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Bech32: The New Standard for Bitcoin Address
Enjoy The Latest BTC Address Format on KEYRING PRO - Bech32
Every time you create a new Bitcoin Address on KEYRING PRO, a Bech32 address will be generated. This ensures your best benefits in security, usability, and transaction fees.
The standard Bech32 BTC address will start with ‘bc1…’ as ‘bc1hbr0srrr4xfxva4l653lydnw9re59gtzzwf5oct’
(*) Notice:
- Whenever you import a P2SH Address with a Private Key normally starts with ‘L’ or ‘K’, you will get a Bech32 address instead of the old one (Example: 3J98t1WpGZ73CMmDviecrnyiWrnqRhXNPy will turn to bc1hbr0srrr4xfxva4l653lydnw9re59gtzzwf5oct).
- Legacy Address attaches to a Private Key starts with ‘5…’ will remain the same.
Bitcoin (BTC) Address Formats
Bitcoin (BTC) has been improved constantly in the last decade by enthusiasts from all over the Word. Anyone can submit a Bitcoin Improvement Proposal to suggest an update for this open-source platform.
Hence, you may find different formats of BTC addresses and Private Keys within the current market. However, we actually have three most popular and official formats as mentioned below.
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
One Private Key For All Accounts
All In One Private Key
When you first import a wallet by using a Private Key, you will have an option to create other wallets on other Blockchains with the same Private Key.
For instance, you import a Mini Private Key on Bitcoin Blockchain ‘SzavMBLoXU6kDrqtUVmffv’, then choose ‘Ethereum’ and ‘TomoChain’. Eventually, two new wallets will be created on Ethereum and TomoChain. From that point, you can always restore your wallets on different Blockchains at the same time with only 01 Private Key.
The same rule is applied for other Blockchain Wallets on KEYRING PRO. Specifically, you can use a Private Key on one chain to create wallets on other chains, so that they will be connected with 01 Private Key only on KEYRING PRO.
(*) PLEASE BEAR IN MIND THAT SPECIFIC PRIVATE KEY FOR EACH WALLET MIGHT BE SLIGHTLY DIFFERENT, IT’S BEST TO CHECK THE SETTING OF KEYRING PRO TO RECORD THE PRIVATE KEY OF EACH ACCOUNT.
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In the last 04 years, Bacoor has associated with various companies through 15 Blockchain Projects, as the industry blooming faster than ever. In fact, Blockchain has passed the incubation process, thanks to the maturity of Smart Contract. The feature is now stable and fully customizable for any particular request.