com/Bitcoin/comments/7kyzxn/if_every_bitcoin_tx_was_a_SegWit_tx_today_wed/?utm_content=comments&utm_medium=user&utm_source=reddit&utm_name=frontpage 16: https://www.reddit.com/Bitcoin/comments/7l9tda/day_2_i_will_repost_this_guide_daily_until/ 17: https://www.reddit.com/Bitcoin/comments/7ljpf5/day_3_i_will_repost_this_guide_daily_until/ 18: https://web.archive.org/web/20171212214514/https://bitcoincore.org/en/SegWit_adoption/ 19: https://www.reddit.com/Bitcoin/comments/7m6zd0/day_4_i_will_repost_this_guide_daily_until/
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