A Bitcoin address is essential for sending and receiving Bitcoin. Think of it as a digital mailbox or bank account number specifically for Bitcoin. This article explains Bitcoin addresses, their function, connection to keys, different formats, and best practices for security and privacy.
Get started with a Bitcoin introduction and learn more in What is Bitcoin?.
A Bitcoin address is a string of alphanumeric characters, like a digital address for your Bitcoin wallet. Each address is unique, ensuring Bitcoin is sent to the correct destination. It's derived from your public key, ensuring you can share it safely without compromising your funds. Learn more about Bitcoin wallets and how to create one.
Bitcoin addresses are linked to cryptographic keys: a public key and a private key. Understanding these keys and their relationship is crucial for using Bitcoin securely. Understand the importance of private keys.
Here's how they work together:
Bitcoin addresses have evolved:
Legacy Addresses (P2PKH): Start with '1'.
SegWit Addresses (P2SH-P2WPKH & Bech32): Start with '3' or 'bc1'. Lower fees and better security. Learn more about Bitcoin Segregated Witness.
Taproot Addresses (P2TR): Start with 'bc1p'. Best for privacy and efficiency. Using the latest format (Taproot) is generally recommended. Learn more about Bitcoin Taproot.
As Bitcoin evolves, address formats and related technologies will continue to improve. Learn about Bitcoin’s governance, and eplore scaling solutions like Layer-2 solutions, the Lightning Network, and sidechains.
For a broader view of the cryptocurrency space, check out A Quick Introduction to Crypto and What are altcoins?.
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