Have you heard about Bitcoin Wallet Address? When you want to receive Bitcoin, you share your Bitcoin address with the sender. The sender uses this address to specify where Bitcoin should be sent. Conversely, when you want to send Bitcoin to another person, they need to know the recipient’s Bitcoin address.
Before delving into an in-depth discussion about what a Bitcoin wallet address is, it is imperative that we first understand the concept of a wallet address.
What is a wallet address and its formats look like?
A wallet address is like a special code that helps identify your digital wallet. It's like a virtual place where you can keep, send, and get different types of digital money, such as Bitcoin and Ethereum
It is also similar to a bank account number, but for cryptocurrency. It's a long string of alphanumeric characters that identifies your specific wallet on the blockchain network. Just like your bank account number, your wallet address is public and can be shared with others so they can send you cryptocurrency. However, unlike your bank account number, your wallet address is not tied to your personal identity.
Every blockchain has a different address and also a different format. Here is for example:
Blockchain format example
Sometimes a wallet address is presented as a QR code.
How does wallet address work?
We have known that wallet address is a unique identifier, similar to a bank account number, and it uses to receive cryptocurrency. Now, let us know how steps of wallet address works!
Step1: Key generation
When you create a cryptocurrency wallet, it generates a pair of keys. They are a Private keys and a private key. The public key is like your bank account number, while the private key is like your PIN. You can share your public key with anyone, but you must keep your private key secret. Thih video will describe you about what is and public key and private key and how it works.
Step2: Address derivation
Your wallet address is derived from your public key using a mathematical algorithm called hashing. This process creates a unique string of characters that is linked to your public key.
Step3: Sending and Receiving
When you want to receive cryptocurrency, you give your wallet address to the sender. They will then send the cryptocurrency to your address on the blockchain, which is a public ledger of all cryptocurrency transactions.
Image source: softwaretestinghelp.com/what-is-a-blockchain-wallet
Step4: Spending
To spend your cryptocurrency, you need to use your private key to sign the transaction. This proves that you are the owner of the funds and authorizes the transfer.
What is bitcoin wallet address?
A Bitcoin (BTC) wallet address is a unique string of alphanumeric characters that serves as a destination for sending or receiving Bitcoin transactions. It acts as a digital counterpart to a physical bank account number, allowing users to transact and store their Bitcoins securely.
Bitcoin addresses themselves are like a home for your Bitcoin and other cryptocurrencies. Every crypto wallet has a unique BTC address for their crypto, known as a public key. When someone sends Bitcoin to your address, they send it to the corresponding public key’s cryptographic representation. To access and spend the Bitcoin in your wallet, you need a private key. Private keys must be kept confidential at all times, as it grants control over your funds. If you lose your private key, then you ultimately lose access to your crypto
The most common Bitcoin address formats are P2PKH, P2SH, and bech32. P2PKH or legacy address format starts with “1” and is not segwit compatible. P2SH address format starts with “3” and is used for multisig addresses. Bech32 address format starts with “bc1” and is the newest and most efficient address format.
How to get bitcoin wallet address?
To get a Bitcoin wallet address, there are several methods you can use. Here are three of the most common methods:
Download a mobile wallet
Mobile wallets are fast gaining popularity as a simple and efficient way to store cryptocurrencies. You can download a mobile wallet app such as Bitcoin.com Wallet or Coinbase Wallet and follow the instructions to create a new wallet and get your Bitcoin address.
Use a hardware wallet
Hardware wallets are physical devices that store your private keys offline. They are considered to be one of the safest ways to store cryptocurrencies. You can purchase a hardware wallet such as Ledger Nano S or Trezor and follow the instructions to set it up and get your Bitcoin address.
Register at a cryptocurrency exchange
Cryptocurrency exchanges are online platforms where you can buy, sell, and trade cryptocurrencies. When you register at an exchange such as Bitrue , you will be assigned a Bitcoin address that you can use to receive Bitcoin. Here the steps how to get BTC wallet address in Bitrue:
- Log in to your Bitrue account.
- Click on “Wallet” in the top menu.
- Select “Deposit” for Bitcoin (BTC).
- You will see your Bitcoin wallet address in the “Deposit Address” field. You can copy this address or scan the QR code to receive Bitcoin.
How to find bitcoin wallet address in Bitrue?
- Log in to your Bitrue account.
- Click on the “Assets” tab on the top navigation bar.
- Find the Bitcoin asset and click on the “Deposit” button next to it.
- Your Bitcoin wallet address will be displayed on the screen. You can copy it to your clipboard or scan the QR code to share it with others.
Please note that Bitrue changed all BTC wallet addresses on September 9th, 2023. If you have previously saved or whitelisted your BTC address somewhere else in the past, we urge you to update your information as soon as practicable. BTC funds that are sent to the previous addresses will not be retrievable and will be lost forever.