|

Wallets

Best Bitcoin SegWit Wallets in 2024

Author

John Asher

Tags

Tags 2024 / Evergreen

Reading time

4 mins
Last update

Author

John Asher

Tags

2024 / Evergreen

Category

Wallets

Reading time

4 mins
Last update

Author

John Asher

Tags

2024, Evergreen

Reading time

4 mins
Last update


Best Bitcoin SegWit Wallets in 2024

Join our growing community


Key Takeaways 

  • SegWit is a significant upgrade to the Bitcoin network that enhances transaction speed, reduces fees, and improves security.
  • Wallets that support SegWit addresses, such as Electrum, Trezor, and Ledger, offer users a more optimized Bitcoin experience.
  • Understanding the differences between wallet types (hardware, software, paper) is essential for making informed decisions about securing your Bitcoin holdings. 

SegWit, or Segregated Witness, was activated on the Bitcoin network in August 2017 as a soft fork upgrade. Designed to enhance network capacity and address transaction changeability, SegWit initially faced slow adoption by wallets and exchanges.

Despite this, SegWit has successfully increased block capacity and reduced transaction fees. It’s important to note that SegWit addresses differ from standard Bitcoin addresses, requiring users to generate new addresses when migrating their funds.

While SegWit has brought improvements to the Bitcoin network, it’s essential to understand these changes to ensure seamless management of your Bitcoin holdings.

What Is SegWit (Segregated Witness)?

SegWit, or Segregated Witness, is a Bitcoin network upgrade designed to enhance transaction efficiency and security. By separating transaction data (the “witness”) from the main block, SegWit frees up valuable block space. This results in lower transaction fees and faster confirmation times.

While SegWit was initially met with slow adoption, it has become an essential component of the Bitcoin ecosystem, enabling the network to handle more transactions. 

The Best Bitcoin SegWit Wallets

Bitpowr

AD 4nXcVDjlF1Y2ANhtOToA6hzFRcmb3xIXMiBhrnc64FLLWmpKb2G mpwoP3Iru0Ykce MHw8zgHllXKjffzhK0wFrciG5XCw2gV9UUsJDr0Xulb1QW8LJdPkvwFc AN43aKLZFoPHm0ylf0vzbIPdaUaG4UdpV?key=8QMaHow31HXzzs HVYqdlg

Bitpowr, a cloud-based platform specializing in multi-party computation (MPC) wallet infrastructure, now supports Bitcoin SegWit addresses. This allows financial institutions utilizing Bitpowr to benefit from lower transaction fees and improved network efficiency associated with SegWit. By offering secure asset custody, cost-effective transactions, and efficient treasury management, Bitpowr empowers businesses to manage their digital assets effectively across multiple blockchains.

Atomic Wallet

AD 4nXcFzc2KaCq4ywDfco1VslLS2J cPnKeuCfCL44amREw5pYdZ6WhXVsvGeKkj 8cwigDQ4vUL1mlKAPDO4vMXw1JiVJnAjdvYzzpC9kZUodbyLTU 5Qu dX79gh2oyFmnPs1XtOUk2B4FBxml8flJBepgJ4?key=8QMaHow31HXzzs HVYqdlg

Atomic Wallet supports sending Bitcoin to both SegWit and legacy addresses. While the wallet generates legacy addresses by default for broader compatibility, users can send funds to SegWit addresses (nested and native formats). This flexibility ensures users can interact with various Bitcoin services and potentially benefit from lower transaction fees associated with SegWit.

Electrum

AD 4nXe9zaDjFY yabgW0J2OvANBmADQpj nhf qqwRjtgjjtXw3XwSDDnJZzgIfIKpvrFiA LOE7TQeC mPCdeRMEeRs6zIv6aFlsdlrrsOC4YBI94iFYOuQhRoFIbYp8rinc48THcLAKs516Pwe9x2qtQi c?key=8QMaHow31HXzzs HVYqdlg

Electrum is a popular Bitcoin wallet renowned for its speed, security, and user-friendly interface. As a non-custodial wallet, it places control firmly in the user’s hands. Electrum’s support for SegWit and the Lightning Network offers users access to advanced Bitcoin features, such as faster transaction speeds and lower fees.

With its compatibility across various operating systems and a focus on user security through features like encrypted private keys and two-factor authentication, Electrum has become a preferred choice for many Bitcoin users.

Trezor

AD 4nXdpR14mvxC2ZYYk0Bo xi zjesR9OSIhywX6St8XDmRLJY1wB7mMjvxfa0PXvRXzMEjQAtaboya1pyfWKS5bN8j CSE 1tazAmip o SfMLLCzWzZo6FTuYaZdC7 WRQXLAfP88nC5CJUi25w8b1qkEewoG?key=8QMaHow31HXzzs HVYqdlg

Trezor supports SegWit, enabling users to benefit from faster and cheaper Bitcoin transactions. By default, Trezor generates SegWit addresses (bech32) for optimal performance. However, it also offers compatibility with older address formats (legacy and SegWit P2SH) to ensure seamless interaction with various services.

This flexibility, combined with Trezor’s strong security features, makes it a reliable choice for securing Bitcoin holdings.

Ledger

AD 4nXdu42Id9JZxJ6J193lTUQYFGlSKJXFTynaGhGnbv7mbn3a wm0Fk5bwmTMjg16XX5nTdAcghEtUv05BcSBQx3iOryTchBHMgsvgiTvJNV zqUaJMsMbU5uRUuWTQHZJC1OtCdc06WjK0s6g4KiWAwBSG 3v?key=8QMaHow31HXzzs HVYqdlg

Ledger wallets fully support SegWit addresses, the default address format generated by Ledger Live. These addresses, beginning with “bc1”, offer reduced transaction fees and enhanced security compared to older address types.

Ledger Live also accommodates legacy addresses and supports the newer Taproot standard for maximum compatibility and security. This approach ensures users can seamlessly interact with the Bitcoin network while benefiting from the latest advancements in address technology.

SegWit Paper Wallet

AD 4nXcKzLFjrtXUoyzyc r Wdw9KZ wa9lk6PC66x7lkHOBnWXEFnk35linlBXTHRnTj4wCfaZvzs pDV BgFP RGqAveCCiRu9ZuvMG3HG79kshj0Qv8W92yovGAOn3NRkBGre5RXpCvl1E5E0FP1SZYli1ou?key=8QMaHow31HXzzs HVYqdlg

A SegWit paper wallet is a physical document containing your Bitcoin public and private keys in QR code format. While offering maximum security by storing private keys offline, paper wallets are less practical than hardware wallets. The risk of damage, loss, or compromise, coupled with the inconvenience of manual transactions, makes them a less popular choice for most users.

Final Thoughts

SegWit has been an essential upgrade for the Bitcoin network, enhancing transaction efficiency and security. To fully reap its benefits, users must select wallets that support SegWit addresses. While software wallets offer convenience, hardware wallets provide an added layer of security.  

As the cryptocurrency landscape constantly evolves, it’s essential to prioritize security when managing Bitcoin. Regularly backing up your wallet, using strong passwords, and staying informed about the latest threats are important to protecting your digital assets.  

By carefully considering wallet options and implementing security measures, users can confidently navigate the Bitcoin ecosystem and optimize their experience. 

Check out these related articles.