What is Segwit?

Segwit, short for segregated Witness, is an associate upgrade to the Bitcoin network that aims to unravel many problems. Segwit finally went live to tell the tale of Bitcoin in August 2017.
Segwit blocks move the digital signature and alternative outside of the bottom dealings block.
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Bitcoin’s Scalability Issue came about the introduction of Segwit
Bitcoin transactions are written on an Associate in a Nursing immutable ledger called the Blockchain. It’s known as “blockchain” as a result of transactions area unit bundled along into blocks that are enchained one to the opposite, so as to work out their order. These blocks of transactions are restricted in capability up to 1Mb. As a result, a Bitcoin block is ready to accommodate around 2700 transactions on average.

This creates a drag once a lot of individuals are attempting to send Bitcoins (like throughout value rallies) since a protracted queue is created of transactions waiting to enter the blockchain.
While Visa habitually processes around one,700 transactions per second, Bitcoin will method solely concerning five, creating it unscalable for mass adoption. so as for Bitcoin to really become usable on a worldwide scale, it must notify the simplest way to extend its dealing capability.

• Here’s an entire list of the problems Segwit solves:

1. The signing of input values
2. Moving towards one combined block limit
3. Efficiency gains once not substantiating signatures
4. Linear scaling of sig hash operations
5. Script versioning
6. Increased security for multisig via pay-to-script-hash (P2SH)
7. Reducing UTXO growth
8. Block capacity/size increase

Legacy addresses are the initial BTC addresses. you'll expect all wallets to support causing and receiving inheritance addresses. However, not every wallet or service has upgraded to support the new SegWit address format and so, some wallets can entirely send to legacy addresses.
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Some Defi wallet presently supports causing with SegWit address. As for receiving BTC into your SegWit wallet, you will send BTC from your legacy or SegWit address, as long as your current wallet supports causing to SegWit.

The legacy address is that the original BTC address whereas SegWit is that the newer address format with lower fees.

I will prefer Segwit over Legacy not only it was an innovation but because of the following:

• Segwit doubled the capability of the Bitcoin network.
• SegWit fixes a fatal flaw in Bitcoin’s protocol that allowed users to tamper with dealings identities.
• Segwit adoption is increasing. Nearly four-hundredth of all Bitcoin transactions
• Another advantage of SegWit is that they are backward compatible, which means that you are just simply able to send funds from a SegWit address to a present address.