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How many types of Bitcoin addresses are there?
There are eight main types of Bitcoin addresses, each with its own unique features and applications: legacy, SegWit, Native SegWit, Taproot, Witness Script, Pay-to-Script-Hash, Pay-to-Timestamp, and Vanity.
Sep 27, 2024 at 05:06 pm
How Many Types of Bitcoin Addresses Are There?
1. Legacy Addresses (P2PKH)
- Start with the prefix "1"
- Derived from a public key using a hash function
- Most common type of Bitcoin address
2. SegWit Addresses (P2WPKH)
- Start with the prefix "3"
- Derived from a public key using a more secure hash function
- Smaller and more efficient than legacy addresses
3. Native SegWit Addresses (bech32)
- Start with the prefix "bc1"
- Most modern type of Bitcoin address
- Shortest and most efficient format, using a custom encoding scheme
4. Taproot Addresses (P2TR)
- Latest type of Bitcoin address
- Can represent complex conditions, such as multi-signature requirements
- Provides enhanced privacy and security
5. Witness Script Addresses (P2WSH)
- Start with the prefix "3"
- Used to represent more complex transactions, such as multi-signature or time-locked transactions
- Flexible and can support a wide range of conditions
6. Pay-to-Script-Hash (P2SH)
- Start with the prefix "3"
- Similar to P2WSH, but uses a hash of the script instead of the script itself
- Provides some anonymity and allows for more complex conditions
7. Pay-to-Timestamp (P2TS)
- Start with the prefix "2M"
- Used to create time-locked transactions that can be unlocked at a specified time
8. Vanity Addresses
- Custom Bitcoin addresses that start with a specific string of characters
- Created using specialized software and require significant computational resources
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