Payments are received using the Bitcoin address. It is derived from a public key, which is derived from a private key. The address is a hash of the public key’s first 26 to 62 bytes (65 bytes). This digest incorporates a checksum method that invalidates addresses with typos.
This key can also take the form of a “ scannable” QR code :
There are currently four address formats:
– P2PKH (Pay To Public Key Hash) starting with the number 1, for example:
This is the first address format. Length: between 26 and 36 characters. Encoding: Base58Check.
– P2SH (Pay To Script Hash) and P2WSH (Pay To Witness Script Hash) starting with the number 3, for example:
P2SH provides more sophisticated features than the preceding format. It enables multi-signature transactions in particular. Character count: 34 Base58Check is the encoding.
– Segwit v0 or P2WPKH (Pay To Witness Public Key Hash) starting with bc1q, for example:
This address format minimizes the weight and thus the transaction costs. Character count: 42 Bech32 encoding.
– Segwit v1 or P2TR (Pay-to-Taproot) starting with bc1p, for example:.
P2TR allows for the reduction of the weight of complex transactions (for example, multi-signature) and improved confidentiality. Character count: 62 Bech32m encoding
Bitcoin Address Performance Comparison
|Sender address type||Recipient address type||Average transaction weight *|
|P2PKH (1…)||P2PKH (1…)||764|
|P2PKH (1…)||P2SH (3…)||756|
|P2PKH (1…)||Bech32 (bc1q…)||752|
|P2SH (3…)||P2PKH (1…)||541|
|P2SH (3…)||P2SH (3…)||533|
|P2SH (3…)||Bech32 (bc1q…)||529|
|Bech32 (bc1q…)||P2PKH (1…)||449|
|Bech32 (bc1q…)||P2SH (3…)||441|
|Bech32 (bc1q…)||Bech32 (bc1q…)||437|
* each weight unit represents 1/4,000,000th of the maximum block size
How to get a Bitcoin address?
To get a bitcoin address, you must first select a WALLET, which is a program that specializes in storing, receiving, and sending bitcoin (see here). You can generate an address directly on the platform if you do not own your bitcoins (for example, if you have entrusted them to a third party specializing in this activity).
Do you want to understand more about Bitcoin? Have a look at our guide on how to buy BTC anonymously or how to by a car with Bitcoin
Obtain a Bitcoin address on a mobile wallet
Simply click “receive” once the wallet has been generated and the recovery words have been saved for most applications. The program then displays a QR code that can be scanned as well as a Bitcoin address that can be copied.
This address is a string of alphanumeric characters that starts with 1 (for P2PKH addresses), 3 (for P2SH addresses), or bc1 (for Bech32 addresses ).
Because this is a public address, it may be shared with anybody or any platform who needs to send you bitcoin. This public address prohibits the expenditure of monies. Only the user who created this address (and thus possesses the accompanying private key on his application) has the ability to spend the associated BTC.
How to create a Bitcoin cold wallet
I personally like a lot the website bitaddress.org. It allows you to create a Bitcoin wallet just by moving your mouse easily.
Introducing Bitcoin Addresses
- Each public Bitcoin address is around 25 bytes long.
- They are about 26 and 32 characters in length.
- They can begin with 1 for normal addresses (P2PKH) or 3 for multi-signature addresses ( P2SH ). Similarly, SegWit instructions begin with bc1 ( bech32 ). Testnet Bitcoin Directions, on the other hand, begin with m o 2.
- Among its various features, the Base58Check implementation prohibits the usage of characters such as O, I (upper case), and l (lower case) to avoid being confused with the numbers 0 and 1.
Before we begin, it is important to note that this essay is intended for those who are already familiar with Bitcoin and the crypto world. As a result, we propose that you first review some world themes so that you can understand them. This will make it very apparent what their relationship is with Bitcoin and address creation. These articles include those on asymmetric cryptography, hash functions, SHA-256, and ECDSA algorithms.
>> Do you want to learn how to mine Bitcoin?
>> Do you want to learn how to mine Ethereum?
Let us now take a quick look at what a Bitcoin address is. To learn more about Bitcoin addresses, read our article What is a Bitcoin address?
In the realm of cryptocurrencies, an address is an identifier, the location with which a specific amount of information is associated and directed. cryptocurrencies As a result, everyone who wishes to send or receive cryptocurrency will always require an address. In Bitcoin, for example, public addresses typically look like this: 1A1zP1eP5QGefi2XMPTfTL5SLmv7DivfXa. As you can see, it is a series of alternating letters and numbers with lengths ranging from 26 to 32 characters.
There are nine steps to creating an address, which we shall go through in detail below.
Disclaimer: Never ever, ever share your private key with anyone. This is almost always a scam.
What Is a Bitcoin Address? – Summary
- To get a bitcoin address, you must first select a WALLET, which is a program that specializes in storing, receiving, and sending bitcoin.
- The program then displays a QR code that can be scanned as well as a Bitcoin address that can be copied.
- Only the user who created this address has the ability to spend the associated BTC. How to create a Bitcoin cold wallet.
- Introducing Bitcoin Addresses Each public Bitcoin address is around 25 bytes long.
- Let us now take a quick look at what a Bitcoin address is.
- Be very careful to never share your private key with anyone.
- To put it in simple words your Bitcoin address is the address of your home and the private key is the ownership deed of your apartment.