The Steemit Crypto Academy Week 3 || post for @gbenga || Power up 100%

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Hey guys, how are y'all doing? I want to welcome you to my assignment of 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 calmly read through my assignment and follow me through.

I really want to appreciate this professor, Prof. @gbenga for taking out time to simplify and look into Bitcoin, its speed, forks, tokenized Bitcoin, and many more. I also thank the Steemit management team for giving me and my follow steemians an opportunity like this.

Firstly I'll like to address the terms Segwit and Legacy Bitcoin Network

So, What is SEGWIT?
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In a simple way, it is an improvement over the current bitcoin blockchain which reduces the size needed to store transactions in a block. This is done by removing certain signature with counting serialized witness data as one unit and core block data as four units.

The name stands for Segregated Witness. Segregate means to separate, and Witnesses are the transaction signatures. Hence, Segregated Witness, in short, means to separate transaction signature.
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Why would I choose Segwit?

1. The increased capacity to store more transactions means lower transaction fee, more transactions per block = faster transactions.
2. In addition to that, it would also fix transaction malleability, an attack that lets a person change a Bitcoin transaction’s unique ID before the transaction is confirmed on the Bitcoin network.
3. Reduction of Bitcoin network load and Increasing Bitcoin network capacity

But as we all know, everything that has advantages also has disadvantages.
I'll like to share some of Segwit's Disadvantages.

1. Not all wallets and exchanges support Bitcoin Segwit.
2. It isn't being used by enough nodes.
3. It's a short-term solution to long-term problems.
4. SegWit has caused divisions in the Bitcoin community.

Now let's look at Legacy Bitcoin Network
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What is Legacy Bitcoin Network?
Legacy addresses are the original BTC addresses.
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 ( Legacy (P2PKH)) can be identified as they start with "1"

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Which do I prefer?
Personally for me, I'd say I prefer the SegWit Bitcoin Network. Though the Legacy Bitcoin Network is OK, Segwit comes with much more transactions benefits than its disadvantages, e.g faster transactions, reduced transaction cost, reduction of fraudulent activities and so on.

This is my Introduction post here

I thank you @gbenga for this Lecture