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Topic: Difference between an address starting from 1xxxx and 3xxxx (Read 1180 times)

jacee
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Activity: 1302
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Difference between an address starting from 1xxxx and 3xxxx
October 10, 2015, 08:39:52 AM
#8
Quote from: ranochigo on October 10, 2015, 08:36:07 AM
Quote from: jacee on October 10, 2015, 08:12:40 AM
Quote
Wallets starting with 1 are normal addresses which uses one addresses for signing and sending transactions. Addressed starting with 3 are P2SH or n of m addresses which means n signatures are required to send the amount. I have created this using 3 different individually generated private key, extract the public key and use coinb.in to generate. The pro is that, it is less probable to get hacked if generated and used correctly and allows different users to essentially be the shareholder. I find it harder to sign message with it though.

Thank you for elaborating this clearly. I fully understand now how this 1xx and 3xx addresses works. So basically he address with 3xx is much secure because it has another copy of the private keys, am I right? It's a multi-sig.  

So then I can create a 3xxx address from my mycelium wallet or not?
It is much secure because more than one key is required to send the amount of BTC. In an ideal situation, this could provide a safer cold storage address if the transactions are signed individually. It is not possible to use it within mycelium unless you use hardware wallets like trezor and I see no advantage either. It is designed for convenience, not security.

I see. Okay then. Thanks for answering my questions. I'll be locking this thread now.

 regards!
ranochigo
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Activity: 3038
Merit: 4418
Crypto Swap Exchange
Re: Difference between an address starting from 1xxxx and 3xxxx
October 10, 2015, 08:36:07 AM
#7
Quote from: jacee on October 10, 2015, 08:12:40 AM
Quote
Wallets starting with 1 are normal addresses which uses one addresses for signing and sending transactions. Addressed starting with 3 are P2SH or n of m addresses which means n signatures are required to send the amount. I have created this using 3 different individually generated private key, extract the public key and use coinb.in to generate. The pro is that, it is less probable to get hacked if generated and used correctly and allows different users to essentially be the shareholder. I find it harder to sign message with it though.

Thank you for elaborating this clearly. I fully understand now how this 1xx and 3xx addresses works. So basically he address with 3xx is much secure because it has another copy of the private keys, am I right? It's a multi-sig.  

So then I can create a 3xxx address from my mycelium wallet or not?
It is much secure because more than one key is required to send the amount of BTC. In an ideal situation, this could provide a safer cold storage address if the transactions are signed individually. It is not possible to use it within mycelium unless you use hardware wallets like trezor and I see no advantage either. It is designed for convenience, not security.
jacee
legendary
Activity: 1302
Merit: 1025
Re: Difference between an address starting from 1xxxx and 3xxxx
October 10, 2015, 08:12:40 AM
#6
Quote from: redsn0w on October 10, 2015, 07:59:05 AM
Quote from: Emerge on October 10, 2015, 07:55:13 AM
Quote from: jacee on October 10, 2015, 07:50:59 AM
As said on the title, I was wondering why sime wallet address starts with 1xxxx and some starts with 3xxxx .
What are the difference between the two? is there? If yes, what is the pros and cons as to why a wallet uses this kind of address?

 Sorry for this dumb question as I am still learning my way to bitcoins. I'm still a newbie qhen it comes to fully undertanding how the bitcoins network works so I am trying my best to understand every single detail about it. Cheesy



I'm pretty sure the addresses with 3xxx are somewhat exclusively from Bit-X..
Let me do some research to see if there's any other difference


"A multi-signature address is an address that is associated with more than one ECDSA private key. The simplest type is an m-of-n address - it is associated with n private keys, and sending bitcoins from this address requires signatures from at least m keys. A multi-signature transaction is one that sends funds from a multi-signature address."


http://bitcoin.stackexchange.com/questions/3718/what-are-multi-signature-transactions



Everyone can create a multisignature btc address.



Please lock this thread (if you think that you have understand what is the difference) to prevent spam Wink.

I don't quite undertand the sites explanation but I have some ideas from it. Thanks!

Quote from: ranochigo on October 10, 2015, 08:07:12 AM
Quote from: jacee on October 10, 2015, 07:50:59 AM
As said on the title, I was wondering why sime wallet address starts with 1xxxx and some starts with 3xxxx .
What are the difference between the two? is there? If yes, what is the pros and cons as to why a wallet uses this kind of address?

 Sorry for this dumb question as I am still learning my way to bitcoins. I'm still a newbie qhen it comes to fully undertanding how the bitcoins network works so I am trying my best to understand every single detail about it. Cheesy


Wallets starting with 1 are normal addresses which uses one addresses for signing and sending transactions. Addressed starting with 3 are P2SH or n of m addresses which means n signatures are required to send the amount. I have created this using 3 different individually generated private key, extract the public key and use coinb.in to generate. The pro is that, it is less probable to get hacked if generated and used correctly and allows different users to essentially be the shareholder. I find it harder to sign message with it though.

