Bitcoin Address : how to send and receive Bitcoins
Bitcoin address is an alphanumeric string (i.e. one that comprises letters and numbers) of between 27 and 34 characters, created according to defined cryptography. Bitcoin addresses always start with a 1 or a 3.
In 2017, a new version was introduced, starting with BC1, but these are not yet valid everywhere. Anyone can set up any number of addresses; the facility is free and works without an online account.
It is also possible to create multiple addresses for trading platforms and Bitcoin wallet providers.
Comparison with email addresses and Bitcoin address
Bitcoin address is often likened to email accounts. Just as we send email from one account to another, Bitcoins can be sent. However, there is a notable difference.
Whereas email addresses are usually long-term or permanent, one-time addresses are advisable for every new Bitcoin transaction. This single-use policy helps to provide extra privacy and security protection.
Each Bitcoin address receives scrutiny within the network before the system transmits the cryptocurrency. Addresses should be copied and pasted to avoid typos, although the probability of typing an existing address is extremely low.
Creating addresses offline
Another option is to create addresses while not connected to the Bitcoin network. This facility is useful for online shops, so they always have a large number available in advance.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.