What is Segwit? Segregated Witness Explained Simply
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- Опубліковано 11 чер 2024
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Segwit is an upgrade to the Bitcoin protocol that separates the digital signature (also known as “the witness”) form the transaction. This creates a fix to several issues with the Bitcoin protocol and also allows for more transactions to fit within a 1mb block.
That’s Segwit in a nutshell. If you want a more detailed explanation watch the complete video, here’s what I’ll cover:
0:46 - What is Segwit?
1:06 - Bitcoin transactions in a nutshell
1:36 - Bitcoin's scalability issue
1:52 - Bitcoin's malleability issue
3:29 - Malleability exploit example
4:24 - How Segwit works
4:54 - Legacy tx vs. Segwit tx
5:25 - Segwit advantages
5:57 - Soft fork vs. Hard fork
7:08 - Block weight explained
8:56 - Legacy vs. Segwit continued
9:12 - Segwit support
9:39 - Conclusion
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One correction to the video: Visa process on average 1700 transactions per second. It can however process a lot more than that of needed, around 50000.
I see them in every trading video!
UA-cam must do something to detect and ban them, and new people should be aware of those scams and frauds
Where can I find the SEGWIT ADDRESS AND PUBLIC KEY FOR THE SEGWIT ADDRESS?
The best all-around Bitcoin series on UA-cam by far.
except it doesn’t explain Bitcoin it explains how Bitcoin became an altered version
The best segwit explanation I've ever seen. Thanks for your contribution to our crypto world.
@@jessicawiley9592 SCAMMER! Go get a life.
{best: segwit video i have ever seen}
Any video that doesn't point out that SegWit is NOT part of the Bitcoin system, is a propaganda video.
You should read and study the Bitcoin white paper, its in the second sentence of the Bitcoin white paper, literally, evidence that SegWit is nothing but HACK of Bitcoin system because it destroys the chain of digital signatures rule of the Bitcoin system. That's all you needed to read to see that BTC SegWit is NOT Bitcoin.
this is THE BEST explanation of Segwit I found on the whole internet.
Thanks for the vid! Currently watching Mit Mas S62 course, and this playlist is great addition to these lectures.
Bad Bob
Totally exceptional videos. One of the best out there imho
fantastic explanation, thank you Nate.
Great videos!! Love the out takes :)
Perfectly explained!!
This dude a legend
Very clear explanation! The level of technical detail i was looking for. I would have liked if youn addressed security risk, if any, using Segwit. And native segwit, i noticed this is an older video.
Had an interest in using Komodo wallet to see if I can get FTC to work. It has ftc and ftc-segwit. This video explains perfectly what segwit is, thank you for the clear explanation.
Wohow we finally got to the advanced stuff
Fantastic video.👍
This channel>>>>
Thank you!
Great explanation!❤ 10:30
Glad you liked it!
Thanks a lot!
Hey there, one information I can't find anywhere: can you send from a Legacy address to a Segwit address and vice-versa? I'm not concerned with higher/lower fees, I'm specifically trying to find out if my bitcoin will be lost if I try sending from Legacy to Segwit and vice-versa, or if these two types of address can communicate with each other. Thanks for the great video!
Great explanation, thanks! one question though.. on 06:38 diagram > do the Legacy nodes with 1MB base transaction block (input/output) no longer include the Digital Signature?
For the segwit transactions, yes.
@@plasticman2011 does that means the hash which has been writen on a legacy node will be only input and output ?
great video, thank you so much! So I don't think I heard you mention the coinbase wallet as being segwit compatible - is that correct?
Coinbase started supporting SegWit in February of 2018 so you shouldn't have any problems there.
old nodes are not segwit compatible either they are forced to accept new rules.
Something that is not Bitcoin!
Bitcoin does not have fwd compatibility, nor does it have Segwit. Segwit sole reason to exist is offchain channels for Blockstream’s business model (see their website)
LN doesn’t scale, nor was it needed, they thought they could simply hijack the protocol. Fraud and at best distasteful
Nate, I seriously, seriously need an episode on staking, and I know I can only trust you and your team to properly explain it.
Hey, thanks for the feedback, we will definitely consider this
I love the way he pronounced the : Bad Bob😂😂😂
You say the Bitcoin protocol limits block size to 1mb. Can you source that? I'm having trouble finding it
Thanks alot
Is there a possibility of implementing the ability to "increase block size, depending on the usage" as standard of block chain network? I mean creating hard-fork once, instead of every single time?
Yeah, that's possible, and some coins do have such a mechanism. I believe Monero has an adaptive block size, for example, which shifts depending on how full blocks are. I doubt that such a mechanism will be implemented into Bitcoin given that it would require a hard fork to do so.
@99Bitcoins and what is current transaction/second capability under segwit protocol? great video!!!
Well considering that segwit has enabled the bitcoin lightning network, over 1,000,000 TPS is now possible.
what if my brothers not having his haircut? Should I move his stuff on to the lower peg or is he going to do that himself?
I don't get signature alteration explanation, signature can't be simply altered. It require private key to produce one. Can someone explain example given in the video?