Thank you for elaborating this clearly. I fully understand now how this 1xx and 3xx addresses works. So basically he address with 3xx is much secure because it has another copy of the private keys, am I right? It's a multi-sig. 

So then I can create a 3xxx address from my mycelium wallet or not?
ranochigo
legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
Re: Difference between an address starting from 1xxxx and 3xxxx
October 10, 2015, 08:07:12 AM
#5
Quote from: jacee on October 10, 2015, 07:50:59 AM
As said on the title, I was wondering why sime wallet address starts with 1xxxx and some starts with 3xxxx .
What are the difference between the two? is there? If yes, what is the pros and cons as to why a wallet uses this kind of address?

 Sorry for this dumb question as I am still learning my way to bitcoins. I'm still a newbie qhen it comes to fully undertanding how the bitcoins network works so I am trying my best to understand every single detail about it. Cheesy


Wallets starting with 1 are normal addresses which uses one addresses for signing and sending transactions. Addressed starting with 3 are P2SH or n of m addresses which means n signatures are required to send the amount. I have created this using 3 different individually generated private key, extract the public key and use coinb.in to generate. The pro is that, it is less probable to get hacked if generated and used correctly and allows different users to essentially be the shareholder. I find it harder to sign message with it though.
jacee
legendary
Activity: 1302
Merit: 1025
Re: Difference between an address starting from 1xxxx and 3xxxx
October 10, 2015, 08:03:36 AM
#4
Quote from: Emerge on October 10, 2015, 07:55:13 AM
Quote from: jacee on October 10, 2015, 07:50:59 AM
As said on the title, I was wondering why sime wallet address starts with 1xxxx and some starts with 3xxxx .
What are the difference between the two? is there? If yes, what is the pros and cons as to why a wallet uses this kind of address?

 Sorry for this dumb question as I am still learning my way to bitcoins. I'm still a newbie qhen it comes to fully undertanding how the bitcoins network works so I am trying my best to understand every single detail about it. Cheesy



I'm pretty sure the addresses with 3xxx are somewhat exclusively from Bit-X..
Let me do some research to see if there's any other difference

coins.ph has a 3xxx address. They used to have a 1xxx address before.
redsn0w
legendary
Activity: 1778
Merit: 1043
#Free market
Re: Difference between an address starting from 1xxxx and 3xxxx
October 10, 2015, 07:59:05 AM
#3
Quote from: Emerge on October 10, 2015, 07:55:13 AM
Quote from: jacee on October 10, 2015, 07:50:59 AM
As said on the title, I was wondering why sime wallet address starts with 1xxxx and some starts with 3xxxx .
What are the difference between the two? is there? If yes, what is the pros and cons as to why a wallet uses this kind of address?

 Sorry for this dumb question as I am still learning my way to bitcoins. I'm still a newbie qhen it comes to fully undertanding how the bitcoins network works so I am trying my best to understand every single detail about it. Cheesy



I'm pretty sure the addresses with 3xxx are somewhat exclusively from Bit-X..
Let me do some research to see if there's any other difference


"A multi-signature address is an address that is associated with more than one ECDSA private key. The simplest type is an m-of-n address - it is associated with n private keys, and sending bitcoins from this address requires signatures from at least m keys. A multi-signature transaction is one that sends funds from a multi-signature address."


http://bitcoin.stackexchange.com/questions/3718/what-are-multi-signature-transactions



Everyone can create a multisignature btc address.



Please lock this thread (if you think that you have understand what is the difference) to prevent spam Wink.
Emerge
legendary
Activity: 854
Merit: 1000
Re: Difference between an address starting from 1xxxx and 3xxxx
October 10, 2015, 07:55:13 AM
#2
Quote from: jacee on October 10, 2015, 07:50:59 AM
As said on the title, I was wondering why sime wallet address starts with 1xxxx and some starts with 3xxxx .
What are the difference between the two? is there? If yes, what is the pros and cons as to why a wallet uses this kind of address?

 Sorry for this dumb question as I am still learning my way to bitcoins. I'm still a newbie qhen it comes to fully undertanding how the bitcoins network works so I am trying my best to understand every single detail about it. Cheesy



I'm pretty sure the addresses with 3xxx are somewhat exclusively from Bit-X..
Let me do some research to see if there's any other difference
jacee
legendary
Activity: 1302
Merit: 1025
Re: Difference between an address starting from 1xxxx and 3xxxx
October 10, 2015, 07:50:59 AM
#1
As said on the title, I was wondering why sime wallet address starts with 1xxxx and some starts with 3xxxx .
What are the difference between the two? is there? If yes, what is the pros and cons as to why a wallet uses this kind of address?

 Sorry for this dumb question as I am still learning my way to bitcoins. I'm still a newbie qhen it comes to fully undertanding how the bitcoins network works so I am trying my best to understand every single detail about it. Cheesy

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