SegWit (short for Segregated Witness) is a protocol upgrade that changes the way data is stored. SegWit comes with many benefits.
Benefits of SegWit
- Significantly cheaper transaction fees.
- Decreased risk in sending transactions.
- Faster signatures.
SegWit on ShapeShift
If you used the ShapeShift Platform before SegWit was released or if you were a user of the KeepKey Chrome App:
- Your KeepKey firmware needs to be updated to v.6.2.0 or higher. If your firmware is below v.6.2.0, you can update it here: https://beta.shapeshift.com/updater-download
- To enable BTC SegWit, you need to go to the "Settings" page in the Platform, click the “Forget” button, and re-Pair your KeepKey to generate your new BTC SegWit address. You only need to do this once. After you have done that, you can get your BTC SegWit receive address with or without your KeepKey connected.
- Your BTC receive address will be a SegWit address only. BTC Legacy addresses start with a 1 and BTC SegWit addresses start with a 3. Going forward, your BTC address in the Platform will start with a 3 instead of a 1. You can still access your BTC Legacy account and address in the KeepKey Chrome App.
- Your BTC account balance will reflect the total amount on your BTC Legacy address and your BTC SegWit address.
- When you spend Bitcoin in the ShapeShift Platform, funds will be spent from the smallest number of UXTOs regardless if the funds are on your BTC Legacy address or BTC SegWit address.
- By default, change from these transactions will go to your BTC SegWit address.
- We recommend moving all your BTC funds to your BTC SegWit address to get the full benefits of SegWit. You can do that by sending all your funds to your new BTC SegWit address in the ShapeShift Platform
NOTE: SegWit is not enabled for all addresses yet.
IMPORTANT: If you have a balance on your BTC Legacy and BTC SegWit addresses, the KeepKey Chrome App will only reflect the balance on your BTC Legacy address since the KeepKey Chrome App doesn’t support SegWit enabled accounts (the Chrome App will not be available soon, so please move over to beta.shapeshift.com). This is also will happen if you Pair your KeepKey with a non-ShapeShift wallet that doesn’t support SegWit.
If you have any questions, please reach out to our Support Team.