I so much appreciate the courses that have been going on the cryptocurrency, it have really impact and inspired me at the same time giving more understanding and light about cryptocurrency which was have been given by @gbenga and others.
So in the last lesson I was opportunity to have by professor @gbenga which talk in his last lesson below.
So after the lesson,he gave us an homework task which was
Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why
To my own opinion and choice I preferred the segwit Bitcoin network than the legacy Bitcoin network because of the following reasons according to what I have learnt from the lesson above.
** Firstly,** segwit Bitcoin network is a new age networking which make the transaction on Bitcoin very easy and reliable compere to the legacy network. In these case the transaction on the segwit Bitcoin network is a very fast type in which there is a great availability to make as many transaction as you want but coming to look in to the legacy Bitcoin network it is not as fast as the segwit Bitcoin network. To take for example, formerly when only the legacy Bitcoin network is the only one available for Bitcoin traders the rate of time of their transaction is very slow their by making legacy Bitcoin network a network that is time wasteful. Although the Bitcoin traders have no option or any other means by then that is why the legacy Bitcoin network is use by them then and not willingly or optional but it was compulsory then for them to use. When we have to look into this it can be notice then when the legacy Bitcoin network was in use and there is no segwit Bitcoin network one will have to queue for transaction to take place which is drastically time wasteful and time consuming at same time.
Coming to the view of the transaction fee or charges, it seen and known clearly that segwit Bitcoin network fee or charges are more less than that of the legacy Bitcoin network. The transaction fee pay on each transaction is just too lesser when compere to the legacy Bitcoin network that own a much or larger transaction fee for the transaction. The transaction fee is one of the problem of the Legacy network Bitcoin because what will you have to look critically in to it the purpose of buying or selling Bitcoin is to make a profit and not loss, so if the transaction fee is just to high to be Bear it leads to discouragement which may later end up in quitting as a trader. Even when we have to talk of the new one using the legacy Bitcoin network they will get discourage and this will not bring about new users or traders in the market if Bitcoin as at the time when the legacy Bitcoin network was in use. If we have to compere the number of the traders of Bitcoin today to the numbers of people involved in the trading of Bitcoin formerly is much more numerous than then and this is because the segwit Bitcoin network is more lesser in term of it transaction fee and also even newbie can easily trade in the segwit Bitcoin network than the legacy Bitcoin network.
It's also known from the lesson that segwit Bitcoin network can hold much transactions at a time the legacy Bitcoin network so by this it is clearly known and seen that segwit Bitcoin network that will really help the trader if Bitcoin to carryout more transaction in the the segwit Bitcoin but this can not be done in the legacy Bitcoin network
In conclusion this few reasons make me to make a wise choice of segwit Bitcoin network as my most preferred network rather than the legacy Bitcoin network which causes delay in he transaction and also given SK meany other problem to the users of it .
Best regards
Cc: @steemcurator01
Cc: @steemcurator02
Written by @grace-p
Hello, thank you for participating in this assignment and for being a part of the class. Since this is a school, I will like the help make a little correction.
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