Ethereum: Segwit to legacy address transaction possible?
Separate Ethereum (Segwit) Witness to the inherited address transition: mixed bag Bitcoin Mitters
Ethereum’s transition from the original test consent mechanism to a new station test system, known as Segwit, has triggered a widespread speculation about the possible impact on a wider blockchain ecosystem. The main aspect of this transition is the movement in the processing and verification of transactions: from inherited addresses to Segwit addresses.
Heritage
Heritage and Transactions
For those who are unknown for Ethereum, Bitcoin (BTC) native cryptocurrencies, the inherited addresses are the default address format used on the Ethereum network since it. These addresses consist of 44 -typewous hexadecimal strings followed by “0X”, which makes them equivalent to the traditional addresses of Bitcoin portfolio, such as 1L3r9Z1Q5y7MF6H4IZ8Y5T2HDDP9J1W.
However, at the beginning of 2018, the Ethereum community presented the Segwit-Yaun Layer Reduction Solution for Segwit, which is designed to improve the performance of the network and reduce congestion. Segwit is based on Bitcoin blockchain and allows faster processing time, lower commissions and increased scalability.
Segwit to inheritance Transition Address
If you have a segwit address that you can create using tools such as Etherscan or Coinbase and want to send a BTC to an exchange that supports only inherited addresses, the answer is no. It is not possible to transfer the funds directly from your Segwit address to the stock exchange.
The reason lies in the way in which the native Ethereum, the Bitcoin marker is depicted in its blockchain. When the transaction is sent from one Segwit address to another (ie on the Ethereum network), it uses a unique Hash sequence known as “block the hash”. These blocks are used to identify and check transactions in the blockchain.
Inheritance address against hash blocks
On the contrary, the inherited addresses use 44 -typeword to a fixed hexadecimal string followed by “0x” for each address. However, these strings do not match specific transaction data or lock hash. Instead, they represent a unique sender identifier and the beneficiary.
To send the BTC from Segwit’s address to an exchange that supports only inherited addresses, you need to find a way to obtain an appropriate LegacyLeadger address on the Ethereum network, which can thus be used to send funds. It’s not as easy as it seems and there are several limitations:
- Not all exchange supports BTC capture from external wallets, including those with Segwit addresses.
- Accepting and sending inherited addresses from one portfolio to another may require additional fragments and verification processes.
Conclusion
In conclusion, if you have a segwit address and want to send Bitcoin to an exchange that supports only inherited addresses, the answer is no. It is not possible to directly transfer the funds from your Segwit address to the exchange, taking into account the significant differences between Segwit addresses and a block hash ethereum network.
Although the transition to a continuous segwit, it is important for users to understand the consequences of these changes and plan accordingly. For the time being, Bitcoin senders will have to rely on alternative payment methods or use a third part services that support both the inheritance and the addresses of Segwit.
Tip
If you plan to use portfolios based on Ethereum or transfer funds between accounts using Segwit addresses, consider the following questions:
- Use a reputable wallet service that supports more addresses (Segwit and Legacy).
- Search and check different payment methods and exchanges to find those who support both inheritance and Segwit addresses.
- Be aware of all the additional verification processes needed for BTC for external wallets.