There are several BTC address formats (protocols) that crypto-related services support. YouHodler supports the top two BTC address formats - SegWit and Bech32. Before the deposit you must choose the correct type of the wallet. For withdrawals, our platform automatically determines the type of wallet using the address format.
Bech32 is the advanced BTC address format that starts with the bc1. Since this is the newest wallet format, statistically the speed of transaction processing is slower than other types of BTC addresses but as with any transaction, the exact speed depends on the blockchain capacity and workload at the particular time.
SegWit is the most common BTC address format that almost all businesses and wallets support. It starts with the number 3 and contains 26 to 36 characters. The average transaction fee and time can be higher for Bech32 but as with any transaction, it depends on the state of the blockchain.
Please explore this article if you wondering about how to deposit crypto.
Before making the transfer, please check the address format of your wallet provider.