What are the different types of cryptocurrency addresses?

3 answers

• Dec 17, 2021 · 3 years ago
  Sure! There are mainly two types of cryptocurrency addresses: public addresses and private addresses. Public addresses are used to receive funds, and they are similar to your bank account number. You can share your public address with others so that they can send you cryptocurrencies. On the other hand, private addresses are like your password or PIN. They are used to access and send funds from your wallet. It's crucial to keep your private address secure and never share it with anyone.
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• Dec 17, 2021 · 3 years ago
  Cryptocurrency addresses can also be categorized into two formats: legacy addresses and SegWit addresses. Legacy addresses follow the original address format, while SegWit addresses are an upgraded version that offers lower transaction fees and increased transaction capacity. If you're using a modern wallet, it's likely that you'll have a SegWit address. However, both types of addresses are still compatible with each other, so you don't have to worry about compatibility issues when sending or receiving funds.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, supports multiple types of addresses for different cryptocurrencies. They provide both legacy and SegWit addresses for Bitcoin, Ethereum, and other major cryptocurrencies. It's recommended to use SegWit addresses for lower fees and faster transactions. However, if you're interacting with platforms or wallets that only support legacy addresses, you can still use them without any problems. Remember to always double-check the address before sending any funds to avoid any mistakes or potential loss.
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