Crypto Academy Week 3 Homework Post for [@gbenga]Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?
Hello @everyone i have attended the lecture of sir @gbenga about the Bitcoin
Network. If you have not attended the lecture yet then come and join this class and learn important things about the bitcoin network its history and its types. As i have learned many new things which i did not know.
First of all i want to explain something about the bitcoin.
What Is Bitcoin?
Bitcoin is a digital currency known as a cryptocurrency. It is only virtual currencuy and it does not exist physically in the whole world. It is the Mother of all the cryptocurrencies in my opinion as it is very vaulable and it would not be wrong to say that bitcoin is controlling the whole crypto world. It was introduced by the Satoshi Nakamota.
Time to time many further important features are also introduced in the bitcoin blockchain network. These fuurther changes in the bitcoin network was only made to make it more effective, to enhance its speed , and to provide better user experience by providing low transaction fees.
- Segwit Bitcoin Network
- Legacy Bitcoin Network
What is Segwit Bitcoin Network
Segwit is basically an important process by which the size of any block of any blockchain is increased by removing different things such as by removing signature data from the bitcoin blockchain. It is very helpful because when we remove signature data it makes free space which is very helpful for the transactions on the blockchain. So we can make free space for the new transactions by removing different useless elements from the blockchain.
Important Features Of Segwit Bitcoin Network
There are a lot of benefits of the Segwit Bitcoin Network some of the uses are given below which i have learnt from sir @gbenga.
- Segwit Bitcoin Network make free space in the blockchain.
- Segwit Bitcoin Network increases the speed of the blockchain transactions.
- Segwit Bitcoin Network makes the blockchain work more fast and advanced.
- Segwit Bitcoin Network also reduced the threat of loosing your assets
- The most important feature of the Segwit Bitcoin Network which i like the most is that it reduces the transaction gas fees.
- Segwit Bitcoin Network also increases the block size of the bitcoin blockchain.
What is Legacy Bitcoin Network
The basic meaning of the word "legacy" is a gift. But here you can also consider it a gift in the form of the bitcoin blockchain.Basically Legacy Bitcoin Network is the first network of the bitcoin it was introduced in the market in 2009.
Important Features Of Legacy Bitcoin Network
- Legacy Bitcoin Network provides original bitcoin address.
- Legacy Bitcoin Network addresses can be used in all the wallets.
- Legacy Bitcoin Network addresses starts from "1" so they can be identified easily.
- It has slow transaction speed.
- It also costs high transaction fees.
- It is very old designed technology.
My Preferences And Conclusion
Both the networks have their own benefits and features . But according to my interests i am going to prefer Segwit Bitcoin Network . Because it is very fast. It costs very low transaction fees. It is advancing day by day and introducing new features. It decreases the fear of the loosing bitcoin because of the fastest speed. Due to this you received your bitcoins immediately without holding it on the blockchain. So i prefer to use Segwit Bitcoin Network.
I have also used Segwit Bitcoin Network and it works really cool. As i have told you that it gives great transaction speed at very low cost. So you should also try this network.
Hello @mohammadfaisal, it is good to see you enjoyed the class, and thanks for the recommendation, I hope to see more people attend the class.
You have carefully explained Segwit fork Bitcoin network and the Legacy Bitcoin Network and I am glad that you have taken time to explain this but then, have you tried usin any of the network to transfer, I would appreciate you share your experience if you have tried the both network in the past.
Rating : 6/10
Thanks sir @gbenga for appreciating my work .
I have Added my experience sir check it now and i am curiously waiting for your kind response. If it is ok then do not forget to resteem it so that more people can approach it and get my ideas which may be helpful for them to choose their network if they are newcomer in the world of crypto.
Thanks!
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