We are all aware of how Bitcoin is taking over the world. Despite the fact that people haven’t yet grasped what it is, it has become a revolution.
Our list of 9 Interesting Bitcoin Facts Every Bitcoin Owner Should Know contains some of them, but there are dozens more.
There is nothing that can stop the transfer of any value through Bitcoin, which is a fully functional digital currency.
Here’s how you can generate a Bitcoin Address
Using a valid Bitcoin address is similar to using a bank account number to store Bitcoins in a secure Bitcoin wallet and check the balance.
The first time you see a Bitcoin address, it will not appear like a traditional bank account number, but it will appear like a long alphanumeric string that begins with ‘1’ or ‘3’.
Bitcoin addresses aren’t emails, so that means those who haven’t seen one think it’s an email address!
Various Bitcoin addresses
Three types of address formats are currently in use:
- P2PKH starting with starting with 1
Here is what it looks like: 1EbDFSEVstYstqSRc6Al4m4GFg7vGnGYH6.
- P2SH starts at 3
Here is what it looks like: 3Y56t1KJHyyJ65JKHsdRcEcRF5GsNLy.
- Bech32 begins with bc1
Here is what it looks like: bc1fhfdRRYbgFYJ25GH5H56gjtdYJdTkTJ56.
What Is the Purpose of Bitcoin Addresses?
A In order to avoid losing your Bitcoins, you must have a valid Bitcoin address.
An invalid Bitcoin address will result in Bitcoins being lost in cyberspace or remaining with the sender.
Using a Bitcoin address that has been sent to you through a paper wallet can also lead to you being scammed. For the sake of argument, let’s presume the person who gave you this Bitcoin address is an attacker who has already stolen the private keys associated with the address.
You are still using the same address to receive Bitcoins despite not sweeping your paper wallet. As long as the attacker has a copy of your paper wallet private keys, the attacker can take away all your coins once you receive them to that address because you have not swept.
Plus, if you’re in the business of selling online, it’s good to be in step with a changing society that relies on the internet and has Bitcoin addresses to accept payments.
Last but not least, a BTC address allows one to transact across international borders, a feat that was previously unimaginable. The use of a Bitcoin address will allow you to sum up all your worth in Bitcoins and settle in another country.
With now knowing how and why you need to have a Bitcoin address, I’m confident you can get one.