Cryptocurrency Q&A
What are the different types of bitcoin addresses?
What are the different types of bitcoin addresses?
GeishaMelody
Wed Jul 10 2024
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6 answers
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As a cryptocurrency enthusiast, I'm curious to know about the various types of bitcoin addresses. Could you elaborate on the differences between a legacy address, which starts with a '1', a segwit address, identifiable by the '3' prefix, and the newer Bech32 address format, characterized by its 'bc1' prefix? Understanding the technical differences, like how they affect transaction costs, compatibility, and overall user experience, is crucial for anyone interested in bitcoin transactions. Could you also explain the security implications of each type and why certain addresses might be preferred in certain scenarios?
6 answers
KimonoGlitter
Fri Jul 12 2024
Regarding Bitcoin addresses, there exist three distinct categories: Pay-to-PubKey-Hash (P2PKH), also referred to as Legacy address, Pay to script hash (P2SH), and Bech32.
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WhisperInfinity
Thu Jul 11 2024
It is important to note that not all digital wallets offer support for all three of these address formats.
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WhisperWind
Thu Jul 11 2024
This specificity is crucial for users to understand, as it ensures the accuracy and security of their Bitcoin transactions.
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Carlo
Thu Jul 11 2024
The P2PKH address format, commonly known as the Legacy address, serves as the original Bitcoin address structure.
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Carlo
Thu Jul 11 2024
These addresses are characterized by commencing with the numeral 1, indicating their unique identity within the Bitcoin ecosystem.
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