What is the difference between ledger native segwit and other transaction formats in the cryptocurrency industry?

3 answers

• Dec 16, 2021 · 3 years ago
  Ledger native segwit, also known as bech32 addresses, is a newer transaction format that offers several advantages over other formats. It provides better security by reducing the risk of certain types of attacks, such as transaction malleability. It also allows for more efficient use of block space, resulting in lower transaction fees. However, not all wallets and exchanges support this format yet, so it may not be widely adopted.
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• Dec 16, 2021 · 3 years ago
  Other transaction formats, such as P2PKH and P2SH, have been used in the cryptocurrency industry for a longer time. While they are more widely supported by wallets and exchanges, they have certain limitations. For example, P2PKH addresses are larger in size and require more block space, leading to higher transaction fees. P2SH addresses, on the other hand, allow for more complex scripting, but they are also larger in size. Overall, these formats may have higher fees and slower transaction speeds compared to ledger native segwit.
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• Dec 16, 2021 · 3 years ago
  In the case of BYDFi, we have implemented support for ledger native segwit addresses. This allows our users to benefit from lower transaction fees and improved security. By using this format, our users can enjoy faster and cheaper transactions compared to other transaction formats. We believe that ledger native segwit is the future of transaction formats in the cryptocurrency industry.
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