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Author Topic: Difference between an address starting from 1xxxx and 3xxxx  (Read 1143 times)
jacee (OP)
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October 10, 2015, 12:50:59 PM
 #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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Emerge
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October 10, 2015, 12:55:13 PM
 #2

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
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October 10, 2015, 12:59:05 PM
 #3

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.
jacee (OP)
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October 10, 2015, 01:03:36 PM
 #4

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.
ranochigo
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October 10, 2015, 01:07:12 PM
 #5

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.

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jacee (OP)
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October 10, 2015, 01:12:40 PM
 #6

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!

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
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October 10, 2015, 01:36:07 PM
 #7

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.

..JAMBLER.io..Create Your Bitcoin Mixing
Business Now for   F R E E 
▄█████████████████████████████
█████████████████████████
████▀████████████████████
███▀█████▄█▀███▀▀▀██████
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▀█████████████████████████████
█████████████████████████████████████████████████
.
      OUR      
PARTNERS

.
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█████████████████████████████████████████████████
.
   INVEST   
BITCOIN

.
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████▄
██
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██
██
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jacee (OP)
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October 10, 2015, 01:39:52 PM
 #8

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!
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