The Steemit Crypto Academy Week 3 post for @gbenga | Segwit Bitcoin Network or Legacy Bitcoin Network.
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We know how Bitcoin has impacted the current crypto world. We Bitcoin is the most expensive coin. Everyone is excited about the current crypto hype. We must know about Bitcoin. Because Bitcoin is the mother coin of all other cryptos. Bitcoin was invented in 2006. It was released a year later in 2009.
This week @gbenga taught us about the bitcoin network. I will try to explain here what I have learned from his lesson.
There are multiple bitcoin address formats just as there are multiple version of internet protocol. Some formats make transactions seamless.
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Take a look at this diagram for easy understanding.
Legacy Bitcoin Network:
Legacy address is original and first Bitcoin address. Since we know addresses are required to receive and send Bitcoin. So legacy is format of bitcoin address. This is the earliest address that is more backdated than any other blockchain today. However, it provides much more security to complete a transaction. Since it was created a long time ago, we expect it to not include many features. It has fewer features than usual.
If your address start with 1 or 3 then its a Legacy address.
Segregated Witness (Segwit):
Segwit address is the newer format of bitcoin network. lower fee than legacy address. This is an improvement over the current Bitcoin blockchain. This reduces the size of the block to a single transaction. Segwit address starts with 3. The Segwit Bitcoin network can hold many more transactions. This is definitely a better areas. Segwit is active on Bitcoin blockchain, and its run on Bitcoin network.
Benefit of Segwit Network:
My prefer is Segwit network. The main advantage of this network is that it allows to store more transactions in one block. This means that you can process many transactions in one block at the same time. This will allow the sender to complete the transaction at a lower fee. And the transaction will be completed faster than the Legacy network. It provides faster transactions as well as more security.
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