What is Bitcoin address?

Bitcoin address is a 26 to 35 characters of public key at which we can see how much amount of Bitcoin is stored with the attached private key .

PRIVATE KEY

Types of Bitcoin Address 

There are only three types of the Bitcoin address available right now in 2020. 

All these three types of Bitcoin address have their own significance at their place.

These are P2PKH, P3SH & Bech32 

So let’s talk about one by one.

P2PKH Type Bitcoin Address

Full form of P2PKH is    pay to public key Hash 

  This is the very first format type of the Bitcoin address type was introduced.

 It start with a digit character ” 1 “ 

For example

Full form of P2SH is pay to script hash.

This is a type of format for Bitcoin address was provided so that third party platform can easily use bitcoin services integration at their websites, but this information is not 100% exact because before the introduction of the P2SH type Bitcoin address many numbers of websites were working already .

May be this type of address system have some more ease to access.

In this type of bitcoin address format, addresses started with character ” 3 ” 

For example 347N1Thc213QqfYCz3PZkjoJpN89b14kBd

P2SH Type Bitcoin Address

Full form of P2SH is pay to script hash.

This is a type of format for Bitcoin address was provided so that third party platform can easily use bitcoin services integration at their websites, but this information is not 100% exact because before the introduction of the P2SH type Bitcoin address many numbers of websites were working already .

May be this type of address system have some more ease to access.

In this type of bitcoin address format, addresses started with character ” 3 ” 

For example 347N1Thc213QqfYCz3PZkjoJpN89b14kBd

Bech-32 Type Bitcoin Address

This is known as Bech address and also known as segwit native. The address of Bitcoin address in beach format started with ” bc1 “

This is third type of the bitcoin address. This address was introduced after the problem of high transaction fee in Bitcoin network.

So people were leaving bitcoin as a main payment option in Bitcoin field and they were using another coins like ETH, DASH, DOGE and LTC etc  .

So the team of bitcoin introduced this format of Bitcoin address in which we can easily do transaction with almost 10 times less fee that what we needed earlier to pay.

The science behind the Bitcoin segwit native less fees and high speed of transaction is skipping the some middle algorithm in the blockchain network I.e transaction take place from header to footer without going throughout the algorithm verification of transaction data. 

In short we can say that the algorithm of the blockchain is integrated with numbers of gates to verify the transaction value and security whether everything is right not but here in segwit native they made it like, it skip most of the middle part of the gates and goes through only main gate and end gate only.

Example of bech address is bc1qa5ndt07z2lu7r2kl6zrffw462chj74vse76lq5