Bip173

BIP173, also known as Bech32 address format, is a standard proposed by Bitcoin Improvement Proposal for enhancing the security and efficiency of cryptocurrency transactions. It introduces a new type of address format that is more user-friendly and resistant to human error compared to traditional address formats.

BIP173 addresses typically start with “bc1” and consist of a mix of lowercase letters and numbers. This format aims to improve the readability and reliability of addresses, reducing the chances of errors when sending or receiving funds.

One of the key advantages of BIP173 is its ability to support Segregated Witness (SegWit) transactions, resulting in lower fees and faster processing times. This makes it an attractive choice for users looking to optimize their transaction experience on the Bitcoin network.

Overall, BIP173 has become increasingly popular in the cryptocurrency community due to its benefits in terms of security, efficiency, and user experience. Its adoption is expected to continue growing as more platforms and wallets implement support for this address format.