Bitcoin - Legacy and Segwit Addresses

Difference between the various kinds of Bitcoin addresses

There are three bitcoin address formats currently in use:

1. P2PKH addresses which begin with the number "1" Example: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2

2. P2SH addresses starting with the number "3" Example: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy

3. Bech32 addresses, also known as "bc1 addresses" starting with "bc1" Example: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq Bech32 is supported by the majority of software and hardware wallets, but only a few exchange platforms. Bech32 is more efficient with block space.