What are the differences between tz1 and KT1 addresses? How are they typically used? How does one go about creating one?
tz1 and kt1 addresses have the same functionality in terms of transactions. However, there is one difference, kt1 accounts have smart contract functionality and tz1 does not. Also, you can use your tz1 account to self-bake but you cannot use your tz1 account to delegate. As for kt1 accounts, you can use this address to delegate but you cannot use your kt1 to bake.