Find Out the Wallet Type of address by Number of Characters

ranochigo

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Quote from: Jon_Hodl on July 16, 2023, 06:06:27 PM

I don't think this is limited to just multisig addresses. I have also noticed a much longer address when I make a payment directly to an address invoice with BTCPay Server.

Some merchant uses MultiSig when using BTCPay servers.

Quote from: blue Snow on July 17, 2023, 07:11:43 PM

In fact, it is. I don't know why many people are mistaken that 2FA can save their wealth. because there are nothing non-custody wallet that uses 2FA, if there is a wallet used, it is definitely using a third party which I think is not safe. It is the same as handing your wealth to others. That function of a wallet where only you can access the key is useless.

There are non-custodial schemes to use 2FA as well, which has to do with MultiSig. One of the keys can be held with a third-party which only signs the transaction when the 2FA is correct. However, the third-party still requires the participation of the user when using the funds due to the MultiSig setup. As such, this becomes a scheme whereby the third-party has no sole control over the coins.

dansus021

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as far as I know bc1q is a native segwit address meaning that address can get a cheaper fee when transacting to other address especially if the receiver and the sender has all native segwit address. Here you can see some benefit by using segwit address

- https://www.blockchain-council.org/cryptocurrency/segwit-vs-native-segwit/

and yes usually longer address has multisig meaning need more than one to approve an transaction. It is more safe? it always depend on you put the private key hehehhe because multisig can be hacked if you have both of the private key the example is here - https://blockworks.co/news/nomad-token-bridge-raided-for-190m-in-frenzied-free-for-all

blue Snow

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Quote from: Plaguedeath on July 13, 2023, 11:11:01 PM

Quote from: blue Snow on July 13, 2023, 08:24:02 PM

It's not mean the longer address is safer. because usually, the people will save both (2 and 3 cosigner keys) in the same PC, cupboard, and safe deposit box.

If someone safe all of the multi sig wallet private key in the same place, the holder was the fault because he ruined the purpose of multi sig wallet. This situation is similar like someone install 2FA in the same device where he use to access his wallet or site, you're not protect anything if you not install 2FA in the different device.

In fact, it is. I don't know why many people are mistaken that 2FA can save their wealth. because there are nothing non-custody wallet that uses 2FA, if there is a wallet used, it is definitely using a third party which I think is not safe. It is the same as handing your wealth to others. That function of a wallet where only you can access the key is useless.

Jon_Hodl

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I don't think this is limited to just multisig addresses. I have also noticed a much longer address when I make a payment directly to an address invoice with BTCPay Server.

Plaguedeath

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Quote from: blue Snow on July 13, 2023, 08:24:02 PM

It's not mean the longer address is safer. because usually, the people will save both (2 and 3 cosigner keys) in the same PC, cupboard, and safe deposit box.

A normal human rarely keeps the key separate, and the hackers very understand that house keys are always in 1 box.

If someone safe all of the multi sig wallet private key in the same place, the holder was the fault because he ruined the purpose of multi sig wallet. This situation is similar like someone install 2FA in the same device where he use to access his wallet or site, you're not protect anything if you not install 2FA in the different device.

Saving a private key in PC is really bad idea too, anything connected via online has a vulnerability.

blue Snow

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It's not mean the longer address is safer. because usually, the people will save both (2 and 3 cosigner keys) in the same PC, cupboard, and safe deposit box.

A normal human rarely keeps the key separate, and the hackers very understand that house keys are always in 1 box.

o_e_l_e_o

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Quote from: Not your key not your BTC on July 12, 2023, 07:18:25 PM

No.1 is the address which type of standard wallet where I got it from Electrum wallet, and
No.2 is the address which type Multi-signature wallet which I got it from Electrum wallet also.

This is not quite accurate. P2WPKH addresses are 42 characters; P2WSH addresses are 62 characters. While P2WSH can indeed be multi-sig addresses, they are not exclusively multi-sig addresses and could also be any other locking script.

