There are several Bitcoin address formats, each with their own specific use cases. The most commonly used formats are:
Pay-to-Public-Key-Hash (P2PKH): This is the original address format for Bitcoin and starts with the number 1. These addresses are shorter and easier to remember than other address formats.
Pay-to-Script-Hash (P2SH): These addresses start with the number 3 and are used for multisig transactions or transactions with complex scripts.
Bech32: Also known as Segregated Witness (SegWit) addresses, these addresses start with “bc1”. They offer improved security and lower transaction fees compared to the other formats.
It’s worth noting that some wallets may support additional address formats beyond these three. Additionally, there are altcoins that use different address formats, so it’s important to ensure you’re using the correct address format for the cryptocurrency you’re transacting in.