Bech32 refers to a generic check-summed base32-encoded format featuring strong error-detection guarantees. While bech32 was originally developed to be used as the address format for native Segwit outputs (BIP-173), it is also used to encode lightning invoices (BOLT #11). While native Segwit version 0 outputs (P2WPKH and P2WSH) use bech32, higher native Segwit output versions (e.g., Pay-to-Taproot or P2TR) use the improved variant bech32m (BIP-350). Bech32(m) addresses are sometimes referred to as "bc1" addresses, reflecting the prefix of such addresses. Native segwit outputs are more blockspace-efficient than older addresses and therefore may reduce transaction fees for the owner of such an address.
Bech32 refers to a generic check-summed base32-encoded format featuring strong error-detection guarantees. While bech32 was originally developed to be used as the address format for native SegWit outputs (BIP-173), it is also used to encode lightning invoices (BOLT #11). While native SegWit version 0 outputs (P2WPKH and P2WSH) use bech32, higher native SegWit output versions (e.g., Pay-to-Taproot or P2TR) use the improved variant bech32m (BIP-350). Bech32(m) addresses are sometimes referred to as "bc1" addresses, reflecting the prefix of such addresses. Native SegWit outputs are more blockspace-efficient than older addresses and therefore may reduce transaction fees for the owner of such an address.
Bitcoin Improvement Proposal (BIP)::
A proposal that members of the Bitcoin community have submitted to improve Bitcoin. For example, BIP-21 is a proposal to improve the Bitcoin uniform resource identifier (URI) scheme. BIPs can be found at https://github.com/bitcoin/bips.
@ -88,7 +88,7 @@ coinbase transaction::
The coinbase transaction may claim the block reward and assign it to one or more outputs.
The block reward consists of the block subsidy (newly created bitcoin) and the sum of all transaction fees from transactions included in the block.
Coinbase outputs can only be spent after maturing for 100 blocks.
If the block includes any Segwit transactions, the coinbase transaction must include a commitment to the witness transaction identifiers in an additional output.
If the block includes any SegWit transactions, the coinbase transaction must include a commitment to the witness transaction identifiers in an additional output.
cold storage::
Refers to keeping an amount of bitcoin offline. Cold storage is achieved when Bitcoin private keys are created and stored in a secure offline environment. Cold storage is important to protect bitcoin holdings. Online computers are vulnerable to hackers and should not be used to store a significant amount of bitcoin.
@ -293,13 +293,13 @@ P2SH address::
P2SH addresses are Base58Check encodings of the 20-byte hash of a script. P2SH addresses start with a "3". P2SH addresses hide all of the complexity, so that the sender of a payment does not see the script.
Pay To Witness Public Key Hash (P2WPKH)::
P2WPKH is the Segwit equivalent of P2PKH, using a segregated witness. The signature to spend a P2WPKH output is put in the witness tree instead of the scriptSig field. See _Segwit_.
P2WPKH is the SegWit equivalent of P2PKH, using a segregated witness. The signature to spend a P2WPKH output is put in the witness tree instead of the scriptSig field. See _SegWit_.
P2WPKH address::
The "native Segwit v0" address format, P2WPKH addresses are bech32-encoded and start with "bc1q".
The "native SegWit v0" address format, P2WPKH addresses are bech32-encoded and start with "bc1q".
Pay To Witness Script Hash (P2WSH)::
P2WSH is the Segwit equivalent of P2SH, using a segregated witness. The signature and script to spend a P2WSH output is put in the witness tree instead of the scriptSig field. See _Segwit_.
P2WSH is the SegWit equivalent of P2SH, using a segregated witness. The signature and script to spend a P2WSH output is put in the witness tree instead of the scriptSig field. See _SegWit_.
P2WSH address::
The "native Segwi v0" script address format, P2WSH addresses are bech32-encoded and start with "bc1q".
@ -308,7 +308,7 @@ Pay To Taproot (P2TR)::
Activating in November 2021, Taproot is a new output type that locks bitcoin to a tree of spending conditions, or a single root condition.
P2TR address::
The Taproot address format, representing Segwit v1, is a bech32m encoded address and starts with "bc1p"
The Taproot address format, representing SegWit v1, is a bech32m encoded address and starts with "bc1p"
payment::
A Lightning payment occurs when bitcoin is transferred within the Lightning Network. Payments are generally not seen on the Bitcoin blockchain.
The secret number that unlocks bitcoin sent to the corresponding address. pass:[<span class="keep-together">A secret</span>] key looks like this: +5J76sF8L5j​TtzE96r66Sf8cka9y44wdpJjMwCxR3tzLh3i​bVPxh+.
Segregated Witness, Segwit::
Segregated Witness, or Segwit, is an upgrade to the Bitcoin protocol introduced in 2017 that adds a new witness for signatures and other transaction authorization proofs. This new witness field is exempt from the calculation of the transaction ID, which solves most classes of 3rd-party transaction malleability. Segregated Witness was deployed as a soft fork and is a change that technically makes Bitcoin’s protocol rules more restrictive.
Segregated Witness, SegWit::
Segregated Witness, or SegWit, is an upgrade to the Bitcoin protocol introduced in 2017 that adds a new witness for signatures and other transaction authorization proofs. This new witness field is exempt from the calculation of the transaction ID, which solves most classes of 3rd-party transaction malleability. Segregated Witness was deployed as a soft fork and is a change that technically makes Bitcoin’s protocol rules more restrictive.
SHA::
The Secure Hash Algorithm or SHA is a family of cryptographic hash functions published by the National Institute of Standards and Technology (NIST). The Bitcoin protocol currently uses SHA-256, which produces a 256-bit hash.
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