How to receive bitcoin address

Bitcoin address

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Bitcoin address is an identifier (account number), starting with 1 or 3 and containing 27-34 alphanumeric Latin characters (except 0, O, I). Bitcoin addresses can be also represented as a QR-code. The addresses are anonymous and do not contain information about the owner. A bitcoin address can be obtained for free, using, for example, Bitcoin software. Bitcoin address example:

Addresses can be generated at no cost by any user of Bitcoin. For example, using Bitcoin Core, one can click «New Address» and be assigned an address. It is also possible to get a Bitcoin address using an account at an exchange or online wallet service.

There are currently two bitcoin address format in common use:

Common Pay-to-Pubkey Hash (P2PKH) which begin with the number 1. Newer Pay-to-Script Hash (P2SH) type starting with the number 3, eg: 35bSzXvRKLpHsHMrzb82f617cV4Srnt7hS .

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What’s in a Bitcoin address [ edit ]

Most Bitcoin addresses are 34 characters. They consist of random digits and uppercase and lowercase letters, with the exception that the uppercase letter «O», uppercase letter «I», lowercase letter «l», and the number «0» are never used to prevent visual ambiguity.

Some Bitcoin addresses can be shorter than 34 characters (as few as 26) and still be valid. A significant percentage of Bitcoin addresses are only 33 characters, and some bitcoin address length may be even shorter.

Every Bitcoin address stands for a number. These shorter addresses are valid simply because they stand for numbers that happen to start with zeroes, and when the zeroes are omitted, the encoded address gets shorter.

Several of the characters inside a Bitcoin address are used as a checksum so that typographical errors can be automatically found and rejected. The checksum also allows Bitcoin software to confirm that a 33-character (or shorter) address is in fact valid and isn’t simply an address with a missing character.

Purpose and opportunities [ edit ]

Transfer/receive transactions of Bitcoins (Cryptocurrency, BTC) can be performed via address like the work with e-mail messages. One person can create an unlimited number of addresses, increasing the anonymity level of the payments. When performing the next transaction with BTC a new address is often created (the funds are credited/debited within 1-2 hours). At the same time the private key pair is generated, providing access to the identifier and the ability to perform transactions with currency. They are stored in the wallet.dat file on the user’s computer.

Input conditions [ edit ]

In order to avoid errors when manually inputting the address, it is recommended to use the clipboard. Symbols register is considered when you manually input the address. In case of incorrect input Bitcoins are sent to the wrong address or the transaction is rejected. Last one is done automatically if the identifier contains symbols that are used as a checksum (for verification).

The probability that a mistyped address is accepted as being valid is, approximately 1 in 4.29 billion.

How to create Bitcoin address? [ edit ]

The address is created by generating of random numbers and performing specific mathematical operations. It does not require Internet connection and registration at Bitcoin, where it begins to be monitored. Thousands of addresses (including personalized) and keys thereto can be generated within 1 minute, for example, when using Vanitygen utility.

Creating bitcoin address can be done without an Internet connection and does not require any contact or registration with the Bitcoin network. It is possible to create large batches of addresses offline using freely available software tools. Generating batches of addresses is useful in several scenarios, such as e-commerce websites where a unique pre-generated address is dispensed to each customer who chooses a «pay with Bitcoin» option. Newer «HD wallets» can generate a «seed» token which can be used to allow untrusted systems (such as webservers) to generate an unlimited number of addresses without the ability to spend the bitcoins received.

Transactions [ edit ]

Record of the BTC transfer from one address to another generates a transaction. It contains the hash of the previous transaction signed by the sender and Bitcoins recipients address. All information is sent to the Bitcoin network and after signatures verification transaction is accepted for processing.

Most Bitcoin wallets have a function to «sign» a message, proving the entity receiving funds with an address has agreed to the message. This can be used to, for example, finalise a contract in a cryptographically provable way prior to making payment for it.

Some services will also piggy-back on this capability by dedicating a specific address for authentication only, in which case the address should never be used for actual Bitcoin transactions. When you login to or use their service, you will provide a signature proving you are the same person with the pre-negotiated address.

