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Introduction

Hello guys,
It's really a very big honour to me as a person to be part of these amazing class, lecture by professor @gbenga on the topic "All You Need to Know About Bitcoin Network" is really an amazing one. Sir I commend you for these wonderful presentation, you have really done justice to the task. I will want any one reading these post of mine to please read from they professor him self as that will give you more allaborate idea on the topic am discussing below, please click here to read.

Bitcoin

What is it? It's no longer a fearitale that they word bitcoin has gone all over they world today, even little children in my local environment where all shouting bitcoin is booming, bitcoin is booming. So what is these bitcoin? From the lecture of the professor @gbenga he defined bitcoin as and I quote "Bitcoin is regarded as digital cash (cryptocurrency), stored in public decentralized ledgers built on an open-source blockchain".

Network

A network in a lay man understanding is what give access to you as a person to be able to communicate with someone somewhere without going directly to see they person. In computing, A network can be seen as they collection of different computers, servers or other devices connected to one another for the sole purpose of sharing resources among themselves.

SegWit Bitcoin Network (Segregated Witness)

From they lecture delivered by our very own professor @gbenga, he gave a full explanation of SegWit and as such am using his idea to present these. SegWit came from two different words, Seg which stands for Segregate while Wit which stands for witnesses, hence, once you combine these words together it becomes Segregate (separate) witnesses.

So technically, SegWit can be seen as the process of increasing they block size limit on a Blockchain as a result of removing signature data from the bitcoin transactions.
Logically, when parts of of a transaction or data is removed from the memory, it frees up space for other data to be added or stored. These implies that SegWit is to separate transactions witness signatures.

SegWit bitcoin network in all can be summarised as a network that has its witness signatures separate from the Blockchain with the sole aim of increasing the size limit of the Blockchain and making it faster in operation.

Legacy Bitcoin Network

From the lecture of our very own amiable 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 is the initial address to be created. transactions are slower with the Legacy Bitcoin network. The addresses on this network can be identified as they start with "1"

Which do you prefer and why?

To the topic of discussion which is "Segwit Bitcoin Network or Legacy Bitcoin Network, which do you prefer and why?" I prefer SegWit Bitcoin Network and my reasons are not far fetched, below are few of the reason that made me to prefer SegWit over Legacy.

1. Lower transaction fees due to the capacity to store more transaction.

2. Transaction in SegWit is faster when compared to that of Lagacy.

3. Backward compatibility of SegWit is another important reason why I prefer it to Legacy.

Conclusion

To professor @gbenga I have learnt a whole lot from these very topic and I encourage as many who will want to go into cryptocurrency or want to take part in these contest to first and foremost go to they original post and get they vast knowledge of the topic. I say a big thank you to all those who have been supporting these amazing platform.

Special mention
@steemcurator01
@steemcurator02
@steemcurator03

Thanks for reading...