Is there only one type of Bitcoin to purchase aside from Bitcoin cash of course. My wallet asked me if I had Bitcoin segwit or if I had Bitcoin.... it confused me
bro,i have a wallet that supports both segwit and legacy i can receive and send to both..i`m using tangem wallet
Please correct the last fact. Legacy address start with 1. Other scripts (like multisig or segwit wrapped in a P2SH) start with a 3. Native segwit address start with bc1.
Eduardo Cavero thanks for the correction.
@@99Bitcoins No problem. Keep up the good work!
So I created two bitcoin accounts using ledger live, "segwit" and "native segwit". I haven't transfered btc yet as I don't know which address to use. I prefer just one address if that's possible. I'm concerned that if I send it to native segwit that I would lose my bitcoin coz it should have been sent to segwit address instead and vice versa.
@@Liz-ye2ld I have the same concern. Did you ever find out the answer to this? Can you send from Legacy to Segwit and vice-versa?
I don't know what is happening to my transaction I don't receive transaction anymore
Should move to segwit from legacy account ？
If the signature data is not in the 1mb block, how can an old node validate it?
For anyone who wants the answer: the address looks like it doesn't need a signature to be spent to the old nodes. But since there are enough new nodes on the network, an actual attempt to spend without a signature would be rejected by majority of nodes so it never settles or gets confirmed.
@@dipunm does that mean if more nodes are legacy nodes, then coins from segwit addresses can be spend without providing a valid signature?
Is segwit compatible with exodus wallet
Where can I find the SEGWIT ADDRESS AND PUBLIC KEY FOR THE SEGWIT ADDRESS?
Hey!
Thank you for your question. Most wallets have the option to enable Segwit. The Legacy (or non-segwit) address usually starts with 1, while Segwit addresses start with number 3.
Should I enable segwit? Why isn't segwit the default?
Nate, I kinda grasped some of your info but, I feel smaller bits of info in a smaller video would be easier for me at least.
Just pause the video every 2 minutes. It has the same effect:)
It's a little tricky to grasp 1st time around. Watch the video a couple of times. You'll get there.
What happened is the person do not receive
Okay now I'm kinda overwhelmed and nervous about btc again. Super confusing
How can I get segwit
I still don't understand the difference between segwit and just increasing the block size, apart from it being only a soft fork. I mean, the whole point of keeping blocks to 1MB was to prevent them from getting too big and losing decentralisation. Segwit essentially increases the block size, thus hurting decentralisation. So maybe it's just a soft fork, but it defeats the purpose of keeping the blocks 1MB in size.
Also, how can segwit be compatible with legacy standard? Obviously, they had to create a new blockchain. Does this mean that these blockchains are identical in terms of the base blocks? So that when new block is added to segwit blockchain, it's also added to original blockchain and vice versa? And if so, how is segwit base block "valid" on original blockchain without the signature? That is the only thing saying that I have the right to send the coins.
Please someone answer :)
Basically its impossible to scale the base layer without increasing block size. Which is why satoshi always intended to increase the block size. "The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don't generate." - Satoshi Nakamoto. It's obvious he would support big blocks because without them bitcoin wont scale so its not very good money on 5 TPS.
@@cormactaylor9539 I'd like to say that I learned a lot more since and now I understand the difference between just increasing the block size and segwit. To anyone reading, the witness data is not stored in the block chain, it's only validated when the tx sent and the block is mined and then thrown away (although the hash of it stays). This is important :)
Also, where did you find that quote by Nakamoto? Because it doesn't seem right.
@@slavkosster bitcoin talk. Its from the horses mouth. So was satoshi wrong?
@@cormactaylor9539 again, can you please link to the source of said quote?
@@slavkosster obviously this quote is ignored and hidden by the big block cult because it doesn't fit their agenda
Please what is the meaning of ( segregated input transaction on blockchain)
Hi @Geonard,
A "segregated input transaction on blockchain" refers to a specific type of transaction structure within a blockchain network, most commonly associated with the Bitcoin blockchain. It aims to address two key challenges:
1. Transaction malleability: This refers to the ability to alter certain non-essential parts of a Bitcoin transaction without invalidating it. This could lead to issues like double-spending or transaction ID changes, potentially impacting network security and stability.
2. Block size limitations: Bitcoin has a fixed block size limit of 1 MB, restricting the number of transactions that can be processed each block. This creates scalability issues, leading to slower transaction confirmation times and higher fees.
The SegWit solution:
SegWit addresses these challenges by "segregating" the witness data, which includes the transaction signatures, from the main input data. This separation allows the following benefits:
Increased block capacity: By removing witness data from the main input, SegWit effectively increases the available space within a block, allowing more transactions to be included. This can significantly improve transaction throughput and reduce confirmation times.
Enhanced transaction security: By isolating the witness data, SegWit prevents unintentional transaction malleability. This ensures that the transaction ID remains consistent, mitigating potential security risks associated with malleability.
Lower transaction fees: With increased block capacity, the demand for space within blocks decreases, leading to lower transaction fees. This makes the network more efficient and accessible for users.
Not all blockchains utilize SegWit: While popular in Bitcoin, SegWit adoption varies across different blockchains. Some networks have implemented similar solutions, while others employ entirely different approaches to address scalability and security challenges.
