Types of Bitcoin Addresses
1. P2PKH (Pay to Public Key Hash)
Example:
1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
This is the most standard and common type of address, starting with "1". It represents a hash of the user's public key. This was the first type of address used in Bitcoin.
2. P2SH (Pay to Script Hash)
Example:
3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
These addresses start with "3". They are used for transactions that require the execution of a specific script, such as multisig transactions.
3. Bech32 (also known as "bc1 addresses")
Example:
bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq
This is a new format of addresses introduced with the SegWit (Segregated Witness) update. They start with "bc1" and feature lower transaction fees and improved resistance to input errors.
4. P2WPKH (Pay to Witness Public Key Hash) and P2WSH (Pay to Witness Script Hash)
Example:
bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq
These are variants of Bech32 addresses, designed for optimizing transaction size and efficiency. P2WPKH is used for single-signature transactions, while P2WSH is for more complex script transactions.