Understanding the different types of wallet addresses is important for managing your funds securely. Here’s a breakdown of the wallet address types and the specific ones supported by Xverse.
Bitcoin Wallet Address Types
A Bitcoin address is generated from a public key through cryptographic hashing. It is 26-35 characters long, containing alphanumeric characters. Each wallet address is unique and serves as a virtual location for sending/receiving payments.
Bitcoin addresses typically begin with “1”, “3”, or “bc1”. While they all support peer-to-peer Bitcoin transactions, they are functionally different.
What Addresses does Xverse Support?
Xverse Wallet supports different types of Bitcoin addresses for managing various assets securely, with a new focus on Native SegWit for improved efficiency. Here’s a quick overview:
- Native SegWit Address (bc1q): Recommended for storing Bitcoin. This address type offers lower transaction fees and faster confirmation times compared to other formats. It’s ideal for regular Bitcoin transactions.
- Nested SegWit Address (3): Previously used for storing Bitcoin and still available for users with existing balances. However, users are encouraged to migrate to Native SegWit for better performance.
- Taproot Address (bc1p): Used exclusively for Ordinals, BRC-20 tokens, and Runes.
- Stacks Address (S): Manages STX and other SIP-10 tokens within the Stacks ecosystem.
Important Note
Ensure you’re using the correct address for your transactions to prevent any potential loss of assets.