Converting Bitcoin Core Wallet to SegWit

I dug up my old wallet from 2014 and restored it with Bitcoin Core v28.1.0. During the restoration, it mentioned some conversion, but I can't remember the details. Did some test transactions and got a message about using P2WPKH or P2WSH format. Anyone know if I can switch my wallet to SegWit directly in Bitcoin Core? Or do I need to move everything to a different wallet?

So, P2WPKH is for single signatures, while P2WSH is for multisig. They both fall under SegWit, and yeah, single sig is cheaper on fees. You can import your private key into Electrum if you want to switch. Just make sure you’re using the right method for the key type.

Looks like it’s been changed to a "descriptor wallet." This means some new descriptors are in your wallet file. Definitely back up your wallet.dat file. You can check it by running getwalletinfo in the console. If "descriptors" shows true, it’s migrated.

Thanks for the tips, everyone. I checked, and "descriptors": true is set in my wallet info. But I sent some BTC from my Bitcoin Core wallet to Electrum and got a message saying I paid about 40% more in fees. How do I convert my wallet to the new format to avoid this?

You sent from a Legacy address, which is why the fees were higher. The change went back to another Legacy address too. SegWit addresses are way cheaper. Just ensure your future transactions are from SegWit addresses to save on fees.

When I restored my wallet, I was prompted to upgrade to a Descriptor wallet. And now it shows "descriptors": true. Does that mean my wallet is converted? I can’t find anything to migrate. Is it possible there was an issue? I've been using it since the restore.

No worries, your wallet’s already migrated to descriptor format. That’s the new default for Bitcoin Core. If you want new receiving addresses, just pick "Bech32 (SegWit)" in the options before creating one. The fee message you saw was just about using a Legacy input.

If you still have significant funds in that old wallet, consider cold storage for better security. Just a tip.

Yeah, we gotta clarify this for OP. Using Bitcoin isn’t free. There’s always a fee to get your transaction confirmed. And don’t forget, the remaining BTC after fees goes back to your change address.

Looking at my transaction history, I can see why the amounts were split. The from amount was higher than what I sent, but I needed to split things due to old mining payouts. Appreciate everyone’s help on this.

You gotta understand UTXOs when you spend from your wallet. They have to be sufficiently large or multiple ones might get spent to cover your transaction. That’s how Bitcoin works.

If I do this, there will be a fee, right? Just checking. Is there any real advantage of using Bitcoin Core over Electrum or vice-versa?

Depends on what you're after. If you value privacy and control, Bitcoin Core wins. For speed and convenience, Electrum is better. Best setup is connecting Electrum to Bitcoin Core if you want both.

Just remember, if you consolidate UTXOs from Legacy to SegWit, there will be a transaction fee involved.

Before making any moves, check if you have any UTXOs linked to your old keystore. You can see this in the GUI under the "Inputs" button.

Don’t be confused by the jargon. When you see "From", think of it like cash you give the cashier. "To" is who you’re paying, and the change you get back is also a "To".

Just a heads up, you can’t connect Electrum directly to Bitcoin Core. If you want privacy with your Electrum addresses, you'll need to run your own Electrum server connected to Bitcoin Core. But remember, that requires a full node setup.