It is important to note that these signatures only prove one receives with an address. Since Bitcoin transactions do not have a «from» address, you cannot prove you are the sender of funds.

Current standards for message signatures are only compatible with «version zero» bitcoin addresses (that begin with the number 1).

Bitcoin Address Validation [ edit ]

If you would like to validate a Bitcoin address in an application, it is advisable to use a method rather than to just check for string length, allowed characters, or that the address starts with a 1 or 3. Validation may also be done using open source code available in various languages or with an online validating tool.

Loss of Bitcoins [ edit ]

Loss of Bitcoins is possible in the following situations:

• if the wallet is lost because of the hard drive failure,
• when generating a new address, getting BTC on it and restoring the wallet from an earlier backup, where address is not yet created,
• when sending Bitcoins to address that doesn’t have owner.

Multi-signature Bitcoin address [ edit ]

Addresses can be created that require a combination of multiple private keys. Since these take advantage of newer features, they begin with the newer prefix of 3 instead of the older 1. These can be thought of as the equivalent of writing a check to two parties — «pay to the order of somebody AND somebody else» — where both parties must endorse the check in order to receive the funds.

The actual requirement (number of private keys needed, their corresponding public keys, etc.) that must be satisfied to spend the funds is decided in advance by the person generating this type of address, and once an address is created, the requirement cannot be changed without generating a new address.

Address balances [ edit ]

Addresses are not wallets nor accounts, and do not carry balances. They only receive funds, and you do not send «from» an address at any time. Various confusing services and software display bitcoins received with an address, minus bitcoins sent in random unrelated transactions as an «address balance», but this number is not meaningful: it does not imply the recipient of the bitcoins sent to the address has spent them, nor that they still have the bitcoins received.

An example of bitcoin loss resulting from this misunderstanding is when people believed their address contained 3 BTC. They spent 0.5 Bitcoins and believed the address now contained 2.5 BTC when actually it contained zero. The remaining 2.5 Bitcoins was transferred to a change address which was not backed up and therefore lost. This has happened on a few occasions to users of Paper wallets.

«From» addresses [ edit ]

Bitcoin transactions do not have any kind of origin-, source- or «from» address.

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How to receive bitcoin address

To receive bitcoin, simply provide the sender with your address. You just need to make sure you’re providing the right one.

How do I know what my Bitcoin address is?

You can find out your Bitcoin address by opening your Bitcoin wallet.

Every Bitcoin wallet is a little different, but your Bitcoin address will always be displayed somewhere within the wallet.

Here’s an example of a Bitcoin address:

If you don’t have a Bitcoin wallet yet, we recommend the Bitcoin.com Wallet. It’s the easy-to-use, fully non-custodial Bitcoin wallet trusted by millions.

How can I let people know what my Bitcoin address is?

Your Bitcoin wallet will allow you to copy your Bitcoin address to your clipboard. Then, you just need to provide the sender with that address via email, messaging app, SMS, etc.

Most wallets also provide you with a QR-code version of your Bitcoin address. If you’re in the same room as the sender, they can scan your QR code to get your address.

Can I receive bitcoin to my exchange wallet/account?

If you’re using a centralized cryptocurrency exchange like the Bitcoin.com Exchange, the process is the same as above (ie. find your Bitcoin address and provide it to the sender). When you receive Bitcoin to a centralized exchange, however, you’ll have to wait for the exchange to acknowledge it has received the bitcoin and reflect the receipt in your account. This may take quite a bit longer (up to several hours) than if you receive your bitcoin to a wallet you control (ie. a non-custodial wallet).

Is it safe to give out my Bitcoin address?

You can safely give out your Bitcoin address to friends, family, and acquaintances. No one can steal your bitcoin using just your Bitcoin address. They’d need both your address and the private key to it. However, you should know that, since the Bitcoin network is publicly viewable, whoever knows your Bitcoin address can easily find out exactly how much Bitcoin you have at that address by simply pasting the address into a Bitcoin block explorer like this one. They can also see every transaction you’ve ever made using that address. If you don’t want people to see this information, you’ll need to use a fresh Bitcoin address. Luckily, that’s easy to do. The Bitcoin.com Wallet, for example, allows you to create an unlimited number of new addresses, and creating a new address is done with the touch a button.

