Definition: It is a modern Bitcoin address format that typically starts with bc1.
Key Advantages:
Lower Fees : Designed specifically for SegWit, these transactions use the least amount of data, resulting in the lowest possible fees.
Better Error Detection : It features a robust checksum; if you mistype a character, the wallet can usually detect the error and prevent you from sending funds to an invalid address.
User Friendly : It is case-insensitive (using only lowercase letters and numbers) and requires fewer characters, making it easier to read, type, and encode into QR codes.