Bifocal contact lenses are available across the whole range of contact lens materials, from rigid gas permeable (RGP) lenses, to traditional soft contact lenses, to the new silicon hydrogel soft contact lenses, which allow much more oxygen to reach the eye. They are also available across the spectrum of wear schedules, from the RGPs which can last several years, to daily disposables.
The location of the distance and near correction in bifocal contact lenses varies with style. Some, called aspheric, have near and distance correction dispersed around the contact lens, and the eye will learn to use the part it needs at the correct time without you being aware of it. In others, called concentric, one type of correction is found in the middle of the contact lens, while the other kind of correction encircles it around the outside of the lens. Translating lenses work much like bifocal glasses, with one type of correction on the top, and the other on the bottom. Another option for people with presbyopia is to have the different corrections in different eyes, called monovision. In other words, in one eye you would wear a prescription to correct nearsightedness, and in the other, you would wear on to correct farsightedness. You will probably not even notice the difference, and because the lenses are less specialized, it may be more economical to purchase contact lenses this way if it is a style that works for you.