Quote from: Not your key not your BTC on July 12, 2023, 07:18:25 PM

So, is longer safer?

No. Multi-sig is safer than single-sig against some attacks (provided you set it up properly), but longer addresses are not necessarily safer than shorter addresses, since as I explained above the longer addresses could have any locking script, even very insecure ones.

Taproot addresses are all 62 characters, regardless of whether they are key path or script path, single sig or multi-sig.

pooya87

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Quote from: Not your key not your BTC on July 12, 2023, 07:18:25 PM

So, if you take a glance, do you know the type of wallet?

Technically by seeing an address you can only know the type of address not the type of wallet. Although in practice since majority of wallets are deterministic and produce the same type of address, it can also indicate their wallet type.

Quote

So, is longer safer?

Yes and no. Multi-sig address doesn't become safe just because it uses more than one key, it can become safe if the keys are created and kept separately on safe airgap systems.
Additionally you should know that P2WPKH (a single sig address) is safe and multi-sig is adding another layer of security on top and it is used for a different purpose. In other words it is not about being safeer but about offering a different utility.

And finally apart from address length, there are other characteristics that define the type of the address. Two of which are the starting characters (bc1 vs 1 vs 3) and in case of SegWit addresses the first character right after the separator "1" which indicates the version of the witness program used in the address. In these cases it is "q" so it is version 0.

Zaguru12

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Quote from: Charles-Tim on July 13, 2023, 01:45:35 AM

If comparing segwit single sig and segwit multisig wallets, they are different from legacy and nested segwit and this is not what this thread is all about.

I was actually just a bit general that the only time a disparity in address type is put in consideration is during a transaction speed and it’s like, not security.

Quote from: Charles-Tim on July 13, 2023, 01:45:35 AM

You mean if a hacker get hold of one of they keys, that he will still not be able to compromise the multisig wallets, that is true. But that means the hacker do not have access to the funds at all.

Sorry I meant keys, thanks for the correction.

Quote from: Helena Yu on July 12, 2023, 10:37:24 PM

Multisig wallet is good for a project, business, family etc. If you're just hold your Bitcoin for personal, it's better to use a standard wallet.

Multi sig is still much better in terms of security. The only thing is when setting up an individual multi sig, if a single device is used to set up the whole thing or used to store all keys ( two or more keys are store in the same place) then it defeats the entire purpose of a multi sig. even if only you owns the multi sig wallet, use multiple devices so that even if one is compromised you don’t expose more than one seed or key

Charles-Tim

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Quote from: Not your key not your BTC on July 12, 2023, 07:18:25 PM

So, is longer safer?
it depends on you, but it should be safer because Multi-signature wallet needs more 1 cosigner seed or key to access the wallet.
The hacker wouldn't be able to access it if they only have 1 key and seed where you and other people keep it in different places.

They are just addresses which you can give to anyone to transfer money to your you. No address is safer than another. But between P2WPKH and P2WSH wallet, that which one is safer, definitely P2WSH which is multisig is safer.

Quote from: Zaguru12 on July 12, 2023, 09:18:56 PM

The only time an address becomes an issue is the fact that a Native Segwit address(P2WPKH) (an address starting with bc1q) is more preferred to the Legacy address P2PKH and P2SH during transaction because it saves more than then and will have a less transaction fee cost (at least 16% less or more). And this is actually the main reason behind the disparity of the addresses,

If comparing segwit single sig and segwit multisig wallets, they are different from legacy and nested segwit and this is not what this thread is all about.

Quote from: Zaguru12 on July 12, 2023, 09:18:56 PM

So even if an hacker or thief gets hold of one the funds wouldn’t be moved without the rest

You mean if a hacker get hold of one of they keys, that he will still not be able to compromise the multisig wallets, that is true. But that means the hacker do not have access to the funds at all.

Quote from: Helena Yu on July 12, 2023, 10:37:24 PM

Multisig wallet is good for a project, business, family etc. If you're just hold your Bitcoin for personal, it's better to use a standard wallet.

