BTC’s popularity, as well as the number of those wishing to purchase a valuable cryptocurrency, is growing rapidly. Unfortunately, you can’t just take money, go to the bank and buy Bitcoin. Therefore, newbies usually keep asking similar questions like ‘What is my Bitcoin address?’, ‘How to send BTC?’, ‘How to get BTC wallet’, etc.
That’s why today, we’ll tell you what a Bitcoin wallet address is, where to get it, as well as how to get and find out all the information about it. So, ‘What is my Bitcoin address?’ you may still wondering — let’s try to find out!
What Is a Bitcoin Address: Introduction
In order to receive Bitcoin, you need a Bitcoin address. What is a Bitcoin address? Well, in short, this is an account number to which coins can be sent. The Bitcoin address consists of a long combination of numbers and letters. An example of a Bitcoin address: 346n4apJCQPg2XAXU3bfNQTogz4PyTkrEf
Typing 34 digits is of course very inconvenient, so there are also QR codes for the addresses that are automatically generated by a wallet. What is a Bitcoin address? Why is there different amount of digits in Bitcoin addresses?
If when generating a private key zeros appeared at the very beginning, they aren’t included in a Bitcoin address combination. Then a private key is reduced by the corresponding amount of digits. Therefore, a BTC address theoretically may consist even of 20 digits.
What Is My Bitcoin Wallet Address: Key Things to Know
What is my Bitcoin wallet address and where to find it? Bitcoin addresses are publicly available on the Internet. When creating a user account with a reputable Bitcoin exchange, as with traditional banks, proof of identity and registration is required.
Financial or state authorities could theoretically force an exchange to transmit your identity data as well as the associated Bitcoin addresses. If you publish your BTC wallet address on the Internet, everyone can see how many coins you have.
‘What is my Bitcoin wallet address?’ you’re still asking. A Bitcoin wallet address is a public, individual character string that uniquely identifies a Bitcoin wallet. The Bitcoin wallet address is comparable to IBAN in traditional banking and is necessary to receive payments. Purchased bitcoins are sent to your Bitcoin wallet address and end up in your digital wallet after a transaction has been completed and confirmed.
What Is My Bitcoin Address Blockchain: Final Conclusions
What is my Bitcoin address blockchain? A Bitcoin address is between 27 and 34 characters long and usually starts with a ‘1’ or a ‘3’ depending on the format. A Bitcoin address looks something like this: 1JgxpB31fKXP7ZHCHAYNRnrWtCDLZymTmT. A public key from which a wallet uses various cryptographic processes and calculations serves as a basis for the Bitcoin address.
However, a Bitcoin address remains a long and complicated combination of characters that can hardly be remembered. Therefore, in practice, users resort to copy-paste or graphical implementations such as QR codes for transactions.
Dealing with a complex Bitcoin wallet address generally carries risks. The Bitcoin wallet address shouldn’t be confused with a private key. The Bitcoin address is public and can be safely exchanged for sending and receiving payments. The private key is a key to transactions and is stored in a wallet. If you have a correct private key for a Bitcoin wallet address, you can spend the bitcoins stored in it. Therefore, unlike a public Bitcoin wallet address, a private key is absolutely confidential.
What is my Bitcoin address blockchain? Feel free to share your knowledge in the comments!