Why does my restored wallet show bc1p addresses instead of my bitcoins?

If you restored your seed and see addresses starting with bc1p instead of your usual ones, you might be looking at a wallet that uses the BIP-86 standard.

What is BIP-86?

BIP-86 is a derivation standard that uses purpose 86' and produces single-key P2TR outputs. The addresses it generates start with bc1p.

The source is BIP-86 itself: 'BIP-86 uses purpose 86' and produces single-key P2TR outputs, the addresses starting with bc1p' (BIP-86 · github.com/bitcoin/bips/blob/master/bip-0086.mediawiki).

Why do I see bc1p and not my usual addresses?

Each derivation standard —like BIP-44, BIP-49, BIP-84 or BIP-86— generates a different address type. If your original wallet used BIP-86, its addresses are bc1p. If the wallet you restored to doesn't implement BIP-86, it won't show you those addresses.

Conversely, if your original wallet used another standard, like BIP-84, and the new wallet defaults to BIP-86, you'll see empty bc1p addresses.

What can I do if I see bc1p and can't find my funds?

Look for a wallet that supports BIP-86 and restore your seed phrase there. If your original wallet generated bc1p, that wallet will derive the same addresses.

If you're not sure which derivation your original wallet used, check its documentation or the addresses you used to use. If they were bc1p, you need BIP-86.

This doesn't mean your bitcoins are lost

The fact that BIP-86 produces bc1p addresses doesn't mean every wallet implements it, or that your coins are permanently tied to that standard.

This doesn't mean your bitcoins are lost

Source: BIP-86 · github.com/bitcoin/bips/blob/master/bip-0086.mediawiki