How many types of Bitcoin addresses are there?

There are eight main types of Bitcoin addresses, each with its own unique features and applications: legacy, SegWit, Native SegWit, Taproot, Witness Script, Pay-to-Script-Hash, Pay-to-Timestamp, and Vanity.

Sep 27, 2024 at 05:06 pm

How Many Types of Bitcoin Addresses Are There?

1. Legacy Addresses (P2PKH)

• Start with the prefix "1"
• Derived from a public key using a hash function
• Most common type of Bitcoin address

2. SegWit Addresses (P2WPKH)

• Start with the prefix "3"
• Derived from a public key using a more secure hash function
• Smaller and more efficient than legacy addresses

3. Native SegWit Addresses (bech32)

• Start with the prefix "bc1"
• Most modern type of Bitcoin address
• Shortest and most efficient format, using a custom encoding scheme

4. Taproot Addresses (P2TR)

• Latest type of Bitcoin address
• Can represent complex conditions, such as multi-signature requirements
• Provides enhanced privacy and security

5. Witness Script Addresses (P2WSH)

• Start with the prefix "3"
• Used to represent more complex transactions, such as multi-signature or time-locked transactions
• Flexible and can support a wide range of conditions

6. Pay-to-Script-Hash (P2SH)

• Start with the prefix "3"
• Similar to P2WSH, but uses a hash of the script instead of the script itself
• Provides some anonymity and allows for more complex conditions

7. Pay-to-Timestamp (P2TS)

• Start with the prefix "2M"
• Used to create time-locked transactions that can be unlocked at a specified time

8. Vanity Addresses

• Custom Bitcoin addresses that start with a specific string of characters
• Created using specialized software and require significant computational resources