Steemit Crypto Academy Week 3 Homework Post For [@gbenga]

azamrai (65)mutedin SteemitCryptoAcademy • 3 years ago (edited)

Hello everyone,

Hope well, today the topic is very useful for all of us by @ gbenga. Let's find it in details!

Lagacy and SegWit addresses are the newer addresses format with small fees to use sending and receiving BTC to crypto wallet. All the wallets are supportable for Lagacy as it is original BTC addresses. On the other hand, SegWit addresses are not supportabe for all the wallets or exchanges to receive and send BTC.

Image Source

What is SegWit?

This is an acronym "Seg" is for Segregated which means to separate and "Wit" is for Witness which means transaction signatures that involved with specific transaction. The SegWit means a separate transaction signatures. It is more efficient than previous.
We can say that it is an improvement over the present Bitcoin blockchain because of its small size to store transactions in a block. SegWit addresses start with a1 and bc3.

The Benifits of SegWit.

It charges small fee of transactions due to covering short capacity of storage of transactions in a block.
By using SegWit Network, transactions are
fast as well as added security.
It can also fix transaction malleability. It can reduce the chances of attack because a person can change transaction's unique ID before transaction's confirmation on the Bitcoin Network.
SegWit is backward compatible, anyone can change Lagacy addresss into SegWit adresses.

Image Source

What is Legacy Bitcoin Network?

Legacy is the original addresses of BTC. These addresses have full access of sending and receiving to all the wallets. Not any wallet can receive or send BTC from older wallets or exchanges without Legacy addresses which start with 1 or 3.

Image Source

Benifits of Legacy Network.

These addresses can be used to receive and send BTC to any wallets. Some wallets accept only legacy addresses to send and receive BTC.

Top+5+benefits+Icon2.jpg
Image Source

My preferance:

If we observe all the details given above, then it is clear to understand that to send and receive BTC from any older wallets or exchange, it is better to use Legacy Network for perfect transactions and if fast transaction is required, then it can be used SegWit Network to receive and send BTC securely. SegWit Network charges low fee as it uses low capcity as compare to Legacy Network.