What are the different types of bitcoin address formats?

3 answers

• Craft BojsenMay 26, 2023 · 2 years ago
  Sure! There are three main types of bitcoin address formats: P2PKH, P2SH, and Bech32. P2PKH addresses start with the number 1 and are the most commonly used format. P2SH addresses start with the number 3 and are used for more advanced transactions. Bech32 addresses start with bc1 and are the newest and most efficient format. Each format has its own advantages and use cases, but they all serve the purpose of identifying a destination for bitcoin transactions.
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• Girupanethi KApr 27, 2021 · 4 years ago
  Bitcoin address formats can be a bit confusing, but don't worry, I've got you covered! The P2PKH format is the original and most widely used format. It starts with the number 1 and is compatible with most bitcoin wallets. The P2SH format, starting with the number 3, is used for more complex transactions, such as multi-signature or time-locked transactions. Lastly, the Bech32 format, starting with bc1, is the newest and most efficient format. It supports SegWit and offers lower transaction fees. So, depending on your needs and the wallet you're using, you can choose the format that suits you best.
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• MCA Boys GroupApr 16, 2023 · 2 years ago
  When it comes to bitcoin address formats, there are a few options to choose from. The most common format is P2PKH, which starts with the number 1. It's widely supported by most wallets and exchanges. Another format is P2SH, which starts with the number 3. It's used for more advanced transactions, like multi-signature or time-locked transactions. Lastly, we have the Bech32 format, which starts with bc1. It's the newest format and offers better efficiency and lower fees. Different wallets and platforms may support different formats, so it's important to check which format is compatible with your chosen wallet or exchange.
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