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π₯ Discover the diversity of #Bitcoin address types π
π What type of #Bitcoin address should I use? How can I identify the different address types?
Let's explore! π
#BRC20 #Ordinals #OrdinalDaily
π What type of #Bitcoin address should I use? How can I identify the different address types?
Let's explore! π
#BRC20 #Ordinals #OrdinalDaily
1/ Legacy addresses (P2PKH)
Legacy addresses formed by hashing the public key to the private key. π«
They were popular in Bitcoin's early days but are now costly due to larger transaction sizes. β‘οΈ
π It's only necessary if you have an incompatible old wallet.
Legacy addresses formed by hashing the public key to the private key. π«
They were popular in Bitcoin's early days but are now costly due to larger transaction sizes. β‘οΈ
π It's only necessary if you have an incompatible old wallet.
2/ Pay to Script Hash (P2SH)
P2SH addresses involve a script with hidden spending conditions. β¨
Unlike legacy addresses, they are not derived from the public key hash. β‘οΈ
P2SH addresses provide flexibility, support SegWit, and help save on transaction fees. π
P2SH addresses involve a script with hidden spending conditions. β¨
Unlike legacy addresses, they are not derived from the public key hash. β‘οΈ
P2SH addresses provide flexibility, support SegWit, and help save on transaction fees. π
3/ Native SegWit (P2WPKH)
Native Segwit addresses provide significant space savings by storing the signature and script in the witness.π«
They are widely used, with over 38% savings compared to legacy addresses. Some wallets prefer other types due to limited Bech32 support. π
Native Segwit addresses provide significant space savings by storing the signature and script in the witness.π«
They are widely used, with over 38% savings compared to legacy addresses. Some wallets prefer other types due to limited Bech32 support. π
4/ Taproot (P2TR)
Taproot is the most recent upgrade to the Bitcoin protocol in November 2021.β‘οΈ
They offer new smart-contract features, enhance transaction privacy, and save space for complex transactions to reduce costs. π₯
Taproot is the most recent upgrade to the Bitcoin protocol in November 2021.β‘οΈ
They offer new smart-contract features, enhance transaction privacy, and save space for complex transactions to reduce costs. π₯
5/ How to identify a bitcoin address? π
Addresses start with:
πΈ 1xxx π Legacy address
πΈ 3xxx π P2SH address
πΈ bc1qxxx π Native Segwit
πΈ bc1pxxx π Taproot
Addresses start with:
πΈ 1xxx π Legacy address
πΈ 3xxx π P2SH address
πΈ bc1qxxx π Native Segwit
πΈ bc1pxxx π Taproot
6/ What #Bitcoin address should I use?
π You can use either Native Segwit or Taproot but itβs recommend to use taproot to store your BRC20 tokens and inscriptions.
π You can use either Native Segwit or Taproot but itβs recommend to use taproot to store your BRC20 tokens and inscriptions.
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Got any questions? Let me know in the comment π
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Got any questions? Let me know in the comment π
Follow @OrdinalDaily for more π§‘
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