Transfer from trezor one device
Hi guys! I’m not sure if I’m able to do this, but I have a trezor one and there’s like two bitcoin #1 account. The one I usually use is the type of account that says segwit P2SH and not sure if I pay higher fees. Then the other one says the type of account is Bech32 which says uses the modern addresses for smallest transaction fees. So is this better? If it is, is it possible for me to just transfer it since it’s under same trezor one device to avoid paying more transaction fees? TYIA!! I’m still a newbie and still learning more everyday.
Posted Oct 11, 2021, 2:18 AM UTC
115
Always use bech32 starting with bc1, p2sh segwit is just a fallback in case you are dealing with someone that has very obsolete software
Bech32 native segwit (P2WPKH and P2WSH ) (Addresses that start with BC1)
Pros -
native SegWit-Bech32 address to save ~39-58% in fees for same priority vs sending from non segwit address
Better checksum and better error correction and detection - https://github.com/bitcoin/bips/blob/master/bip-0173.mediawiki
less blockweight used thus more tx per block
Either all lowercase or uppercase so easier to read off without making mistakes
Cons-
https://bitcoinops.org/en/compatibility/
This means you can always send btc from a native segwit address to anyone but you might need to have an alternative address to receive Bitcoin from companies or people using obsolete wallets. So you still want to keep all your bitcoins in a native segwit address.
SegWit-P2SH (some addresses that start with 3)
Pros -
SegWit-P2SH address starting with 3 to save ~26-44% in fees for same priority vs sending from non segwit address
Backwards compatible with all wallets
Cons -
Higher fees than native segwit for same priority
larger txs than native segwit so more block congestion
Less ideal address format compared to advantageous of bech32
Legacy P2SH Addresses (some addresses that start with 3, common with multisig addresses)
Pros -
Cons -
26 -58% higher fees than using a segwit transaction for the same priority
larger txs than segwit so more block congestion
Less ideal address format compared to advantageous of bech32
Legacy P2PKH Addresses (addresses that start with 1)
Pros - Like P2SH-segwit addresses compatible with all addresses and most wallets
Cons -
26 -58% higher fees than using a segwit transaction for the same priority
larger txs than segwit so more block congestion
Less ideal address format compared to advantageous of bech32
Wow! These are definitely useful informations. Thank you so much! I’ll start using the bech32 for lower fees.
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