What you need to know about Bitcoin address format?

  1. Why do you need to know about the Bitcoin address format?

Currently, there are three different Bitcoin address formats. You can tell the difference between the types of addresses if the address starts with a 1, 3, or bc1.

Not all these address types are fully compatible on all platforms, so it is important to send them to a compatible address.

 

  1. What is Bitcoin address format?

A wallet address, comprising a string of 26-34 alphanumeric characters, is all it takes to send and receive bitcoin. And a Bitcoin address format is more like an internet protocol of bitcoin.

How many Bitcoin address formats are in use now?

Currently, there are three Bitcoin address formats in use:

  1. P2PKH (address starts with the number “1”)

Example: 

1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2

  1. P2SH (address starts with the number “3”)

Example:

3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy

  1. Bech32 (address starts with “bc1”)

Example:

bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq

 

  1. And what is “Segwit”?

Segwit is abbreviated from “Segregated witness”.

There used to only be one type of bitcoin address, however, a feature was added to Bitcoin called “Segwit” to make transactions faster by decreasing block size.

 

  1. Which Bitcoin address format does ELLIPAL Titan support?

1). There are two kinds of address type on Protocol P2PKH, compressed and uncompressed, ELLIPAL Titan supports the address type [Compressed].

2). There are three kinds of address types on Protocol Segwit, p2sh, p2wsh, and p2sh|p2wsh, Ellipal Titan supports the address type [P2wsh].

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