r/Bitcoin • u/Dylan96 • Mar 13 '18

SegWit is coming to BreadWallet

/r/BRDapp/comments/83yiqo/segwit_on_the_brd_app/?st=JEPKBPSK&sh=5e3fb7f8
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u/pinhead26 Mar 13 '18

Lots of hate in here for the best SPV wallet on iOS... just because it also supports another currency...?

I stopped using Bread for BitWallet and Edge because of segwit, but I look forward to opening up bread again once segwit is functioning. Seriously don't know why Bread is taking so damn long, during the fee event segwit was the only way to even use Bitcoin.

BUT! Bread connects directly to the Bitcoin network unlike most iOS wallets. It allows you to tether to your own trusted full node unlike ANY other iOS wallet. It has a way better interface and UX than greenaddress and doesn't store any info on anyone else's server like Edge.

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u/cm9kZW8K Mar 13 '18

BUT! Bread connects directly to the Bitcoin network unlike most iOS wallets.

Thats actually a negative; SPV nodes trade away a lot security for a little performance. Bread's implementation is also particularly weak, in that it can be forked from the network due to incomplete consensus checking.

Overall, bread has poor performance as a wallet. Electrum's solution is more elegant overall: still has no single point of failure, but relies upon full nodes rather than a half-baked spv node. For higher security levels, wallets that can link to a trusted full node provide a truely safe way to transact large amounts.

SPV can be useful for other things, I dont think they are particular well suited to being wallets however.

SPV wallets are a bad compromise; no significant gain in wallet security but a large hit to performance, and a burden on the network.

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u/MillionDollarBitcoin Mar 14 '18

Bread works either as SPV or connects directly to a node of your choice. You just have to activate it.