I restore a BTC account with KEYRING PRO, but the generated address seems to be different. Is there any problem?
First of all, there is something you should know about Bitcoin’s Address and Private Key.
- P2PKH, which stands for Pay-to-Pubkey Hash, is the basic form of making a transaction on Bitcoin Blockchain. The sample address is 1BvBMCEYstWgtqTFn9Au4m4GFg7xVbOVN2, which starts with “1….“.
- P2SH is structured similarly to P2PKH but enables more functionality than legacy addresses. The sample address of P2SH would be 3J98t1WpGZ73CMmDviecrnyiWrnqRhXNPy, which starts with “3….“.
- Bech32, also be known as ‘bc1 addresses’, is the Native Segwit address format, which is completely different from the P2-style addresses. The sample address is bc1qbr0srrr9xfxvy4l643lydnw9re59gtzzwf5oct, which starts with “bc1….“.
Bitcoin’s Private Key
- With Legacy Bitcoin address, the Private Key will be in the form that starts with “5….”.
- While the Private Key of SegWit Bitcoin address (including both P2SH and Bech32) will start with “K….” or “L….”.
Experience the latest BTC Address Format with KEYRING PRO
Since Bech32 is more efficient in blockweight usage and comes with lower fees, KEYRING PRO proudly brings you the best experience with the latest BTC Address Format.
- Every time you create a new Bitcoin Address on KEYRING PRO, a Bech32 address, which starts with “bc1….“, will be generated. It means when you backup this Bitcoin Address, the Private Key will start with “K….” or “L….”
- Whenever you import an account using a Private Key that starts with “K….” or “L….”, you will always get a Bech32 address even when that Private Key comes with a P2SH Bitcoin Address.
Example: You back up the BTC address 3J98t1WpGZ73CMmDviecrnyiWrnqRhXNPy with KEYRING PRO. From your Private Key (which starts with either “K….” or “L….”, the app will restore your account with the address bc1hbr0srrr4xfxva4l653lydnw9re59gtzzwf5oct instead of the old one. Those 02 addresses might look different, but they literally are the same BTC wallet.