Multisig is good for projects, business and family, but if you are to setup multisig for your coins to be safer, it is still a good idea. Multisig is safer than single sig.

Quote from: Faisal2202 on July 13, 2023, 01:16:02 AM

Like the characters do not matter only thing that matter is the level of security and encryption and of course if you wallet address contains more character then it means it has increased level of encryption.

What level of encryption? There is nothing encrypted in address.

Faisal2202

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It's an obvious thing that, Multi-Sig wallets are more secure then the simpler ones. So it does not matter how long your wallet address is. Like the characters do not matter only thing that matter is the level of security and encryption and of course if you wallet address contains more character then it means it has increased level of encryption.

Which means it would need more keys to decrypt and encrypt then a simpler wallet address. I am not an expert but according to my simple knowledge about Data encryption and decryption. I suggested my answer.

Helena Yu

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You need to know if Bitcoin address isn't only always 42 and 62 characters, it's only for native segwit. If you use a different format address e.g. legacy, the number of the characters are different too. Don't forget there were weird address that consist of 14 characters

Quote from: Not your key not your BTC on July 12, 2023, 07:18:25 PM

it depends on you, but it should be safer because Multi-signature wallet needs more 1 cosigner seed or key to access the wallet.
The hacker wouldn't be able to access it if they only have 1 key and seed where you and other people keep it in different places.

At the same time, the risk of losing your coins are increase because if you only able to find the one key and forgot with the other key(s), you can't access your wallet anymore.

Multisig wallet is good for a project, business, family etc. If you're just hold your Bitcoin for personal, it's better to use a standard wallet.

Zaguru12

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Quote from: Ever-young on July 12, 2023, 07:25:58 PM

Have not read much about multi-signature wallet, but base on the security measures which is requires all the key/phrase which is being held by different individuals before you could send something out. I believe it's the safest. But when it comes to address I don't see any security attached to addresses, how protected the wallet might be all depends on how the phrases or private key is being handled, if kept careless then their will be no security at all.

Exactly I think OP should have just said a multi sig wallet is more secure than a standard or single sig wallet. But when it is about address, the length isn’t a thing of concern in terms of security. The only time an address becomes an issue is the fact that a Native Segwit address(P2WPKH) (an address starting with bc1q) is more preferred to the Legacy address P2PKH and P2SH during transaction because it saves more than then and will have a less transaction fee cost (at least 16% less or more). And this is actually the main reason behind the disparity of the addresses,

the security of a wallet depends on the private and other factors attached like 2FA, and that is why a multi sig wallet is better than a single sig because it has two or more private key or signature needed to sign a transaction. So even if an hacker or thief gets hold of one the funds wouldn’t be moved without the rest

Ever-young

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Have not read much about multi-signature wallet, but base on the security measures which is requires all the key/phrase which is being held by different individuals before you could send something out. I believe it's the safest. But when it comes to address I don't see any security attached to addresses, how protected the wallet might be all depends on how the phrases or private key is being handled, if kept careless then their will be no security at all.

Not your key not your BTC

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I accidentally see a Bitcoin address from a member here, and see there is a big difference in the number of characters. I see there are 42 and 62 characters.

I don't want to show that address, but I will give an example:

1. bc1qtt02jvsppq0dspclxw5u68zpuupjmy60q2jnjz (42 characters)

2. bc1qtxh2pn4ea5yhevpdyaevtrl04d3le9yu2p4z60c0fqsfyc0fwswsscza7x (62 characters)

So, if you take a glance, do you know the type of wallet?

...

here the answer:

No.1 is the address which type of standard wallet where I got it from Electrum wallet, and
No.2 is the address which type Multi-signature wallet which I got it from Electrum wallet also.

So, is longer safer?
it depends on you, but it should be safer because Multi-signature wallet needs more 1 cosigner seed or key to access the wallet.
The hacker wouldn't be able to access it if they only have 1 key and seed where you and other people keep it in different places.

correct me if i wrong

Topic: Find Out the Wallet Type of address by Number of Characters (Read 173 times)