🌀Bitcoin Address Formats

Native SegWit, Nested SegWit, Taproot, and Legacy are all different Bitcoin address formats or transaction types within the Bitcoin network. Each has its own characteristics and benefits:

1. Native SegWit (Segregated Witness Bech32):

Wallet Supported: Phantom, Leather, Unisat, Okex Wallet

• Native SegWit addresses start with "bc1."

• Also known as Bech32 addresses.

• Utilizes the Segregated Witness (SegWit) upgrade, which segregates the witness data from the transaction data, resulting in smaller transaction sizes and lower fees.

• Offers improved security and better scalability compared to legacy addresses.

• Recommended for most transactions due to lower fees and enhanced features.

Example: bc1qju52hg5v6z0f5ds49p4t33wz8gl88a5cuzx7hf

1. Nested SegWit (Pay to Witness Public Key Hash, P2SH-P2WPKH):

Wallet Supported: Xverse, Unisat, Okex Wallet

• Nested SegWit addresses start with "3."

• Combines the SegWit benefits with compatibility for older wallet software that does not support Bech32 addresses.

• Allows for transactions to be sent to a SegWit address even if the sender's wallet doesn't natively support SegWit.

• Transactions to nested SegWit addresses are slightly larger and may have slightly higher fees compared to native SegWit.

Example: 3NeLJQTPMJTZwuyYrMJLYHmtpqT7x8dYsk

1. Taproot:

Wallet Supported: Xverse, Phantom, Unisat, Okex Wallet

• Taproot is a proposed Bitcoin improvement that enhances privacy, security, and smart contract capabilities.

• Addresses created with Taproot start with "bc1p."

• Combines multiple spending conditions into one, making complex transactions indistinguishable from simpler ones on the blockchain for improved privacy.

• Expected to reduce transaction fees and enable more advanced smart contracts.

Example: bc1psd90nx647p00y0zx04kl5sx9sgjcpeeqyh9t8d0j220ssvu250hq20c84a

1. Legacy (Pay to Public Key Hash, P2PKH):

Wallet Supported: Unisat, Okex Wallet , Unisat

• Legacy addresses start with "1."

• These are the original Bitcoin addresses and transaction types.

• Larger transaction sizes and typically higher fees compared to SegWit addresses.

• While still widely supported, legacy addresses are less efficient and secure than SegWit addresses.

Example : 1HzCQZtedJ5jbn1YBuqgtkPVwfkjkuzyNR

NOTE: DUE TO SECURITY ISSUES AND COST OPTIMIZATION FOR USERS, WE WILL NOT SUPPORT LEGACY WALLET