TIP: to protect your privacy, it’s recommended to use a fresh bitcoin address for every transaction.

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How To Get A Bitcoin Address & Why It Is Important

(Note: This article is for Bitcoin beginners.)

We all know how Bitcoin is taking over the world. But the funny part is people still fail to understand what it is and why it has become such a revolution.

Here are some of the facts we lined up – 9 Interesting Bitcoin Facts Every Bitcoin Owner Should Know – but there are more.

Bitcoin is a fully functional digital currency through which any amount of value can be transferred anytime anywhere in the world and there is nothing one can do to stop it.

Also, it a finite commodity to hold and as rare as explained by this tweet:

If you get 0.1 BTC no more than 2% of the world’s population can own more BTC than you. Once this dawns on enough people there will be a stampede to try to get even 0.1.

Despite this, many remain clueless about this revolutionary internet money and the first thing they ask is How do I get Bitcoin? Or How do I get a Bitcoin address?

Well, that’s what I am here to tell you and also to share some points so that you don’t get scammed.

How To Get A Bitcoin Address

A valid Bitcoin address is like a bank account number using which you store your bitcoins and check your balances.

For those who are seeing their Bitcoin addresses for the first time, I would say that it won’t look like traditional bank account number but instead, it looks like a long alphanumeric string starting usually with ‘1’ or ‘3”.

And for those who haven’t seen a Bitcoin address and think of it as an email address, you’re wrong!

Different Bitcoin addresses:

There are currently three address formats in use:

1. P2PKH which begins with the number 1, for e.g.: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
2. P2SH type starting with the number 3, for e.g.: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.
3. Bech32 type starting with bc1, for e.g.: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq.

Now, that you have understood the types, format and what a BTC address looks like, it makes sense in talking about some of the reliable sources from where you can get your Bitcoin address if you haven’t already.

These sources are categorized based on device type & usage:

Mobile Bitcoin Wallets

Hardware devices that act like Bitcoin wallets also generate valid Bitcoin addresses. This is a physical device like a small USB and something you should use if you planning to hold Bitcoins for a longer period. This is also useful for those who wish to have a permanent Bitcoin wallet address.

Here are two most popular Bitcoin hardware wallets:

Watch this video tutorial to understand more about how to set-up your hardware wallet like Ledger Nano S to get your Bitcoin address.

For desktop lovers, there are desktop wallets that generate valid Bitcoin addresses. Some of these desktop wallets are:

Why Is Bitcoin Address Important?

A valid Bitcoin address is necessary because if you get this wrong, your bitcoins will be lost.

If you send bitcoins to an invalid address, the bitcoins will be lost in cyberspace or will remain with the sender.

Another way in which you can get scammed is when you are using a paper wallet-based Bitcoin address that you have received from someone. In this case, let’s assume the person who has given you this Bitcoin address is an attacker and he has already kept a copy of the private keys associated with that address.

And now you haven’t done a sweep of your paper wallet and are using the same address to receive your bitcoins. In this case, the attacker can take away all your coins once you have received coins on the address because he has a copy of the paper wallet private keys which are still valid because you haven’t swept.

Plus, if you are into the online business, it is good to be in tandem with the modern changing society which is internet driven and have the BTC addresses to receive payments.

Lastly, through a BTC address, you can actually make millions and billions of dollars with you across borders, something which was not possible before the invention of Bitcoin. You can sum up all your worth in bitcoins and get settled in another country altogether with the help of a Bitcoin address.

I’m sure you now know how you can get a Bitcoin address and why it is important to have one for yourself.

Now you tell us: Are you into Bitcoins yet, or are you still thinking? Do you have a Bitcoin address? Do share with us in the comment section below.

If you find this post useful, do share it with your friends on Facebook & Twitter!

Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.

An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.

An international speaker and author who loves blockchain and crypto world.

After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.

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