Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?
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Introduction
My fellow steemians,
Am really short of words concerning they way to address they professor at these point in time, sincerely, after going through his lecture I discovered that he doesn't only explain the topic in question but also he made it more simpler for even those who are not yet crypto traders to use.
Am not missing words while saying these, for the topic at hand I suggest you read his work to get deeper knowledge on it. Please Click here to read more from @gbenga.
Bitcoin & Network
Bitcoin is seen or can be define as a digital cash or currency i.e cryptocurrency that is stored in a public yet decentralized ledger that is been built on an open source Blockchain technology.
Network is the connection of computer world wide to share resources among each other with easy and efficiency.
SegWit Bitcoin Network (Segregated Witness)
SegWit is a process where by the block size limit is increased because of the removal of signature data from the bitcoin transactions. More also, SegWit are two different word joined together i.e segregate which represents Seg and Witness which represents Wit. Therefore it can be said as segregated witness.
SegWit Bitcoin Network can be seen as one that has its witness signatures separated from they Blockchain it self. The aim of these is to make transaction faster and have more memory
Legacy Bitcoin Network
In accordance to the lecture delivered by professor @gbenga he said and I quote "This was the original Bitcoin network as it was in 2009, this is the address without the fork. This address is supported by all exchanges and wallets since it's the initial address to be created. transactions are slower with the Legacy Bitcoin network. The addresses on this network are often identified as they begin with "1"."
Which do you prefer and why?
I prefer SegWit Bitcoin Network and my reasons are listed below:-
- Transaction fee is low
- Transaction here is faster
- Backward compatibility of the technology
Conclusion
Sincerely, I have read from the post made by they professor and I have made a little research on my own, it's on that note that I recommend we try and ready from they professors because they have made it easier for us as well. I say a big thank you to all those who have been supporting these amazing platform.
Special mention
@steemcurator01
@steemcurator02
@steemcurator03
Hello friend, you have done well participating in the steemit crypto academy class, i am glad to also
see you take part in the homework. I will appreciate if you can make your post more lengthy showing other vital information in the future..
Question: Have you transferred BTC with both network? Share your experience.
Rating: 5/10
Sincerely, sir @gbenga I have not actually used any of them, most of they experience I wrote down here was from they knowledge I got from your lecture and the little research I made. Am actually new to cryptocurrency, so I am yet to exploit those part of it.
Thank you.