P2WPKH (Pay to Witness Public Key Hash)
P2WPKH encapsulates single-sig transactions within Bitcoin’s Segregated Witness structure, moving signature data outside the base transaction data. This reduces the effective size for fee calculation, providing savings for users. Addresses start with ‘bc1q’ on mainnet. It also fixes malleability issues by segregating the witness (signature) data from the transaction ID calculation. While functionally similar to P2PKH, it is more cost-efficient and more future-proof. Many wallets now default to P2WPKH addresses, though some remain on P2PKH due to compatibility or user preference issues.
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