What are the different types of bitcoin addresses and their uses?

3 answers

• May 05, 2022 · 3 years ago
  Bitcoin addresses come in different forms, including P2PKH (Pay-to-Public-Key-Hash), P2SH (Pay-to-Script-Hash), and Bech32 addresses. P2PKH addresses are the most common and start with a '1'. P2SH addresses start with a '3' and are used for more complex transactions. Bech32 addresses start with 'bc1' and offer improved error detection. Each type of address has its own advantages and use cases, so it's important to understand their differences when sending or receiving bitcoins.
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• May 05, 2022 · 3 years ago
  Bitcoin addresses can be a bit confusing, but they serve an important purpose in the cryptocurrency world. P2PKH addresses are the traditional addresses that most people are familiar with. P2SH addresses are used for more advanced features like multi-signature transactions. Bech32 addresses are the newest type and offer benefits like lower transaction fees and better error detection. Depending on your needs and the type of transaction you're making, you may choose to use a different type of address.
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• May 05, 2022 · 3 years ago
  When it comes to bitcoin addresses, there are a few different types to be aware of. P2PKH addresses are the most commonly used and are compatible with most wallets and exchanges. P2SH addresses are used for more complex transactions, like those involving smart contracts. Bech32 addresses are the newest type and offer some improvements over the older formats. Each type of address has its own advantages and use cases, so it's important to choose the right one for your needs. At BYDFi, we support all types of bitcoin addresses to ensure compatibility for our users.
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