Hello Dear Steemian Friends
Hope you will be fine and good with you. Today I want to share with my professor @gbenga Homework week 3 Known as Segwit Bitcoin Network or Legacy Bitcoin Network, Which do you prefer and why?
I Mention Dear Prof.@gbenga For This Bitcoin Lecture.
first of all i start my work today with bitcoin
Today Homework Task :Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?
What Is Bitcoin?
Bitcoin is a digital currency known as a cryptocurrency in januray 2008. It was introduced by Satoshi Nakamoto. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, it is operated by a decentralized authority.
Well, like all computer programs, cryptocurrencies need to be updated and improved. Bugs and glitches are discovered that need to be fixed. This is what’s happening when your laptop asks you to shut down and update.
Bitcoin Types
- Segwit Bitcoin Network
- Legacy Bitcoin Network
What is Segwit Bitcoin Network
The idea for SegWit was first introduced by Pieter Wuille at a Bitcoin conference in 2015. Wuille is a Bitcoin developer and the co-founder of Blockstream, a software company that specializes in digital security for financial services.
Wuille suggested SegWit as a solution to a flaw in the Bitcoin protocol. In software development, solutions to flaws are called patches. The problem he wanted to fix is called transaction malleability. Transaction malleability is a nerdy way of saying that Bitcoin can be stolen from users by changing tiny pieces of transaction information. Don’t worry, I’m going to cover all this in more detail in the next section.
Image By (https://medium.com/the-blockchains-state/bitcoin-2-0-part-2-segwit-f68362576f98)
Features Of Segwit Bitcoin Network
There are a lot of benefits of the Segwit Bitcoin Network
- Segwit Bitcoin Network make free space in the blockchain.
- Segwit Bitcoin Network increases the speed of the blockchain transactions.
- The most important feature of the Segwit Bitcoin Network which i like the most is that it reduces the transaction gas fees.
- Segwit Bitcoin Network also increases the block size of the bitcoin blockchain.
Segwit Benefits
Capacity Increase
Segwit doubled the capacity of the Bitcoin network.
A lot of people are claiming that SegWit did not increase the block size. It’s very easy to see that, yes, SegWit was a block size increase!
2 What is Legacy Network Bitcoin?
Legacy addresses are the original BTC addresses. You can expect all wallets to support sending and receiving to Legacy addresses. However, not every wallet or service has upgraded to support the new SegWit address format and therefore, some wallets can only send to Legacy addresses.
Features Of Legacy Network
- It has a slow transaction speed.
- It also costs high transaction fees.
- It is very old-designed technology.
- it is good bitcoin network.
Segwit vs legacy fees : When using Segwit addresses the network fees are lower because the transaction data included in the blockchain is smaller.
(https://www.pinterest.com/pin/742319951072985906/)
What is the difference between SegWit and Legacy address?
The legacy address is the original BTC address while SegWit is the newer address format with lower fees.
SegWit means Segregated Witness, where Segregated is to separate and Witness is the transaction signatures involved with a specific transaction. In a nutshell, it is an improvement over the current bitcoin blockchain which reduces the size needed to store transactions in a block.
My Suggestion Is
Both the networks have their own benefit and features . But according to my interests i amshare you to prefer Segwit Bitcoin Network.
It is good to use segwit bitcoin network alternavtive as legacy bitcoin network.
Special Mentions and Thank you
@gbenga
@steemitblog
@stemcurator01
@steemcurator02
@booming02