Bitcoin Address on KEYRING PRO
Explain why the Bitcoin Address looks different when created on KEYRING PRO
If you’ve restored or created a Bitcoin account using KEYRING PRO and noticed that the generated address appears different, there’s no need to worry. This difference is due to the way Bitcoin addresses and private keys are structured, as well as the advanced address formats supported by KEYRING PRO. Let’s break it down.
Understanding Bitcoin Address Formats
Bitcoin addresses come in several formats, each serving a specific purpose:
P2PKH (Pay-to-Pubkey Hash): This is the original Bitcoin address format, often referred to as a "legacy address." These addresses start with the number "1" (e.g.,
1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2).P2SH (Pay-to-Script Hash): This format enables more advanced functionality, such as multi-signature transactions. P2SH addresses start with the number "3" (e.g.,
3J98t1WpEZ73CMmDvie4ryniWrnqRhWNLy).Bech32 (Native SegWit): Also known as "bc1 addresses," Bech32 is the most modern and efficient Bitcoin address format. These addresses start with "bc1" (e.g.,
bc1qar0srrr7xf4vy5k643lydnw9re59gtzzwf5mdq). Bech32 addresses are designed to reduce transaction fees and improve block space efficiency.
Understanding Bitcoin Private Keys
The format of your Bitcoin private key depends on the type of address it corresponds to:
For Legacy (P2PKH) addresses, the private key typically starts with the number "5."
For SegWit addresses (P2SH and Bech32), the private key usually starts with "K" or "L."
KEYRING PRO and the Latest Bitcoin Address Format
KEYRING PRO is designed to provide users with the best Bitcoin experience by defaulting to the most advanced and efficient address format: Bech32 (Native SegWit). Here’s how it works:
Creating a New Bitcoin Address: When you generate a new Bitcoin address in KEYRING PRO, it will always be a Bech32 address starting with "bc1." This ensures lower transaction fees and better block space utilization.
Backing Up Your Wallet: If you back up a Bitcoin address using KEYRING PRO, the associated private key will start with "K" or "L," indicating it’s a SegWit-compatible key.
Restoring an Account: When you import a private key that starts with "K" or "L," KEYRING PRO will generate a Bech32 address, even if the original address was a P2SH format. For example:
If you back up the P2SH address
3J98t1WpEZ73CMmDvie4ryniWrnqRhWNLyusing KEYRING PRO, the app will restore your account with a Bech32 address likebc1hbr0srrr4xfxva4l653lydnw9re59gtzzwf5oct.
While the two addresses may look different, they represent the same Bitcoin wallet. This is because the private key is compatible with both address formats, and KEYRING PRO prioritizes the more efficient Bech32 format.
Why Use Bech32 Addresses?
Bech32 addresses offer several advantages:
Lower transaction fees: They use block space more efficiently, reducing costs.
Improved error detection: Bech32 addresses include built-in checks to prevent typos.
Future-proofing: As the Bitcoin network evolves, Bech32 addresses are better suited to support new features.
KEYRING PRO is committed to providing you with the best Bitcoin experience by embracing the latest technologies. If you have any further questions, feel free to reach out to our support team!
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