Wednesday 27 December 2017

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


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.BACKGROUNDSubhan 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 /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 it happen. You can help by taking one or more of the action steps below.ACTION STEPSIf 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 bailHelp 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 bitcoinIMPORTANT 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 exchangeSELECTED TOP EXCHANGES BY SEGWIT & BATCHING STATUSExchangeSegwit StatusBatching StatusBinance? NOT READYYesBitfinexNot deployed?BitonicNot deployed?BitstampDeployedYesBittrex?YesCoinbase/GDAXNOT READYNoGeminiNot deployedNoHitBTCReady DeployedYesHuboi??KrakenNot deployedYesLocalBitcoinsNot deployed?OKEx??PoloniexNot deployedYesQuadrigaCXDeployedYesShapeshiftDeployedNoSource 1(http://bit.ly/2C1Aeqk)Source 2After 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?WALLETSMake 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 WalletsWallet TypeLedger Nano SHardwareTrezorHardwareElectrumDesktopArmoryDesktopEdgeiOSGreenAddressiOSBitWalletiOSSamouraiAndroidGreenBitsAndroidElectrumAndroidCoinomi (In progress)AndroidTODAY's NEWS/DEVELOPMENTS/VICTORIESCore is considering prioritizing SegWit GUI in the Core Wallet and pushing out an update fast without waiting for other featuresAn Exodus Wallet representative has said they will not enable SegWit for nowLargest exchange in Brazil implemented withdraws using SegwitMEMPOOL/SEGWIT STATISTICSBitInfoCharts.com - Average Transaction Fees - median $24USD per TxBlockchain.info - Unconfirmed Transactions - 176K Unconfirmed Tx'sSegWit Charts - 10% SegWit Tx'sFAQsIf 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.SourceWhat 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-inWhy 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 CoreDec 2017 - Coinbase is STILL working on SegwitSEGWIT BLOG GUIDESHowToToken.com - How To Send Bitcoin Faster And Cheaper Over SegWit TransactionsPREVIOUS DAY'S THREADSThere'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 NOWDay 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 todayDay 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 GUIDay 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 via /r/Bitcoin http://bit.ly/2CfscYg

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