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JANUARY 9, 2020 / 16:00 UTC
LONDON (Fintech Zoom) – Bitcoin Address – Bitcoin is a completely functional cryptocurrency that can be used to transfer any amount of value, especially fiat currencies, to any part of the world instantly. Bitcoin, like other cryptocurrencies, has been widely adopted for so many functions in different institutions and establishment.
A Bitcoin address is usually required to send and receive these crypto. An authentic BTC address is in similitude with a traditional bank account which is used to receive or send the crypto coin from a Bitcoin wallet. A Bitcoin wallet is where you can find the address and it is used to store Bitcoins and check the balance.
If you are confused on how a BTC address looks, it is a long string of alphanumeric characters that usually starts with 1 or 3. Some other Bitcoin addresses starts with bc1. The Bitcoin format addresses in use includes the following:
- P2PKH which starts with the number 1, for e.g.: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2
- P2SH type begins with the number 3, for e.g.: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
- Bech32 type begins with bc1, for e.g.: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq
Now, that you know how a BTC address looks like, the types and the formats, it is important to also understand that there are so many ways to obtain a BTC address. However, some of these sources are not reliable and could be vulnerable to hacking and theft. Bitcoin addresses are mostly gotten from Bitcoin wallets and some of the reliable Bitcoin wallets to get BTC address include.