What is a Bitcoin Wallet Address Format?
A Bitcoin wallet address is a unique identifier used to send and receive bitcoins. It typically comes in two formats: Legacy (P2PKH) and SegWit (P2SH & Bech32).
1. Legacy Address Format (P2PKH)
Legacy addresses are the original format used for Bitcoin transactions. They start with the number '1' and are usually between 26 to 35 characters long. An example of a legacy address would be:
1A1zP1eP5QGefi2il8PkNXZ7hD2eB5z7t.
2. Segregated Witness Address Formats
SegWit, introduced to improve scalability, has two address formats: P2SH and Bech32.
a. P2SH Address Format
P2SH addresses start with the number '3' and also range from 26 to 35 characters. An example would be:
3J98t1WpEZ73CNmQviecrnyiWrnqRhW9k.
b. Bech32 Address Format
Bech32 addresses start with 'bc1' and are typically longer, providing better error detection. For example:
bc1qw508d6qejxtdg4y5r3za8y15g6y1r0e0m3a9fg.
Each format serves to enhance usability and transaction efficiency, making understanding wallet address formats crucial for Bitcoin users.