I hope this helps!
CAn you go over some companies on the stock market that have cryptocurrencies?
Well, there aren't any publically listed companies with functional cryptos that I'm aware of. Facebook wants to launch Libra, Overstock has Tzero but that hasn't met with full regulatory approval for its intended purpose yet (as far as I know) and I'm not aware of any others. I know Telegram intends to launch a crypto and I know Kik already has, but I'm not sure if either of those are listed. You could always search them and see if they are.
Superrrr! €€
he said that segwit addresses start with a three. But mine starts with bc1q... Did something change?
bc1q is a taproot upgraded address
How can non segwit computers can verify the validity of the transaction if it doens't have the signature ?
They appear as valid "anyone can spend" transactions, but since the rest of the network including all the miners are enforcing segwit, they aren't actually going to be able to be spent by anyone.
If my Bitcoin wallet is destroyed and I re-establish the wallet by using the seed words, that means that "somebody out there" (in the manufacturer I assume) has had my seed words the whole time. Right? Does that not mean that I am already trusting somebody to not steal my Bitcoins? If they can restore my wallet with the seed words, that seems to mean that the wallet is not secure. WHERE AM I WRONG?
No. That is not right. But good question. The seed phrase is used in a deterministic cryptographic process to produce the private key, public key, and addresses. By re-establishing the wallet, the wallet is simply executing that deterministic cryptographic process. It is not downloading anything the wallet stored on their servers. In fact, you can actually do this completely offline from the internet.
Think of it this way, your seed phrase is just the input into an enormously complex math problem. That math problem is executed the same way every time. As long as you provide the same input, the outputs will always be the same.
Big misconception; SegWit is not mandatory for Lightning Network but highly recommend!!
Lightning Network = overly complex prepaid credit. By design, it doesnt even require the bitcoin network.
@@trappedcat3615 Lightning network absolutely requires the bitcoin network to open and close the payment channels. By design, the lightning network requires the bitcoin network.
@@SAL-fs1mr the channels can stay open without the bitcoin network. Just like prepaid credit (ex. a bitpay card) can stay open and hold the funds, lightning channels can function without the bitcoin network and that's by design. the bitcoin network is only required to pull back or transfer funds to the network. That's equivelent to cancelling bitcoin sent to a prepaid card or putting the funds back into bitcoin.
...There is a difference, however. As someone else put it "Lightning is basically a *trustless* prepaid debit card."
Oh Bob! Are there any examples of "Bob" scams happening in the real word?
The infamous MtGox collapse was reportedly "hacked" using Bob's method.
I was starting to think that segwit Bitcoin were better so should cost more than the legacy ones.
But I think I was wrong
First comment :)
God take contoroll
Kto iz 2019 dekabr?
I keep reading a lot about Bitcoin wallets using all of a person's mobile data in a very short of time...
Which wallets? that wouldn't make much sense, the amount of data being sent back and forth is in kbs. I mean one tx is literally a couple hundred bytes. Maybe if their phone got hacked to mine for someone else?
you mention this is backwards compatibility this is a lie as well, it is forward compatibility and the fact that old nodes don’t verify segwit transaction is an attack on Bitcoin.....
It also ironically goes against the idea of don’t trust verify, but we won’t expect Bitcoin99 to say this......
Bitcoin problems require Bitcoin solutions
@@jessicawiley9592 I'm pretty sure no
@@jessicawiley9592 Poland
Segwit broken Bitcoin completely and lightening network doesn't work
anyone here after that thing
Like # 570
Too bad they didn’t go with big blocks
Dear 99Bitcoins - If you are not going to answer people's questions in the comments, don't end your video by telling people to ask any questions they have in the comments! (I don't expect an answer to this comment, but I look forward to Jessica Wiley asking if she knows me from somewhere.)
I'm Baffled why Segwit isn't still widely adopted! Its been 3 Years!
I'm baffled why Bitcoin is still dominant when it's really slow, especially to get 6 confirmations, and the network fees are expensive as hell now (I paid around $8 CAD the other day). You can get 4 Litecoin confirmations in the time it takes to get 1 BTC confirmation. And Ethereum is even faster than that, while paying $0.10 for a transaction, and it's moving to Proof-of-Stake. Yes please!
@@uniquechannelnames the amount of security in 4 litecoin confirmations is drastically inferior to just 1 bitcoin confirmation. Bitcoin is dominant and will continue to dominate because it is the blockchain that is most optimized for security and decentralization (if speedy and low cost bitcoin transactions are wanted, there is the bitcoin lightning network). The centralization risk of proof of stake is much worse than proof of work.
(6
Changing the transaction is called money laundering
i dont think lighting network and the proof of stake will work, sewgit appears to be the best logical solution
Segwit is a requirement for lightning, and the bitcoin lightning network seems to be working pretty great so far.
Doesn’t segwit break the chain of signatures, no longer making it bitcoin?
@@utubedude2842 even with segwit, there is still a chain of signatures. Just go to any bitcoin blockchain explorer and you'll see each segwit transaction having a valid signature.
Plain English my butt!
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God take contoroll