P2PKH or Legacy addresses are the original Bitcoin addresses that start with the digit "1" and have a length of 26 to 36 characters. When sending a transaction from a P2PKH address, the average fee is usually higher than when using a Segwit address. This is because transactions with outdated addresses are larger.
P2SH is a newer address type that is similar to P2PKH but starts with the digit "3". P2SH offers more complex features than the previous address type. To spend bitcoins sent over P2SH, the recipient must provide a script that matches the script hash and data, making the script true. However, an average user only needs to know that using this type of address instead of P2PKH results in a lower average transaction fee.
P2WPKH or Bech32 is an advanced address type used to reduce blockchain block sizes and speed up transaction response times. Addresses start with "bc1" and are longer than P2PKH and P2SH. Bech32 is the native Segwit address format, although P2SH can also be a Segwit address, which is why the use of Segwit addresses is usually implied. The advantage of these addresses is the lowest transaction sending fee and high processing speed. The disadvantage is that not all wallets and systems support these addresses.
Example addresses:
- P2PKH: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa
- P2SH: 3GRdnTq18LyNveWa1gQJcgp8qEnzijv5vR
- P2WPKH or Bech32: bc1qnkyhslv83yyp0q0suxw0uj3lg9drgqq9c0auzc
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