Bitcoin Q&A: How does SegWit Bech32 save on fees?

What are SegWig Bech32 addresses? Do transactions using this address type have lower fees? Why do they have lower fees?

This question is from the January monthly patron session, which took place on January 25th, 2020. If you want early-access to talks and a chance to participate in the monthly live Q&As with Andreas, become a Community Builder on Patreon: https://www.patreon.com/aantonop

Related videos:
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Bitcoin Q&A: SegWit adoption - https://youtu.be/KCsTVTRk6I4
Bitcoin Q&A: SegWit, scaling, and consensus - https://youtu.be/Jc7mrR6AAto
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Andreas M. Antonopoulos is a best-selling author, speaker, educator, and highly sought after expert in Bitcoin and open blockchain technologies. Andreas has written two best-selling technical books for programmers, “Mastering Bitcoin” and “Mastering Ethereum”. He has published “The Internet of Money” series of books, which focus on the social, political, and economic importance and implications of these technologies. He is known for making complex subjects easy to understand and highlighting both the positive and negative impacts these technologies can have on our global societies.

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