Hello Steemians .....
In this Post, I am here to present myhomework task-3 which is given by Professor @gbenga.
So, Let's begain
INTRODUCTION:
This has been another great week for all of us here in Crypto Steemit Academy and I thank all the Professors and the Steemit Team for doing such a great project. Now that we're already in the 3rd week, I am getting excited to participate and get some information and knowledge from all the topics being shared.
This article will be my Homework task for @gbenga's lesson entitled "All You Need to Know About Bitcoin Network" which ask about:
• SegWit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?
• Before I share what I definitely prefer between SegWit Bitcoin Network and Legacy Bitcoin Network, let us give them first a short description for better understanding.
Short Description Of SegWit Bitcoin Network & Legacy Bitcoin Network:
SegWit Bitcoin Network
Segwit basically means Segregated Witness, it is the term being used to the soft fork changed implemented in the Bitcoin's Transaction. This is the new form of Bitcoin in which the block size limit on a blockchain is increased by removing signature data from bitcoin transactions. This will allow the Bitcoin Blockchain to process more transactions than the older version of it.
In other words, this soft fork implented in Bitcoin is the biggest solution to what had happended from the older version of Bitcoin which change the speed and capacity that can cater a block size from 1 Megabyte to 4 Megabyte to make it more faster. SegWit Bitcoin Network will also make the blockchain lighter which means it will be more cheaper as the higher speed of transactions can also be less in transaction fees.
Legacy Bitcoin Network
The most common type of of Bitcoin is this Legacy Bitcoin Network as it is the original network that all exchanges and wallets supports all transactions like sending and receiving from other type of Bitcoin Network. In any cases where you have transactions from Segwit type to Legacy type, your transactions will also be successful.
Knowing that Legacy Bitcoin Network is the original network, it has many things to improve just like it's speed in transactions which leads to it's soft fork of SegWit Bitcoin Network.
What do I prefer to use, Segwit Bitcoin Network or Legacy Bitcoin Network?
If I ask, what do I prefer to use between the two Bitcoin Network, it depends upon the situation. This two type of Bitcoin Network has different advantage and disadvantage. If we are looking for bitcoin network which is the fastest we can choose SegWit Bitcoin Network as it was developed to address the problem with the original Bitcoin Network but it does not support all exchanges and wallet unlike the Legacy Bitcoin Network though it is not the fastest type of bitcoin network, it supports all transactions from another type of butcoin network, so less risk if we get mistakes in our transactions.
In most cases, whatever we choose to be knowledgeable of what you have chosen, after all, you are the one who could handle your transactions with the type of bitcoin network you choose.
Thank you
@steemitblog
@steemcurator01
@gbenga