Which wallet address format is commonly used in the Bitcoin network?

LeeApr 19, 2022 · 3 years ago3 answers

What is the most commonly used wallet address format in the Bitcoin network? I am new to Bitcoin and want to make sure I am using the correct format when receiving or sending Bitcoin. Can you provide some insights into the different wallet address formats and which one is widely accepted and recommended in the Bitcoin community?

Bitcoin

Wallet Address Format

Cryptocurrency

3 answers

Apr 19, 2022 · 3 years ago
The most commonly used wallet address format in the Bitcoin network is the Pay-to-Public-Key-Hash (P2PKH) format. It starts with the number '1' and is 34 characters long. This format has been widely adopted and is supported by most Bitcoin wallets and exchanges. It is recommended to use this format for compatibility and ease of use.
Apr 19, 2022 · 3 years ago
When it comes to wallet address formats in the Bitcoin network, the Pay-to-Script-Hash (P2SH) format is also commonly used. It starts with the number '3' and is 34 characters long. This format allows for more advanced features like multisig transactions and is supported by many Bitcoin wallets and services. It provides additional flexibility and security for users who require more advanced functionality.
Apr 19, 2022 · 3 years ago
BYDFi, a popular cryptocurrency exchange, recommends using the Segregated Witness (SegWit) address format for Bitcoin transactions. SegWit addresses start with 'bc1' and are 42 characters long. This format offers lower transaction fees and increased transaction capacity compared to the traditional address formats. It is important to note that not all Bitcoin wallets and services support SegWit addresses, so it is advisable to check compatibility before using this format.