BTC addresses consist of 27 to 34 alphanumeric characters. There are 3 main address formats — each with different starting characters:
1 — Legacy addresses (P2PKH)
3 — Wrapped SegWit addresses (P2SH)
bc1 — Native SegWit addresses (P2WPKH)
MoonPay uses a native SegWit addressing format (P2WPKH) for BTC addresses, starting with bc1q.
MoonPay wallet UI displaying the wallet address.
What is SegWit?
Segregated Witness, also known as SegWit, is a smart system that many Bitcoin services use. It keeps transaction signatures separate from the main blockchain, smoothing things. SegWit improves the Bitcoin network. It allows faster transactions and lowers fees.
Bitcoin needs speedy and efficient systems to work well, and that's where SegWit comes in. It's here to make sure everyone using Bitcoin has a better experience.
Sending BTC to a SegWit address
Below are the steps to send BTC from legacy addresses (P2PKH or P2SH) to a SegWit address (P2WPKH):
Send your coins to an exchange
Withdraw them to the SegWit address in your MoonPay account