Ethereum: How to generate SegWit address

Generating SegWit Addresses Using the Bitcoin Core CLI

SegWit is an updated version of the Bitcoind protocol that allows for more efficient and secure transactions. One of its key features is the ability to create addresses that can hold multiple units of value and are more resistant to being split into smaller pieces, known as “spins.” In this article, we will explore how to generate SegWit addresses using the Bitcoin Core CLI.

Step 1: Download and Install Bitcoin Core

Before generating SegWit addresses, you need to download and install the latest version of Bitcoin Core. You can do this by downloading the software from the official Bitcoin website.

Step 2: Create a New Wallet

Once installed, create a new wallet using the following command:

bitcoind --wallet-file=

Replace with the path to the newly created wallet file. This will prompt you to set a password for the wallet.

Step 3: Generate SegWit Addresses

To generate a SegWit address, you need to use the command bitcoind --generate-wallet followed by the desired wallet type (e.g. “regen” or “mainnet”). Here are some examples:

• To create a new Regen wallet:

bitcoind --wallet-file= --generate-wallet regen

• To create a new Mainnet wallet:

bitcoind --wallet-file= --generate-wallet mainnet

Step 4: Verify the SegWit Address

Once you have generated a SegWit address, you can verify it by checking its hash and balance. Here’s how:

• To check the hash of the SegWit address:

bitcoind --wallet-file= --genaddr 

Replace with the actual SegWit address you generated.

• To check the balance of the SegWit address:

bitcoind --wallet-file= --listaddressbook 0x

Replace with the actual SegWit address you generated.

Redeeming SegWit Outputs

You can redeem SegWit outputs by linking them to a new wallet or an existing wallet. Here’s how:

• To link a new wallet to a SegWit output:

bitcoind --wallet-file= --addaddress  

Replace with the actual SegWit address you generated and with the file path to your new wallet.

• To link an existing wallet to a SegWit output:

bitcoind --wallet-file= --addaddress  

Replace with the actual SegWit address you generated and with the file path to your existing wallet.

Sending SegWit Outputs

You can send SegWit outputs by linking them to a new wallet or an existing wallet. Here’s how:

• To link a new wallet to a SegWit output:

bitcoind --wallet-file= --addaddress  

Replace with the actual SegWit address you generated and with the file path to your new wallet.

• To link an existing wallet to a SegWit output:

bitcoind --wallet-file= --addaddress  

Replace with the actual SegWit address you generated and with the file path to your existing wallet.

Acceptance by older wallets

SegWit outputs can be accepted by older Bitcoin wallets that do not support SegWit. However, some older wallets may still have limitations or issues with accepting SegWit outputs. In general, it is recommended to use a newer wallet or migrate the SegWit output to an existing wallet.

Conclusion

Generating SegWit addresses using the Bitcoin Core CLI is a simple process that allows you to create more efficient and secure transactions.