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@ 0xbitcoiner
2023-11-17 12:17:07Bitcoin address types
In the latest version of Bitcoin Core, 4 types of addresses are implemented.
P2PKH (pay-to-pubkey-hash - 1...) is the oldest type of address, better known as legacy addresses.
ex: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNaP2SH (pay-to-script-hash - 3...) (P2WSH, pay-to-witness-script-hash, ScriptPubKey to SegWit), script addresses, rules or functionalities can be added. It opens the possibility of wallets with multiple signatures to authorize transactions.
ex: 342ftSRCvFHfCeFFBuz4xwbeqnDw6BGUeyP2WPKH (pay-to-witness-public-key-hash - bc1...), SegWit or Bech32 addresses, this type of address is more resistant to errors, since they are insensitive to case. For the most common transactions, the network fee can be 30 to 40% cheaper because they optimize the block space.
ex: bc1q34aq5drpuwy3wgl9lhup9892qp6svr8ldzyy7cP2TR (pay-to-taproot - bc1p...), taproot or Bech32m addresses, is the most recent address and few exchanges and wallet apps support it. It brings more security, privacy, flexibility, and scalability. As well as cheaper fees. Taproot also opens the possibility of developing more complex smart contracts.
ex: bc1pxwww0ct9ue7e8td[...]9ys4c9f3340qqxrdu9kCompatibility with older addresses is ensured, but outdated wallet apps cannot send to newer addresses. As a rule, the best wallet apps can generate older addresses to receive. But not all wallet apps do.
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