(UTC-12:00) - Bakersaari, Howlandsaari
(UTC-11:00) - Midwaysaaret, Niue, Samoa
(UTC-10:00) - Tahiti, Rarotonga, Havaiji, Adakin saari
(UTC-09:00) - Gambiersaaret, Alaska, Juneau, Anchorage, Metlakatla, Sitka
(UTC-08:00) - Vancouver, Los Angeles
(UTC-07:00) - Creston, Dawson, Mazatlán, Arizona, Whitehorse, Alberta, Denver
(UTC-06:00) - Chihuahua, Costa Rica, Guatemala, Chicago, Iowa, Mexico City, Monterrey
(UTC-05:00) - Thunder Bay, Panama, New York, Toronto, Havana, Bogotá, Lima, Quito
(UTC-04:00) - Georgetown, Barbados, Bermuda, Puerto Rico, La Paz, Venezuela
(UTC-03:30) - Newfoundland
(UTC-03:00) - Brasilia, Miquelon, Santiago
(UTC-02:00) - Fernando de Noronha, Etelä-Georgia
(UTC-01:00) - Kap Verde, Azorit
(UTC+00:00) - Dakar, Islanti, Lissabon, Monrovia, Dublin, Edinburgh, Lontoo
(UTC+01:00) - Algeria, Porto-Novo, Casablanca, Praha, Amsterdam, Berliini, Bryssel, Wien, Kööpenhamina, Madrid, Pariisi, Rooma, Tukholma, Varsova
(UTC+02:00) - Kaliningrad, Egypti, Etelä-Afrikka, Kypros, Sudan, Jerusalem
(UTC+03:00) - Moskovan aika, Kenia, Tansania, Somalia, Madagaskar, Irak, Jemen, Kuwait, Saudi-Arabia, Qatar
(UTC+03:30) - Teheran
(UTC+04:00) - Arabiemiirikunnat, Azerbaidžan, Armenia, Oman, Samara, Iževsk, Abhasia, Georgia
(UTC+04:30) - Afganistan
(UTC+05:00) - Malediivit, Turkmenistan, Jekaterinburgin aika, Qızılorda, Uzbekistan, Kazakstan (Astana), Kazakstan (Uralsk), Islamabad, Karachi
(UTC+05:30) - Intia, Sri Lanka
(UTC+05:45) - Nepal
(UTC+06:00) - Omskin aika, Bangladesh, Kyrgyzstan
(UTC+06:30) - Myanmar
(UTC+07:00) - Krasnojarskin aika, Novosibirsk, Kemerovo, Bangkok, Tomsk, Barnaul, Jakarta, Hanoi
(UTC+08:00) - Irkutskin aika, Ulan Bator, Kuala Lumpur, Hongkong, Kiina, Singapore, Taiwan, Perth
(UTC+08:45) - Caiguna, Eucla, Madura, Mundrabilla
(UTC+09:00) - Pohjois-Korea, Jakutskin aika, Korea, Tšita, Japani
(UTC+09:30) - Darwin
(UTC+10:00) - Vladivostokin aika, Brisbane, Guam, Port Moresby
(UTC+10:30) - Adelaide, Broken Hill
(UTC+11:00) - Magadanin aika, Melbourne, Tasmania, Lord Howen saari, Sahalinin alue (Severo-Kurilskin alue), Salomonsaaret, New Caledonia, Canberra, Sydney
(UTC+12:00) - Norfolkinsaari, Kamchatka Krai, Tšuktšien autonominen piirikunta, Marshallinsaaret, Fidži
(UTC+13:00) - Uusi-Seelanti, Samoa, Tonga
(UTC+13:45) - Chathamsaaret
(UTC+14:00) - Linesaaret

Krypto-oppaat

1xBit-uutiset

1xBit Team

2021-07-02 16:23:00

SegWit: A Better Way to Transfer Bitcoin

The mass adoption of Bitcoin and cryptocurrencies, in general, has led to a substantial increase in transaction costs and processing time. However, there is a solution that allows our players to send BTC with less hassle called SegWit.

