How to Distinguish Wallet Addresses

Each address type has unique features, impacting security, fees & functionality. Following are 5 common types:

1. Segwit (Bech32) Address Starts with "bc1", reduces transaction fees by storing less data per transaction. Commonly used for Bitcoin transactions.

2. Legacy (P2PKH) Address The original Bitcoin address format, starts with "1", but has higher fees. Mostly found in older wallets.

3. Compatibility (P2SH) Address Starts with "3", enables multi-signature transactions and smart contracts. Useful for advanced Bitcoin features.

4. Taproot (BC1P) Address Begins with "bc1p", improves privacy & enables advanced Bitcoin smart contracts. Preferred for efficiency.

5. Ethereum (ETH) Address Starts with "0x," is 40 characters long & supports ERC-20 tokens. Used across Ethereum-based networks.