Cryptocurrency Q&A
What is SegWit or legacy Coinbase?
What is SegWit or legacy Coinbase?
Maria
Thu Nov 28 2024
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7 answers
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SegWit, short for Segregated Witness, is a technical upgrade in the Bitcoin network that improves transaction scalability and security by separating signature data. Legacy Coinbase refers to the older version of Coinbase platform or its services before certain upgrades or changes, though the term is not widely used; Coinbase itself is a renowned cryptocurrency platform providing secure storage, trading, and education services for various cryptocurrencies like Bitcoin and Ethereum.
7 answers
KimchiQueen
Sat Nov 30 2024
Legacy Bitcoin addresses and SegWit Bitcoin addresses exhibit distinct differences in size.
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CryptoMaven
Sat Nov 30 2024
Transactions originating from Legacy addresses are typically larger in size. This attribute contributes to a significant consumption of block space on the network.
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Silvia
Sat Nov 30 2024
The increased size of Legacy address transactions is a direct consequence of their older and less efficient design.
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Maria
Fri Nov 29 2024
In contrast, SegWit addresses are designed to be more space-efficient. They utilize a technique called Segregated Witness, which separates transaction signatures from transaction data.
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MountFujiVista
Fri Nov 29 2024
This separation allows SegWit transactions to occupy less block space, leading to improved efficiency and scalability on the Bitcoin network.
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