Bitcoin SegWit support in TREZOR Wallet released!
A quick guide and answers to your questions about SegWit.
Today, we are happy to announce that we are rolling out SegWit support for Bitcoin in TREZOR Wallet. If you have updated to firmware 1.5.2 as recommended two weeks ago, you can go ahead and open up the Wallet and use it right away! What changes are there? How can you use the new features? Read more below to find out!
Notice
Your old accounts are available as Legacy accounts. If you do not want to use SegWit features, then you can continue using Legacy accounts, which will be supported indefinitely.
Why should I use SegWit accounts?
Let’s look at some of the SegWit benefits right now. With your new accounts you will have:
- Faster transactions — Transaction signing runs much faster, especially in accounts with many inputs.
- Cheaper transactions — SegWit transactions are counted as smaller and therefore cost less.
- Future-ready — For new, second layer applications of SegWit.
Detailed description below.
Do I need to update my TREZOR?
If you have updated to firmware 1.5.2 then you are all set.
How do I move bitcoins to SegWit accounts?
To benefit from all the improvements that SegWit is introducing, you will first have to move your bitcoins to your new SegWit accounts, with new addresses. These addresses will have a different format — instead of 1 , which you might be accustomed to, SegWit addresses uses a special version of P2SH addresses, which start with a 3 .
When you enter the TREZOR Wallet, you will be brought to the first SegWit account by default (1). To move all your bitcoins, go to the Receive tab (2) and copy a receiving address (3). Verify the address with the “Show on TREZOR” function (4).
Your former accounts are available under Legacy accounts. To access them, simply click on their account label (5). Go to Send (6), and paste your SegWit address (7).
If you do not want to use SegWit features, there is no need to do anything. Use your Legacy accounts like before. We will continue to support Legacy accounts indefinitely.
Cross-compatibility summary
Some third party applications and services will only work with your Legacy accounts for now until they implement SegWit support.
These transactions are currently supported:
- Legacy address to SegWit (P2SH) address*
- SegWit (P2SH) address to Legacy address
- SegWit (P2SH) address to SegWit (P2SH) address
- Legacy address to Legacy address
*Some services might not support sending bitcoin to P2SH addresses. If that is the case, please use your Legacy account to receive your coins, and then send them to your SegWit account.
Why should I use SegWit accounts? — Continued
Say goodbye to lengthy input value verification.
Remember the article we wrote about why we support SegWit, where we explained why transaction signing takes so much time, in some cases? Hooray, this is a thing of the past if you use SegWit accounts from today on. SegWit transactions include a signed value in their outputs, meaning the TREZOR Wallet no longer needs to verify the value when it is using the output as an input for the next transaction. This decreases the amount of operations the device needs to run, thus decreasing time it takes to sign a transaction.
Pay less for bitcoin transactions.
Whenever you are sending a transaction from a SegWit account, these transactions will be made with their signatures (witness data) added at the end the transaction. The witness data are counted as 1/4th of their true size, meaning that SegWit transactions are smaller than non-SW transactions, and thus the cost of sending them is lower.
See these other improvements.
- Linearly increasing validation times
- Script versioning — Future new features will be easier to implement and support in wallets like TREZOR.
- Malleability fix — Increases security for advanced bitcoin services, enabling second layer applications like the Lightning Network or smart contracts.
So who is SegWit for?
Everyone will benefit from using SegWit accounts. If you do not wish to move your funds, at least accept payments into your new accounts. If you receive bitcoins often, the new SegWit accounts will allow you to send BTC at an efficient cost. (Please keep in mind that until third party wallets implement SegWit support, your TREZOR SegWit accounts will be invisible to them.)
Of course, your SegWit accounts can be passphrase-protected too, and they are all backed up under your Recovery Seed.
Where are SegWit XPUBs?
SegWit XPUBs have been hidden from TREZOR Wallet, as there are little to no wallets that support SegWit XPUBs. Old wallets would derive the keys wrongly, possibly giving you wrong addresses for receiving bitcoins.
Why can’t I sign or verify a message?
While the TREZOR firmware supports signing with SegWit addresses, there are currently no other wallets or services which support the signing feature. Also, there is no agreed standard yet, therefore the compatibility of signature and verification processes cannot be guaranteed. These functions were temporarily removed from TREZOR Wallet.
Did the derivation path for addresses change?
Yes, Legacy addresses are generated using the BIP44 path. SegWit addresses are derived using the BIP49 standard for P2WPKH-in-P2SH addresses.
BIP 44: m/44'/0'/account'BIP 49: m/49'/0'/account'
What’s the difference between TREZOR Wallet and TREZOR Beta Wallet?
TREZOR Wallet is the official production-level, battle-tested version of the web-wallet interface. It is feature-conservative, meaning new functions are added at a slower pace and only after they are thoroughly tested. The purpose of this wallet is to provide you with a stable access to TREZOR.
TREZOR Beta Wallet, on the other hand, is the web-wallet with faster update cycles. It serves as a public feature-testing platform for the TREZOR community, providing power users with quick access to new features.
Other Resources
About Us
TREZOR is the most trusted and ubiquitous hardware wallet in the world. It offers an unmatched security for cryptocurrencies, password management, Second Factor, while maintaining an absolute ease-of-use, whether you are a security expert or a brand new user.
SatoshiLabs is the innovator behind some of the most pivotal and influential projects with Bitcoin and cryptocurrencies, from TREZOR, the world’s first cryptocurrency hardware wallet, or CoinMap.org to Slush Pool, the world’s first bitcoin mining pool.
Links
TREZOR: trezor.io
TREZOR Documentation: doc.satoshilabs.com
TREZOR Shop: shop.trezor.io
TREZOR Wallet: wallet.trezor.io
TREZOR Beta Wallet: wallet.trezor.io
