Bitcoin newest scaling method adding bech32 plus others
If you have not know. Bitcoin has a huge huge problem.
Bitcoin needs to scale. Bitcoin core refuses to increase block size for mutole reason but the big one reason is that big block= less nodes in fact when the 1 mb size was reached it lead to a -6% node.
On reddit https://www.reddit.com/r/Bitcoin/comments/7lm6e3/full_segwit_plus_bech32_is_coming_to_the_official/?st=jbk0pr7i&sh=f58a5427
It is revealed core is putting full segwit gui and bech32 address.
What is bech 32 address and the difference between segwit address. Their kinda like the same thing.
Expect bech32 does not have to use segwit but it can be used with segwit and use less bytes.
"those segwit addresses started with 3 is legacy, adhoc version. The new one started with bc1 is the new one that makes tx fee lowest as it uses less byte.
bech32 uses segwit transactions and uses even less bytes vs segwit 3 ending address"
Are they reverse compatibility aka can i send regular addresses to bech32?
Yes, but as stated on reddit=
Fundamentally they are reverse compatible, but some older wallets might not acknowledge that bech32 format is an actual Bitcoin address because it doesn't pass the traditional checksums. That's why some exchanges don't let you withdraw to bech32 addresses yet. Basically when core releases to main official client it will be ready for all.
But if you can get less fees using bech 32 segwit why use a regular one.
How will our address get converted to bc1 address for trezor wallet or tezor like wallets?
As stated by Bashco, "If you used Trezor before the Segwit upgrade, you might have noticed that after the upgrade you were shown a standard Segwit wallet, as well as a Legacy wallet. Ideally, your Segwit wallet will become a Legacy wallet, and Trezor will show you a new standard Bech32 wallet. In theory you would be able to spend from your legacy wallet, while change and new receiving tx would go to your Bech32 wallet. You won't need a new seed or anything like that, and you won't need to migrate all your funds at once unless you want to".
Basically if you skimmed through this :( =
Bech32 is a better address format that is natively segwit enabled. It's made to be easier to type for humans and easier to identify. It also saves space in blocks by being more compact than currently used segwit addresses. Why not use it? IDK
See guys!!! I told you bitcoin can sale without directly increasing block size :)
If you have not read my other post let me retype other scaling options core supports:
Learn about it here= https://99bitcoins.com/what-is-segwit-segregated-witness/
My explanation on why segwit is a big block increase:
Read more about it here= https://steemit.com/bitcoin/@tipu/the-next-big-thing-in-bitcoin-network-schnorr-signatures
The biggest update; the one to solve all bitcoin problems. Learn more about it here= https://steemit.com/bitcoin/@sames/bitcoin-s-lightning-network-simply-explained
Reduce stress on bitcoin by creating token backed by bitcoins. Learn more about it here= https://golos.io/scaling/@sames/5-ways-bitcoins-could-be-transferred-to-a-sidechain
More to come;some have been only theorized hence why i won't put it on here. But as you see i promise to update on all other scaling updates.
A reddie theory of a core supporter saying this:
"My own tin foil hat theory is that the remaining developers want to see segwit adoption hit majority numbers before another block size increase to keep pressure on segwit/off chain adoption or they fear segwit will never be adopted, because people won't be motivated if fees go low again. And emphasize why on-chain can't continue scaling. To put pressure to look for other ways to scale bitcoin. "
As you see it has been pretty successful for other solutions have been found. It also makes sense for core would want finishing transaction to be cheap.
DId you know that bitcoin pow is somewhat actually green:
Basically since most energy produced is usually lost( due to the fact energy can't be stored efficiently or storing energy costs more than making more energy itself ) bitcoin mining gives another use for this energy preventing it from being wasted and giving it value. It also will force miners to use renewable resource because nonrenewable resource will keep on getting expensive. In fact here are already solar bitcoin farms. Yes not the best but the stats saying bitcoin mining is completely wasteful is not true.
Posted on my steemit blog