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

Pay-to-Witness-Public-Key-Hash (P2WPKH) is a type of ScriptPubKey which is used to lock bitcoin to a SegWit address. A P2WPKH transaction is similar to a P2PKH transaction in most ways; it still locks bitcoin to the hash of a public key. The major difference is that P2WPKH uses SegWit.

Learn more about SegWit.

This means that the ScriptSig—the script that unlocks the bitcoin—for all inputs is moved outside of the transaction body and into the Witness section and called the Script Witness. This data is still recorded on the blockchain, but the data incurs a lower fee than regular data, making SegWit transactions cheaper than regular transactions.