23.01.22 Bitcoin Address Type

What is WIF?

👉 it means Wallet Import Format.

What is messagePrefix?

👉 there is a list of address prefixes for Base58Check which is the exception of Bech32 encoding.

How Different the type of Bitcoin addresses is ?!

====P2PKH====
Legacy Address 

// start with the number 1

example: "15e15hWo6CShMgbAfo8c2Ykj4C6BLq6Not"

// the legacy address is simply the hash of the public key to your private key.

// That address type isn't recommended not to be incompatible with newer address type

====P2SH====
Pay to ScriptHash

// start with the number 3

example: "35PBEaofpUeH8VnnNSorM1QZsadrZoQp4N"

// It isn't the hash of the public key, but of a script that involves certain spending conditions, which stay hidden from the sender.

// this spending conditions can be very simple => owner of public key A can spend this bitcoin 

// it can make use of SegWit and save transaction fee. 
How different the trasaction fee between P2SH and P2PKH
=> Sending to a P2SH address is roughly 26% cheaper than using a wallet with legacy addresses!!!
=> Ok I understand, But why different?!

====P2WPKH====
Native SegWit

// start with "bc1q"

example: "bc1q42lja79elem0anu8q8s3h2n687re9jax556pcc"

// this type of address reduces the amount of information stored in the transaction even more by not keeping the signature and script within the transaction, but in the witness.

====P2TR====
Taproot addresses

// start with "bc1p"

example: "bc1pmzfrwwndsqmk5yh69yjr5lfgfg4ev8c0tsc06e"

// this isn't used yet. 

// this will enable a lot if new smart-contract capabilities for bitcoin-addresses and improve the privacy of spending such transactions.

Transaction Fee

P2PKH >>(26%)>> P2SH >>(16%)>> P2WPKH

you can save over 38% fee over legacy addresses

because P2WPKH is currently the most used standard for addresses.

 

I have two questions!

1️⃣ Can you explain the more details of "witness" in P2WPKH?? 
2️⃣ Is P2WPKH same as “Bech32”??