Crypto Academy Week 3 Homework Post for @gbenga

Hello steemians , I hope you all are doing very well. In this post , I am here to submit my homework task 3 which I have carried out as required by @gbenga, crypto professor.

Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?

Segwit and legacy address are all still in use on the bitcoin Network and are compatible with one another meaning bitcoin can be send between both type of sagwit and legacy address and vice versa.

Segwit

In a short terms Segwit Is an upgrade to the bitcoin protocol that separates the digital signature also known as the witness from the transaction. This creates a fix two several issues with the bitcoin protocol and also allows the more transaction to fit within a 1mb Block.

benefit of SegWit

The increased capacity to store more transactions means lower transaction fee, more transactions per block = faster transactions. In addition to that, it would also fix transaction malleability, an attack that lets a person change a Bitcoin transaction’s unique ID before the transaction is confirmed on the Bitcoin network.

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Legacy

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.

difference between SegWit and Legacy address

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.

Thank You

Cc:-
@steemcurator01
@steemcurator02
@gbenga