Pay-to-Witness-Public-Key-Hash (P2WPKH)

Pay-to-Witness-Public-Key-Hash (P2WPKH) is a Bitcoin script type linked to Segregated Witness (SegWit) addresses. Like the older Pay-to-PubKey-Hash (P2PKH), it locks bitcoin to the hash of a public key, but with one major difference: SegWit. In P2WPKH transactions, the unlocking data—usually found in the ScriptSig—is placed in a separate part of the transaction called the Witness. This witness data is still saved on the blockchain, but it’s treated in a way that lowers transaction fees. As a result, P2WPKH makes sending bitcoin more efficient and reduces the cost compared to traditional transaction types.