There are three bitcoin address formats currently in use:
- P2PKH addresses which begin with the number 1.
- P2SH addresses starting with the number 3.
- Bech32 addresses also known as "bc1 addresses" starting with bc1.
Example: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq. Bech32 is supported by the majority of software and hardware wallets, but only a few exchange platforms. Bech32 is more efficient with block space.
Paxful Wallet allows withdrawals to P2PKH, P2SH, and Bech32 addresses.