bitcoin-dev

Clarification about SegWit transaction size and bech32

Clarification about SegWit transaction size and bech32

Original Postby mail at albertodeluigi.com

Posted on: December 18, 2017 22:19 UTC

In a conversation between Alberto De Luigi and Mark Friedenbach, Alberto raises concerns about the adoption of SegWit by the community.

He argues that if an average user were given a bech32 address and asked to send coins, they would not be able to do so as it is not recognized as a bitcoin address by some software. Mark explains that the recipient has control over what type of script the payment is sent to, without any ambiguity. Alberto also questions the benefits of SegWit adoption, stating that it makes the blockchain heavier, decreases fees for only certain types of transactions, and increases fees for exchanges aggregating outputs. Mark clarifies that addresses are just a UI convention and changing them does not constitute a fork in the bitcoin protocol. He provides a link outlining the many benefits of segregated witness. The conversation delves into the technicalities of SegWit transaction costs and its impact on scalability. Alberto expresses concern about exchanges' reluctance to adopt SegWit due to increased blockweight and lack of incentives for cheaper fees. He suggests a hard fork bech32 upgrade alongside a 2x blocksize to enforce adoption. Overall, the conversation highlights the complexity of SegWit adoption and the need for consensus among the community for coordinated upgrades. The links provided offer further information on the technical aspects of segregated witness and its benefits.