Using segwit and creating Pay-To-Witness (P2WPKH) addresses

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I'm going through this guide: https://bitcoincore.org/en/segwit_wallet_dev/

I might be understanding this incorrectly, but it sounds like the users and/or wallet custodian (coinbase, blockchain.info, etc) must create P2SH-P2WPKH addresses in order for the witness data to be segregated and save on block space. According to the guide, soon after activation only a limited number of segwit transactions will be on the network.

Does the new release 0.13.1 default to creating P2WPKH addresses or will the users and online wallet providers have to do this manually? Will there be a built-in RPC function for creating these addresses similar to createmultisig ?

m1xolyd1an

Posted 2016-10-27T20:33:27.307

Reputation: 3 356

Answers

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I might be understanding this incorrectly, but it sounds like the users and/or wallet custodian (coinbase, blockchain.info, etc) must create a P2SH-P2WPKH addresses in order for the witness data to be segregated and save on block space.

Correct, you first have to receive money to a SegWit address. Witness space can only be used when spending outputs received on a SegWit address. The bitcoins can be sent to any type of address from a SegWit input, though.

Does the new release 0.13.1 default to creating P2WPKH addresses or will the users and online wallet providers have to do this manually? Will there be a built-in RPC function for creating these addresses similar to createmultisig ?

SegWit transactions created before the activation of SegWit could lead to permanent loss of funds, therefore, 0.13.1 will not create SegWit addresses or transactions by default.

→ Please consider the section Upgrade Safety in Bitcoin Core's SegWit Wallet Developer Guide carefully.

Murch

Posted 2016-10-27T20:33:27.307

Reputation: 41 609

Sorry, I am just realizing how useless this answer is. :p Waiting for a better one, so I can delete mine. ;) – Murch – 2016-10-27T20:45:52.803

1Don't delete! I had no idea about "SegWit transactions created before the activation of SegWit could lead to permanent loss of funds" and I'm sure I'm not the only one. – m1xolyd1an – 2016-10-27T20:46:59.183

1@m1xolyd1an: The transaction script looks like anyone can spend to miners not updated to SegWit. SegWit transactions are only safe to broadcast to the network once it has been activated, as then miners will reject blocks that treat SegWit transactions not as SegWit transactions. – Murch – 2016-10-27T20:48:55.460

Asked: 2016-10-27T20:33:27.307

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