A brief guide to your new accounts.
This guide for TREZOR Wallet is coin-agnostic, meaning it applies to all Bitcoin-like cryptocurrencies, which are supported in the Wallet and have implemented Segregated Witness (SegWit). Currently, these are: Bitcoin and Litecoin.
TREZOR Wallet will support both standard and legacy accounts indefinitely.
What is a standard account?
A standard account is the default account in your Wallet, benefiting from all SegWit-related features. As such, they use a new address format (P2SH), to differentiate themselves from legacy accounts and their addresses.
If you decide to use standard accounts, you can expect these positive changes:
- Faster signing process for larger transactions
- Cheaper transactions
- More information available here.
Bitcoin’s standard accounts have addresses that start with
3.
Litecoin’s standard accounts have addresses that start withMor3.
What is a “Legacy account”?
Legacy accounts are your old accounts from before SegWit activated. Your coins, as well as the entire account history, can be found in your legacy accounts.
The legacy accounts are fully functional, albeit they cannot benefit from SegWit-related features, available only in the standard accounts.
Bitcoin’s legacy addresses start with
1.
Litecoin’s legacy addresses start withL.
Some third party applications will only work with your legacy accounts for now until they implement SegWit support.
XPUBs for Standard and Legacy accounts
The new formats are as follows:
xpub: Bitcoin, Legacyypub: Bitcoin, Standard (SegWit-enabled)ltub: Litecoin, Legacymtub: Litecoin, Standard (SegWit-enabled)
What is Segregated Witness (SegWit)?
Do I need to use SegWit?
No. You can continue using legacy accounts in TREZOR Wallet. You will still be able to send coins to both SegWit (P2SH) and non-SegWit addresses.
If you want to fully benefit from SegWit, you will have to move your coins into a new, SegWit-ready account, by simply sending them to a new address in your new accounts. We cannot move your coins for you, as you control them.
So what do I have to do if I want to benefit from SegWit?
- Update your firmware to the latest version (1.5.2 and later).
- Go to TREZOR Wallet.
- Select your desired currency. Currently available in Litecoin and Bitcoin.
- Go to your (new) account, choose Receive, and copy an address.
- Go to your legacy account, choose Send, and paste the address.
- Send the transaction to move your coins into the new account.
- Repeat as necessary.
- Use your new accounts.
Won’t this harm my privacy?
TREZOR handles privacy on a per-account basis. As long as you do not send transactions from different legacy accounts into one new account, your level of privacy will be preserved.
TREZOR is the most trusted and ubiquitous hardware wallet in the world. It offers an unmatched security for cryptocurrencies, password management, Second Factor, while maintaining an absolute ease-of-use, whether you are a security expert or a brand new user.
SatoshiLabs is the innovator behind some of the most pivotal and influential projects with Bitcoin and cryptocurrencies, from TREZOR, the world’s first cryptocurrency hardware wallet, or CoinMap.org to Slush Pool, the world’s first bitcoin mining pool.
TREZOR: trezor.io
TREZOR Documentation: doc.satoshilabs.com
TREZOR Shop: shop.trezor.io
TREZOR Wallet: wallet.trezor.io
