Quote from: Larreate.x on Today at 12:20:36 PM

As the title suggests, I would like to know why a single cryptocurrency has multiple types of addresses.

Malleability issues has actually been the main reason why there is soft forks like this, it is just to try to reduce the weight of transaction on a block while carrying out transactions so as to create enough space for more transactions to be filled into a block and thereby easing the congestion on the bitcoin network.

Quote from: Larreate.x on Today at 12:20:36 PM

I would also like to know if we risk losing our cryptocurrency if we accidentally use a Bech32 address instead of a Legacy address.

Any bitcoin sent to an address from a wallet which its seed phrase or private key is known is never lost except if you are sending to a totally wrong address which is not known

Quote from: Larreate.x on Today at 12:20:36 PM

What is the advantage of using one over the other?😊

To cut cost of transaction fees as the new forks (SEGWIT) are more cost effective than the other formats. The the SegWit also has their own differences with taproot addresses best used for transaction with multiple inputs and less outputs while the native SegWit are best used for low input and multiple outputs.

Quote from: Frankolala on Today at 12:35:34 PM

SegWit address uses low fee when making transactions from this address because it occups small space in the blockchain compared to Legacy address.

It is not the size that is even reduced in SegWit transactions that makes its fee effective and it doesn’t actually occupy less space than legacy transactions but rather the SegWit transactions have less weight than legacy transactions and since the new fork actually calculate fees base on weight the segwit transactions are cost effective