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

3 answers

• Nov 26, 2021 · 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.
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• Nov 26, 2021 · 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.
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• Nov 26, 2021 · 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.
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