Now that Electrum 3 supports Bech32 addresses for segwit, when sending coins to a legacy address are fees higher or cheaper?
How do transaction costs compare between Bech32 addresses and legacy Bitcoin addresses?
- Transfer from Legacy ⟶ SegWit: pay full fee (doesn't benefit from SegWit discount)
- Transfer from SegWit ⟶ Legacy or SegWit: discounted.
Note: SegWit addresses can be Bech32
bc1... or they can be nested in a legacy P2SH
3... address which are backwards-compatible (although less efficient). Many exchanges, wallets support the legacy "nested" form only.
In general spending from a segwit output (i.e. "sending from" a segwit address) will be cheaper than spending a non-segwit output (i.e. "sending from" a non-segwit address). So yes, if you "send from" a bech32 address, it will be cheaper than "sending from" a P2PKH address.
My coins are on mycellium now and I'm assuming I can't send these coins to a bc1 address. How do you suggest I move it into electrum? Do I just do a sweep? Nov 6, 2017 at 16:22
1Import your seed phrase into Electrum and send from there. Or use Electrum to sweep your coins.– Andrew Chow ♦Nov 6, 2017 at 16:23