Some of you might have heard about SegWit, the soft fork of Bitcoin that was created for the purpose of improving the efficiency of Bitcoin transactions. Through SegWit, 1xBit customers can easily withdraw or send their coins obtained through sports betting or playing in our online casino to other crypto wallet addresses that support this particular format. However, there are some intricacies associated with this process, which, we think you ought to know in order to avoid losing your hard-earned funds.

SegWit stands for Segregated Witness - it’s an upgrade of the Bitcoin protocol that was first introduced in 2015 by Pieter Wuille and the team of Bitcoin developers as a solution to the scalability issue. Improvements in scalability are achieved through the reorganization of block data to the extent that the signature is no longer required when processing and storing the transaction data. As a result, Bitcoin transactions on SegWit are much faster and cheaper.

It’s of utmost importance for those who intend to withdraw BTC from 1xBit via SegWit to remember that withdrawals can only be made to platforms and digital wallets that support this format. Otherwise, funds will be lost forever. Therefore, be very cautious when sending BTC from 1xBit, because not all wallets support all 3 formats listed below:

Bitcoin Legacy address (P2pKH) belongs to the original Bitcoin network, hence the name Legacy. Remember that all addresses there begin with “1”;
SegWit (P2SH) is a cross-functional network that supports all BTC transactions, including those conducted through SegWit. The addresses on this network start with “3”;
Native SegWit (bech32) is the type of BTC address that you need to choose for cheaper and faster transactions. Note that these addresses have “bc1” at the beginning.

Is it possible to transfer BTC from a Legacy address to a SegWit address?

The activation of SegWit on the Bitcoin network occurred as a soft fork, the alteration of the crypto protocol where the new and the old version maintained backward compatibility. It means that you can seamlessly transfer funds from a Legacy address to a SegWit address.

On the blockchain level, there is no real difference between the formats of said addresses. However, in practice, complications might occur when a user attempts to send funds from his Legacy address (1-) that has been generated, for instance, on a cryptocurrency exchange platform to a bc1 address, while the platform itself doesn’t support the new address format. In that case, it would be better to use the P2SH address (3-), which might be less efficient than bc1- but, nevertheless, more advanced than a Legacy address. There should be no complications when sending the funds in another direction: from a bc1 address to a Legacy address.

1xBit supports BTC withdrawals to all address types: 1-, 3-, and bc1. If you want to withdraw coins to a bc1 address, make sure beforehand that the wallet/exchange/platform where you intend to send money, supports BTC transactions from 1-, 3- to bc1 addresses.

Which cryptocurrencies, apart from BTC, that are available for deposits/withdrawals on 1xBit utilize the SegWit protocol update?

Litecoin (LTC), Digibyte (DGB), Quantum (QTUM).

Litecoin (LTC)

The Litecoin network has traditionally used L addresses (P2pKH). It means that the dated addresses began with “L.”

With the incorporation of SegWit, the format of SegWit addresses in the Litecoin network has been rectified. Now, the new format of those addresses implies that they begin with “3” (P2SH).

However, the revamped format of LTC addresses caused an issue since the addresses utilized in the Bitcoin network, which also incorporates SegWit, also starts with “3.” This has led to awkward situations where users have sent LTC to Bitcoin addresses resulting in a permanent loss of funds.

To eliminate this problem, the Litecoin Foundation had to carry out an upgrade which led to the first letter in the Litecoin SegWit addresses being changed to “M.”

If you get an error message while using an exchange platform or a cold wallet, which says that the address that starts with “M” is invalid, you could withdraw the funds to the P2SH address that begins with “3.”

Addresses that begin with “3” are the addresses with “M” in front of them, which is why the balance will be displayed at the same wallet and the same address. Using the “3” address is basically the same as using a pseudonym.

