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

3 answers

• Alyaa AtefJul 28, 2024 · a year ago
  SegWit, short for Segregated Witness, is a protocol upgrade implemented in certain cryptocurrencies like Bitcoin. It separates transaction signatures from the transaction data, allowing for more transactions to be included in each block. This increases the transaction capacity and helps reduce fees. On the other hand, legacy refers to the traditional transaction format without the SegWit upgrade. Legacy transactions have larger transaction sizes and may result in slower confirmation times and higher fees compared to SegWit transactions.
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• James Gascoigne-BurnsJun 08, 2022 · 3 years ago
  SegWit and legacy are two different transaction formats used in cryptocurrencies. SegWit improves the efficiency of transactions by separating the signature data, reducing the transaction size. This allows for faster confirmation times and lower fees. Legacy transactions, on the other hand, have larger transaction sizes and may experience delays and higher fees during periods of high network congestion. It's important to note that not all cryptocurrencies have implemented SegWit, so the benefits may vary depending on the specific cryptocurrency you're using.
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• Padmashan NadeeraDec 12, 2024 · 7 months ago
  In the context of cryptocurrency, SegWit and legacy refer to different transaction formats. SegWit, as the name suggests, segregates the witness data from the transaction data, resulting in smaller transaction sizes. This enables faster confirmation times and lower fees. Legacy transactions, on the other hand, include the witness data in the transaction, making them larger in size. This can lead to slower confirmation times and higher fees, especially during times of high network activity. It's worth mentioning that BYDFi, a leading cryptocurrency exchange, has implemented SegWit to provide its users with faster and more cost-effective transactions.
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