Crypto Academy Week 3 Homework Post for [@gbenga](100% power up)

image source

Hey guys, i trust y'all having a blissful week. Sequel to the assignment given by @Gbenga on the lecture topic 3 : All You Need To Know About Bitcoin Network by prof. @gbenga of @crypto-academy. This assignment is on "Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?". Just paintly navigate through my assignment and follow me through.

I really want to commend Prof. @gbenga for taking out time to make it simple and look into Bitcoin, its speed, forks, tokenized Bitcoin, types of Bitcoin Network and many more. My appreciation also goes to the management team of Steemit for giving me and my fellow steemians an opportunity like this.

First and foremost I'll love to explain the terms Segwit and Legacy Bitcoin Network

So, What is SEGWIT?

image source

The idea of Segwit was first concieved by Pieter Wullie at a Bitcoin conference in 2015.
Wullie suggested Segwit as a solutions to a flaw in the Bitcoin protocol called patches.
The word Segwit means segregated witness. Segregation litrary means to remove or separate, so segwit means to separate witness data.
So,Segwit is actually an improvement,updated over the current Bitcoin blockchain, segwit was actually conceived to fixed transaction malleability problem and scalability.

Why i choose Segwit

image source

Segwit's scalability helps in seamless transaction, low transaction fee, it makes the network lighter by removing witness data from transactions without affecting the Bitcoin blockchain size.
In addition to Segwit's malleability helps to stop witness data from being used to change transactions ID's. However there are some disadvantages associated with using Segwit; Not all Wallets and Exchanges support Bitcoin Segwit.
Segwit had caused divisions in the Bitcoins community.

What is Legacy Bitcoin Network?

image source

Legacy addresses was the traditionally original BTC addresses. It was the original Bitcoin addressed when Bitcoin Network was invented in2009.
the address is supported by all Wallets and Exchanges, it's transaction is so slow with a high transaction fee.
The addresses on this Legacy Network(P2PHK) can be identified as they start with "1".

Why do i prefer?

image source

as for me i prefer the Segwit Bitcoin Network simple because it ensure a simple and seamless transactions, low transaction cost, reduction of fraudulent activities and it also makes the network lighter by removing witness data from the transactions without affecting the blockchain size