Transaction fee saving can be like this
- With Legacy address (1): most expensive
- With Nested Segwit address (3): medium saving
- With Native Segwit address (bc1q): average saving
- With Taproot address (bc1p): most saving
Taproot transactions are not necessarily smaller than native segwit transactions. A taproot input is 10.5 vbytes smaller than a native segwit input, but a taproot output is 12 vbytes larger than a native segwit output. Therefore, a transaction consolidating many taproot inputs will be smaller than a native segwit equivalent, but standard 1-input-2-output taproot transaction will be larger than its native segwit equivalent.
Other address types
- Legacy (P2PKH): starts with a 1.
- Nested SegWit (P2SH): starts with a 3.
- Native SegWit (bech32): starts with bc1q.
- Taproot (P2TR): starts with bc1p.
Native segwit is called P2WPKH, not bech32. Bech32 is the name of the character encoding scheme. Both P2WPKH and P2TR use Bech32 encoding.