What is the difference between native SegWit and other SegWit implementations on Coinbase?

3 answers

• Anirudh ShettyNov 25, 2021 · 4 years ago
  Native SegWit, also known as bech32 addresses, is a newer type of SegWit address format that offers lower transaction fees and improved scalability. It starts with 'bc1' and is more efficient in terms of block space usage. Other SegWit implementations on Coinbase, such as P2SH-SegWit addresses, begin with '3' and are less space-efficient. However, both types of SegWit addresses provide the benefits of faster transaction confirmations and increased network capacity compared to legacy Bitcoin addresses. In summary, native SegWit is the preferred option due to its lower fees and better scalability, but Coinbase supports both types of SegWit addresses to accommodate users with different preferences.
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• Teodor IgnatNov 01, 2022 · 4 years ago
  The difference between native SegWit and other SegWit implementations on Coinbase lies in the address format and block space usage. Native SegWit addresses start with 'bc1' and offer better efficiency, while other SegWit implementations, like P2SH-SegWit addresses, start with '3' and are less space-efficient. However, both types of SegWit addresses provide the advantages of faster transactions and increased network capacity compared to legacy addresses. Coinbase supports both types to cater to the needs of its users.
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• Kaplan BarberMay 27, 2024 · 2 years ago
  Native SegWit, also known as bech32 addresses, is the latest and most advanced SegWit implementation on Coinbase. It offers lower transaction fees and better scalability compared to other SegWit implementations, such as P2SH-SegWit addresses. Native SegWit addresses start with 'bc1' and are more space-efficient, resulting in reduced block space usage. Coinbase recognizes the importance of native SegWit and supports it to provide users with a more cost-effective and efficient Bitcoin transaction experience.
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