What are the Bitcoin (BTC) address types?
A bitcoin address is a 26-62 alphanumeric character identifier that is used to receive bitcoin. There are several address formats based on different specifications.
Below are common address formats used today:
• Taproot address (bc1p)
A pay-to-taproot (P2TR), also known as a Taproot or Bech32m address, is the most recent and advanced bitcoin address format. Taproot introduces more advanced security, privacy, flexibility and scaling to bitcoin. Taproot addresses start with bc1p and are case insensitive.
• SegWit address (bc1)
A pay-to-witness-public-key-hash (P2WPKH), also known as native SegWit or Bech32 address, is a modern, more efficient address format. SegWit addresses start with bc1q and are case insensitive.
• Script address (3)
A pay-to-script-hash (P2SH), or script address, can have additional rules and functionality attached to the address. Script addresses start with the number 3, can contain upper and lowercase characters, and are case sensitive.
• Legacy address (1)
A pay-to-pubkey-hash (P2PKH), or legacy address, is the oldest and original bitcoin address format. Legacy addresses begin with the number 1, can contain upper and lowercase characters, and are case sensitive.
Which address types are supported by WOO X?
WOO X currently supports Script address but will change to Legacy address type after March 21st 2024 for deposit and withdrawal.
It is crucial to verify the address formats used by your counterparties, as some assets may have multiple address formats. Depositing assets to unsupported address types can result in asset loss. Please note that WOO X does not bear responsibility for such occurrences.