Crypto-Academy Week 3 Homework by @gbenga: Written by @okoyejoshua

okoyejoshua (64)mutedin SteemitCryptoAcademy • 4 years ago

Hello every one welcome to another topic in cryptocurrency given by @gbenga the steemit crypto teachers so i hope you will understand any thing i am about to explain.

First of all i know we already know what Bitcoin is if you don't still know visit this post by the teacher @gbenga were he explained what bitcoin is but many of you don't know about bitcoin networks and that is what we are going to be looking at today actually we are going to be choosing the one we prefer after explaining both of them.

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The networks are legacy bitcoin network and segwit bitcoin network but they are also two types or category of segwit network which are Native segwit network and Nested segwit network and i am going to explain them.

Legacy Bitcoin Network

Legacy bitcoin network was the first bitcoin network because it was known in 2009, it was known to not have fork because it was used by all exchanges and wallets, it is known to have a slow transaction when transacting and it address can be spotted easily be noticed because it started with the number "1"

Nested Segwit Bitcoin Network

This was the bitcoin network upgrade from legacy bitcoin network, it was faster than legacy bitcoin network and it can hold more transaction up to 4mb and also it's fees was lower than legacy bitcoin network.

Native Segwit Bitcoin Network

This is the current Bitcoin network because it is an upgrade from nested segwit bitcoin network and it fees is lower, it is faster and it is the only address among others that has lower case letters because it starts with "bcl".

which do you prefer and why?
I prefer the segwit bitcoin network because it's obviously an upgrade and it has low fees it is faster than legacy bitcoin network, nowadays people like to do things quicker and cheaper that is why you see all this defi tokens performing well so that is my choice.

Conclusion
Thanks for reading and i hope you agree with my choice obviously you will anyway i hope i explaned it very well Please @steemitblog and @gbenga, here is my task entry and thanks for reading.

Cc: @steemcurator01
Cc : @steemcurator02
Cc : @steemitblog
Cc : @gbenga

#cryptoacademy #steemitcrypto #steemexclusive #nigeria #steemit #gbenga

4 years ago in SteemitCryptoAcademy by okoyejoshua (64)muted

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gbenga (73) 4 years ago (edited)

Thanks for being a part of my class and for participating in this homework.

Question: Can you differentiate a SegWit Bitcoin Network and a Lightening Network. If they are the same, you can explain your reasons and if they aren't, you can give an example of both address.

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