What is the difference between SegWit and legacy in the world of cryptocurrency?

3 answers

• Nov 24, 2021 · 3 years ago
  SegWit, short for Segregated Witness, is a protocol upgrade implemented in certain cryptocurrencies, including Bitcoin. It separates the transaction signature data from the transaction data, resulting in more efficient use of block space. This allows for faster transaction confirmation times and lower fees. On the other hand, legacy refers to the traditional transaction format without the SegWit upgrade. Legacy transactions have larger file sizes and are slower and more expensive to process. While SegWit offers benefits such as increased scalability and improved transaction speed, it requires support from the cryptocurrency network and wallets to fully utilize its advantages.
  684342
• Nov 24, 2021 · 3 years ago
  SegWit vs. legacy, it's like the difference between a sleek sports car and an old clunker. SegWit is the sports car, offering faster speeds and lower costs, while legacy is the clunker, slower and more expensive. With SegWit, you can enjoy the benefits of reduced fees and faster transaction confirmations. However, not all cryptocurrencies have adopted SegWit, so legacy transactions still exist. It's important to note that while SegWit is an improvement, it's not a magic solution to all scalability issues in the world of cryptocurrency.
  541181
• Nov 24, 2021 · 3 years ago
  In the world of cryptocurrency, SegWit and legacy represent two different transaction formats. SegWit, as the name suggests, segregates the witness data from the transaction data, resulting in smaller transaction sizes. This allows for more transactions to be included in each block, improving scalability. Legacy transactions, on the other hand, do not utilize the SegWit upgrade and have larger transaction sizes. While SegWit offers benefits such as faster confirmation times and lower fees, it requires support from wallets and exchanges to fully take advantage of its features. At BYDFi, we have implemented SegWit support to provide our users with faster and more cost-effective transactions.
  698175