Top 7 SegWit Wallets Overview – Nano Ledger, Trezor, Electrum and more
SegWit technology has become a step towards faster and simpler Bitcoin transactions. However, since it’s a separate hard fork, not all cryptocurrency wallets support this innovation. If you want to avoid waiting for long BTC transaction confirmation and enjoy lower commissions, you should switch to more efficient SegWit wallets. What are they, and which services deserve your attention? Our reviews of Top-6 SegWit bitcoin wallets are here to help you.
What Is SegWit Wallet?
SegWit (SegregatedWitness) technology was activated on the Bitcoin network on August 24, 2017 as a software fork compatible with previous Bitcoin transactions. SegWit implementation provides a faster increase in capacity and allows for bigger block sizes. SegWit provides users with an instant 80% transaction fee discount. In addition, unlike all other Bitcoin forks, SegWit and Core Wallets can easily exchange data between each other.
Not all wallets support SegWit, though, and finding a suitable option might be challenging. Changelly is here to help you out: check our reviews of the best SegWit wallets.
Note: When you try to restore cryptocurrency on an activated SegWit wallet, the standard seed of a standard wallet will be unavailable. However, you can transfer Bitcoin to a SegWit wallet in the same way as you send it to any other standard wallet. You just need to generate a new SegWit address from your SegWit wallet and send your token from a standard wallet.
Top-7 SegWit Wallets to Use
#1. Nano Ledger
Ledger Wallet is a hardware wallet that allows you to safely store your private key on your device. Keys stored in the protected area of the microcontroller cannot be sent from the device in plain text. On August 24, 2017, the Ledger device activated the SegWit address. Although this does not completely replace the old address, it is recommended to transfer funds in bitcoins to the newly generated SegWit address.
Trezor wallet is like an account book wallet. It is also a hardware wallet. This is the second hardware wallet that quickly implements SegWit on the device. It adds new cryptocurrency support and is still updating the software to ensure better user experience.
The device is a safe and smart bitcoin (also supports other alternative cryptocurrencies) wallet, and the most convenient solution thanks to being small and lightweight.
#3. Samourai Wallet
Samourai is another Bitcoin cryptocurrency wallet that supports SegWit for lower fees and faster transactions. The team also pays special attention to security and confidentiality:the wallet uses AES-256 advanced encryption for storage on mobile devices. It also has secure contact registration, which allows the user to set up 5-8-bit contacts to access the wallet application features. It will never reuse addresses and will not disclose valuable metadata about you or your transactions.
Electrum is a lightweight Bitcoin client that has been around since November 2011. SegWit activation wallet is written in Python and has a short code that is easy to view.
The digital currency package containing your bitcoin is protected by a cryptocurrency that prevents thieves from leaving. The client does not need to download the entire blockchain before using the application, because it requests information from the server. The transaction is signed on the device and no data will be sent without your notification. It makes the Electrum wallet a safe and reliable wallet that has proved its credibility over time.
Important notes regarding the Electrum wallet:
You can use the same wallet address to receive funds, however, Electrum will generate a new address for you each time, as this is the more preferable for maintaining blockchain safety.
Before sending / receiving BTC via Electrum, it would be better to read their documentation or look for videos / articles that explain in more detail what a SegWit wallet is and how it works.
GreenAddress Wallet is an open source project that allows users to send, receive and store bitcoins on the device on which they are installed. SegWit Activation Wallet integrates desktop and mobile devices for a convenient interface.
The goal of the development team is to provide convenience and security for the GreenAddress wallet. The device implements multiple two-factor authentication and anti-malware protection for its users.
Being one of the most popular desktop wallets, Exodus has been around for many years and has gained trust and credibility of thousands of users. It supports 100+ crypto assets and features a user-friendly, feature-packed interface. This SegWit wallet is compatible with Mac, Linux, Windows, and other operating systems. Exodus supports both legacy and SegWit transactions and is being developed by highly active community.
#7. SegWit Paper Bitcoin Wallet
Finally, we have completed our best SegWit Bitcoin wallet list with SegWit Address paper wallet. It contains a printout on paper that contains your public and private bitcoin keys and a QR code that can scan and send bitcoins to your wallet.
Although this wallet is pretty secure, it requires some specific storage rules. In order to keep this type of wallet safe and sound, you can laminate this piece of paper and place it in a safe or a special storage cell. Of course, with the advent of hardware wallets, paper wallets fade into the background. However, this is still one of the ways to store cryptocurrencies.
Now you know there are SegWit wallets available for both PC and mobile platforms, as well as a few physical wallets available. To make the right choice and pick the wallet that suits your needs, think what exactly you will use it for. For long-term Bitcoin storage, you should select hardware or a paper wallet. For regular trading and exchange operations or payments, a mobile/desktop wallet should be just right.
Also, do not forget to pay attention to:
Wallet security. The users’ assets should be properly encrypted and secured. Personality verification also means that the company takes care of data protection and the risk of frauds and hacking.
Reputation. Make sure that the platform has not been hacked several times. In case of negative recalls related to security, skip this option by.
Commissions. As a rule, wallet commissions are pretty low or even non-existent. Anyway, you need to figure it out beforehand to avoid unwanted spending.
Extra features. Aside from SegWit transactions, you might need additional instruments for trading. Online wallets offer more than just storage: many of them have tools for crypto trading.