A Bitcoin Address is a compulsory requirement to make a Bitcoin transaction happen. It is akin to an email address. It follows a particular pattern. One of the many characteristics of Blockchain Technology has made Bitcoin so secure since the recent past. Bitcoin Address is as essential a component in the transaction as email addresses in communication. One can also send fiat currency using UPI based on their email addresses. a
Every Bitcoin Address, though unique, has a similar pattern. It contains both alphabets and numeric digits. They range between 26-35 characters. A Bitcoin Address becomes a significant part of the transaction because there will be no transaction without it. For Cryptocurrency to reach a specific wallet, there must be a particular address. At the same time, these addresses tend to expose the recipient to several malicious threats on the Internet. Fraudsters may be on the lookout for these transactions to get their hands on a Bitcoin Address to lead them to a Bitcoin wallet.
What is a Bitcoin Wallet?
A Bitcoin Wallet is very similar to a regular wallet, but it is only used to store Bitcoins. A Bitcoin Wallet can be on your mobile phones, on the web, on your desktop, or in hardware. The most accessible wallet will be the mobile wallet, wherein you will be able to access the wallet at all times of the day, regardless of where you are. However, it is also the riskiest. Your phone may get pickpocketed, and access to your phone would mean access to your Crypto wallet. Airbitz Bitcoin, ArcBit, and Bitpie are some popular mobile wallets. Web wallets too involve a similar degree of risk. A web wallet can be hacked into with only the information about an investor- the email address, name, and phone number. BitGo, BTC, and CoinBase are some of the web wallets.
Desktop wallets are safer compared to the two previous wallets. Unless someone barges in and gets hold of your desktop, your Bitcoin wallet is likely to be safe. However, this will require securing your private key to avoid getting hacked. Hardware is the most secure form of Bitcoin wallet. You can keep it safe wherever you like. There is no hacking into it unless someone steals it. Its physical presence makes it secure and puts it off the Internet, where its chances of getting hacked into are real. Some of the hardware Bitcoin wallets are BitBox, CoolWallet5, and KeepKey.
How to Get a Bitcoin Address?
A user should generate a Bitcoin Address every time they perform a new transaction. For a Bitcoin Address, there must exist a Bitcoin Wallet. It is software that enables Bitcoin transactions. The Bitcoin wallet, in whichever form it may be, generates an address for all transactions. The user’s private key is the passcode, using which he will be able to access his Bitcoin wallet. bitcoin blockchain makes sure that investors have understood this concept before signing up to invest in Cryptocurrency. Whether you receive or send Bitcoins, there will always be a new Bitcoin Address generated.
What Does a Bitcoin Address Look Like?
There are three standard forms of a Bitcoin Address.
- P2PKH: This form of Bitcoin Address begins with ‘1’. There are usually 26-35 characters in an address, but this particular Bitcoin Address starts with 1.
- P2SH: This form of Bitcoin Address begins with ‘3’. It is a similar combination of digits and alphabets as the previous one.
- Bech32: This form of Bitcoin Address begins with ‘bc1’.
A Bitcoin Address should be treated carefully. Investors should not reuse a single address on several instances. Such a practice can result in devastating loss. It can make the investor’s private key accessible to a hacker. Since a Bitcoin Address leads to a Bitcoin Wallet full of Bitcoin, it should be dealt with caution.