Hello everyone, hope you are all doing great. I welcome you all to my third homework task provided by @gbenga. Thanks to @steemitblog for this awesome initiative.

A bitcoin network is a peer-to-peer network that is managed via a cryptographic protocol. Users use Bitcoin cryptocurrency wallet software and exchange bitcoins through digitally-enabled messaging. Transactions are recorded in an appropriated, duplicated public information base known as a blockchain, and agreement is reached on a Proof of Work convention called mining. Bitcoin network requires a minimal structure for sharing transactions. An especially decentralized network of volunteers is sufficient. Messages are sent based on greatest exertion. Hubs can be separated from the organization freely, or reconnected. In the wake of reconnecting, one hub confirms and downloads new squares from different hubs to finish the neighborhood duplicate of the blockchain.

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"Legacy (P2PKH) Bitcoin Address"

If your bitcoin address begins with a 1, you're utilizing a P2PKH or Legacy address, for instance, 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2. This was Bitcoin's unique location organization it actually works reliably right up 'til the present time. P2PKH, unexpectedly, represents Pay-to-Pubkey Hash i.e pay to a hash of the beneficiary's public key. Heritage addresses are not segwit viable, yet you can in any case send BTC from a P2PKH address to a segwit address with no issues. The normal charge when sending from a P2PKH address is probably going to be higher than when sending from a segwit address, nonetheless, in light of the fact that legacy address exchanges are bigger in size.

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"SegWit (P2SH & bech32) Bitcoin Address"

If your bitcoin address begins with a 3 or bc1 , you're utilizing segwit adress. SegWit is the abbreviated variant of Segregated Witness, where Segregated is to separate and Witness is the exchange marks associated with a particular exchange. SegWit is along these lines the partition of certain exchange signature information from an exchange. What is generally essential to recall is that SegWit is actuated on the Bitcoin Blockchain and in this way runs on the Bitcoin organization. Only one out of every odd wallet or administration has moved up to help the new SegWit address organization and in this manner, a few wallets can just ship off Legacy addresses. Luckily, if someone wants to send you BTC from a SegWit address, your Legacy address are going to be ready to receive it.

"Which one I prefer"

Personally I would prefer Segwit bitcoin network because it is the latest updated version of Bitcoin network. The fundamental advantage of segWit from the exchange information is it diminishes the size of the exchange information expected to store in one Bitcoin block. This permits each square to have additional ability to store more exchanges per block. This implies the organization can deal with more exchanges per block and the sender pays lower exchange expenses. This assists quicker exchange with welling added security. Essentially, utilize your SegWit address to get stores on the off chance that you need lower charges when it's an ideal opportunity to send the BTC out. Another fundamental advantage of SegWit addresses is that they are in reverse viable, implying that you can send assets from a Bitcoin SegWit address to a Legacy Bitcoin address.