How many types of Bitcoin wallet addresses are there?

Digital currency wallet address types include: Payment address (P2PKH): used to receive Bitcoin and is the most common type. Script Address (P2SH): Use scripts to specify sending transaction conditions, used for higher-level transactions. Segregated Witness (SegWit): Separates transaction data from signature data, with two address types: bech32 and P2SH-SegWit. Lightning Network (LN): For fast and convenient transactions outside of the Bitcoin blockchain, using invoices as unique identifiers.

Bitcoin wallet address types

A Bitcoin wallet address is a unique identifier used to send and receive Bitcoins. There are many types of Bitcoin wallet addresses, and each type has its advantages and disadvantages.

1. Payment Address (P2PKH)

P2PKH (Pay-to-Public-Key-Hash) address is the most common type of Bitcoin address. They start with the letter "1" followed by 34 characters. P2PKH addresses can be used to receive Bitcoins, but require a private key to send Bitcoins.

2. Script Address (P2SH)

P2SH (Pay-to-Script-Hash) address starts with the number "3" and consists of 34 characters. Unlike P2PKH addresses, P2SH addresses use scripts to specify the conditions required to send transactions. This allows higher level transactions such as multi-signatures and smart contracts.

3. Segregated Witness (SegWit)

SegWit is an upgrade that separates transaction data from signature data. This resulted in two new Bitcoin address types:

• SegWit (bech32) Addresses begin with the letters "bc1" followed by 32-62 characters. bech32 addresses are the native format of SegWit addresses.
• P2SH-SegWit The address starts with the letter "3" followed by 34 characters. P2SH-SegWit addresses are the older format of SegWit addresses.

4. Lightning Network (LN)

LN is a second-layer protocol that allows fast, Cheap deal. LN addresses are different from regular Bitcoin addresses. They use a unique identifier called an "invoice".

Choose the correct Bitcoin wallet address type

Choosing the correct Bitcoin wallet address type depends on your trading needs:

• For basic transactions: Use P2PKH address.
• For advanced transactions: Use P2SH address or SegWit address.
• For LN transactions: Use LN address.

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