This chart shows the shares of different transaction output types spent on the Bitcoin network. Transaction output types, or txout types for short, are determined by the type of Bitcoin script conditions that are used to lock Bitcoin in the output. The most common transaction output types are:

• P2PK (Pay to Public Key): The first available type, locking funds using a public key.
• P2PKH (Pay to Public Key Hash): The successor of P2PK, locking funds using the hash of a public key.
• Bare Multisig: An outdated approach to lock funds using multiple public keys.
• P2SH (Pay to Script Hash): Funds are locked using arbitrary Bitcoin script instructions. This type is primarily used for Multisig or wrapped SegWit (see below).
• P2WPKH (Pay to Witness Public Key Hash): The SegWit version of P2PKH. This type comes in two variants: for P2WPKH, spending conditions are directly encoded in the locking script; for nested P2WPKH, spending conditions are nested in a P2SH script.
• P2WSH (Pay to Witness Script Hash): The SegWit version of P2SH. This type comes in two variants: for P2WSH, spending conditions are directly encoded in the locking script; for nested P2WSH, spending conditions are nested in a P2SH script.
• P2TR (Pay to Taproot): Funds are locked using a 32-byte hash that is either (1) a public key, (2) a combination of multiple public keys, or (3) a script hash.
• Non-standard: Serves as catch-all for all outputs whose script instructions don't match any of the well-defined output types.