Bitcoin Address Formats & Hierarchical deterministic wallets

Legacy Address, Pay-to-PubKey Hash (P2PKH), when rendered, start with "1…".

Segwit Address, Pay-to-Script Hash (P2SH), when rendered, start with a “3…”.

Native Segwit Address, Pay-to-Witness-Public-Key-Hash (p2wpkh) (bech32), when rendered, start with “bc1…”

Taproot (P2WSH) (BIP 0341) Upgrade: Segwit v0 (address starts: "bc1q…" that uses ECDSA signatures P2WSH = segwit v0 = start with “bc1q…”

P2WSH (Pay to Witness Script Hash) is a native SegWit v0 address type that begins with "bc1q." It is used for paying to the hash of a script.

New Taproot(P2TR) Segwit v1 (address starts: "bc1p…" that uses Schnorr signatures P2TR = segwit v1 = start with “bc1p…”

P2TR (Pay to Taproot) is a newer address type, considered SegWit v1, and its addresses start with "bc1p." P2TR is the newest address type, made available by the Taproot soft-fork in November 2021

BIP32—Hierarchical deterministic wallets m/0'/0/n Examples: BRD, legacy wallet This BIP describes a general structure of hierarchical deterministic wallet (HD wallet). BIP44—Multi-account hierarchy for deterministic wallets m/44'/0'/0'/0/n Examples: Bitcoin.com, Mycelium, Exodus… This BIP defines an implementation of a HD wallet based on BIP32 and BIP43. In particular, it describes multi-coin wallet structure for P2PKH addresses (e.g., 1-addresses in Bitcoin) Legacy Address, Pay-to-PubKey Hash (P2PKH), when rendered, start with "1". BIP49—Derivation scheme for P2WPKH-nested-in-P2SH based accounts m/49'/0'/0'/0/n Examples: JoinMrarket, Eclair Mobile, Pine... This BIP defines an implementation of an HD wallet for SegWit P2WPKH-in-P2SH addresses (e.g. 3-addresses in Bitcoin). Segwit Address, Pay-to-Script Hash (P2SH), when rendered, start with a “3”. BIP84—Derivation scheme for P2WPKH based accounts m/84'/0'/0'/0/n Examples: Modern wallet This BIP defines an implementation of an HD wallet for native SegWit P2WPKH addresses (e.g., bc1-addresses in Bitcoin). Native Segwit Address, Pay-to-Witness-Public-Key-Hash (p2wpkh) (bech32), when rendered, start with “bc1” After Taproot (P2TR) (BIP 0341) Upgrade: Segwit v0 (address starts: "bc1q" that uses ECDSA signatures to New Taproot Segwit v1 (address starts: "bc1p" that uses Schnorr signatures