DON’T UPVOTE: how does using a SegWit address result in having lower transaction fees?

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Maybe a sincerely dumb question, but how dos having a SegWit address affect your transaction fees? Do you pay a lower sat/byte fee? Are your transactions smaller bit-wise?

I tried searching for the answer to this question without much luck. Could someone give a nice explanation in two or three sentences?

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Kryptous

Crypto Coins News - Ratings - Reviews

1 News - 247 News - 247 Bitcoin - 1 Search

BTC - BCH - ETH - LITE - XRP

Buy Sell Trade Crypto Here

 

Ticker

1 BTC = $46546.11 USD  (via Coinbase)
1 ETH = $1471.92 USD  (via Coinbase)
1 LTC = $172.60 USD  (via Coinbase)
Quotes delayed up to 2 minutes.

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