CoinLoan supports two BTC and LTC address types: Bech32 (SegWit) and Legacy. The address formats have the following peculiarities:
Legacy: addresses start with 1
Bech32 (SegWit): addresses start with bc1
Legacy: addresses start with L
Bech32 (SegWit): addresses start with ltc1
Below, we highlight specific characteristics of each address type.
Legacy is the original address format for Bitcoin, created back in 2009. As for now, it’s the most expensive way to deposit BTC or LTC due to the most amount of space used inside a transaction. Thus, depositing BTC or LTC via the Legacy address format will result in a higher transaction fee.
Legacy address format for LTC deposits — Mobile app and web platform
Bech32 is the newest and most advanced address format for BTC and LTC. Due to its novelty, the transaction speed might be slower than with other address formats. However, a specific transaction speed may vary due to the blockchain capacity and workload.
Another difference between Bech32 and Legacy is that the Bech32 transaction fee is lower.
Note: CoinLoan charges no fees for depositing funds. However, some blockchain fees are collected to process the transaction on the network. Please check if the platform you are sending funds from takes over network fees in advance.
Bech32 address format for BTC deposits — Mobile app and web platform
Sending funds from Bech32 to Legacy or vice versa
You can send BTC or LTC from Bech32 to Legacy or vice versa. However, we advise you to use Bech32 on a regular basis and turn to Legacy only if your third-party wallet has no support for addresses running on the new format.
How to check deposit address on CoinLoan
To check your deposit addresses on the CoinLoan platform, follow these steps:
Log in to your CoinLoan account.
Navigate to the Wallet module.
Click on the needed currency (BTC or LTC).
The two deposit addresses will appear on the screen.
Bech32 and Legacy address formats