Topic: How does Segwit reduce transaction fees? - page 2. (Read 302 times)
As they have planed, after the Segwit, size of a block will be reduced. In blockchain architecture, when the block size is reduced, verification time will be less and required resources may reduce. With these consideration transaction fees may reduce.
Sorry if it seems like quite the noobish question, I've heard a lot about Segwit, but very little about how it works exactly, what the difference between Segwit and Legacy addresses are, and how Segwit leads to reduced transaction sizes and fees.
Could anybody more knowledgeable than me please give me a basic explanation, it will be much appreciated as I plan to switch to a segwit address ASAP as these fees are horrific.
Could anybody more knowledgeable than me please give me a basic explanation, it will be much appreciated as I plan to switch to a segwit address ASAP as these fees are horrific.
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