Copy your “M” address where you’d like to withdraw LTC;
Go to https://litecoin-project.github.io/p2sh-convert/, which is a free converter recommended by Trezor for this specific type of transactions;
Send a small amount in LTC to your 3- address, and make sure that the transaction is carried out successfully;
If the trial transaction goes through, you can transfer the rest of the funds.

The ltc1 (bech32) addresses are the designated SegWit addresses of the Bech32 standard.

How to transfer LTC between addresses of different formats?

You can send LTC from L-addresses to M-addresses and vice versa;
You can also send coins from the ltc1 address to either L- or M(-3-) address;
But you should know that a number of wallets/exchanges haven’t incorporated the bech32 standard; therefore, don’t send Litecoin from L-, M- (3-) addresses to an ltc1- address without confirming that the exchange/wallet/platform supports the SegWit upgrade. Otherwise, you risk losing your funds permanently.

The 1xBit platform supports the withdrawal of LTC to address types: L-, M-(3-) and ltc1-. If you intend to withdraw funds to the ltc- address, make sure that the receiving wallet/exchange/platform supports transactions of LTC from L- and M-(3-) addresses to an ltc-address.

Digibyte (DGB)

Legacy (P2pKH): the old address in this network starts with “D.” It’s the original format of the DigiByte address;
SegWit (P2SH): SegWit addresses begin with “S.” The SegWit upgrade provides for lower network fees and expedites the process of transaction signing through cold wallets, and allows for the implementation of layer-2 solutions like Lightning Network.
Native SegWit (bech32): SegWit’s proprietary addresses that begin with “dgb1.” These addresses provide for better protection against typos and make transactions cheaper.

How to send DGB between different address formats?

You can send DGB from D-addresses to S-addresses and vice versa;
You can also send the DGB coins from the dgb1 address to either D- or S- address;
However, keep in mind that a number of wallets/exchanges haven’t incorporated the bech32 standard; therefore, don’t send DGB from D-/S- addresses to a dgb1- address without confirming that the exchange/wallet/platform supports the SegWit upgrade. Otherwise, you risk losing the funds permanently.

The 1xBit platform supports the withdrawal of DGB to address types: D-, S-, and dgb1-. If you intend to withdraw funds to the dgb- address, make sure that the receiving wallet/exchange/platform supports transactions of DGB from D- and S- addresses to a dgb-address.

Quantum (QTUM)

Legacy (P2pKH): the old address begins with “Q.” It’s the outdated format of the QTUM address;
SegWit (P2SH): SegWit addresses in the QTUM network begin with “M.” The SegWit upgrade provides for lower network fees and expedites the process of transaction signing through cold wallets, and allows for the implementation of layer-2 solutions like Lightning Network.
Native SegWit (bech32): SegWit’s native addresses begin with “qc1.” These are SegWit’s proprietary addresses that incorporate security upgrades.

How to send QTUM between different address formats?

You can send QTUM from Q-addresses to M-addresses and vice versa;
You can also send the QTUM from the qc1 address to the Q- or M- address;
However, a number of wallets/exchanges don’t recognize the bech32 standard; therefore, don’t send QTUM from Q-/M- addresses to a qc1- address without confirming that the exchange/wallet/platform supports the SegWit upgrade. Otherwise, you risk losing the funds permanently.

The 1xBit platform supports the withdrawal of QTUM to the following address types: Q-, M-, and qc1-. If you intend to withdraw funds to the qc- address, make sure that the receiving wallet/exchange/platform supports transactions of QTUM from Q- and M- addresses to qc1-addresses.

Conclusion

Can I send other cryptocurrencies besides Bitcoin to a SegWit address?

No, sending assets other than BTC to a SegWit address will result in a loss of funds.

Is it possible to use a Native SegWit address to send BTC, LTC, DGB, QTUM from 1xBit to the Legacy address?

It’s possible to do so since SegWit is backward compatible with older BTC/LTC/DGB/QTUM addresses, though make sure that the wallet you intend to send the coins to supports the Native SegWit (bech32) format and supports transactions from Legacy (P2pKH) / SegWit (P2SH) addresses to SegWit (bech32) addresses.