P2PKH: BTC Legacy Address Format
- P2PKH stands for Pay-to-Pubkey Hash, which is the basic form of making a transaction on Bitcoin Blockchain.
- Address Sample (start with '1...'): 1BvBMCEYstWgtqTFn9Au4m4GFg7xVbOVN2
P2SH: Updated P2 BTC Address Format
- P2SH is structured similarly to P2PKH, but enables more functionality than legacy addresses.
- Address Sample (start with '3...'): 3J98t1WpGZ73CMmDviecrnyiWrnqRhXNPy
Bech32: The latest BTC Address Format
- Bech32 is the Native Segwit address format, which is completely different from the P2-style addresses. The new format is more efficient in blockweight usage that leads to lower fees.
- Address Sample (start with 'bc1...'): bc1qbr0srrr9xfxvy4l643lydnw9re59gtzzwf5oct