Bitcoin Address Breakdown: What Is It And How Can One Get It?
March 28, 2019
The world's largest cryptocurrency Bitcoin is popular all over the crypto market for its massive strides in achieving unprecedented market price highs in the history of all cryptocurrencies.
A decentralized digital currency that travels over a peer-to-peer network, the Bitcoin is used as a form of crypto cash that can be traded anytime, anywhere.
Recently, financial news tabloids went wild with their social media channels where all crypto aficionados declared whosoever invested in Bitcoin or ended up buying some would be part owner of the entire Bitcoin stock that would remain undeterred. Also, if someone acquired 0.1 BTC, it was stated that only up to 2% of all people in the world could own more BTC than that person. Having said that, the immense popularity of Bitcoin has not been enough to educate people on where one can get a simple Monero Bitcoin Exchange or any Bitcoin address for that matter.
So allow us to "address" this issue and dish out on some handy pointers so that as a crypto eager investor you always know where to find the right Bitcoin address.
How Can One Get a Bitcoin Address?
A legitimate Bitcoin address generally functions as an active bank account number that can help you store Bitcoins and look at your balances as you like.
The crypto users who have never seen a Bitcoin address probably might think that their Bitcoin address number resembles that of a traditional bank's account number however that is far from true. Bitcoin addresses are formatted as a long string that is of the alphanumeric type and generally starts with a '1' or '3'.
And in no way does a Bitcoin address look like an e-mail address.
As of now, Bitcoin's address comes in three configurational patterns:
· P2PKH that start with the number 1. Example: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
· P2SH type format that starts with the number 3. Example: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.
· Bech32 type format that starts with bc1. Example: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq.
If you understood where you can get a Bitcoin address from then it's time you understand why a Bitcoin address is so crucial for Bitcoin Exchanges.
Why Is A BTC Address So Important?
It's also important to hold access to a valid Bitcoin address or else there are a lot of chances that all Bitcoins might get lost along the way. What happens when you send Bitcoins to invalid addresses is that Bitcoins tend to get lost somewhere along the way on the network or fail to reach the receiver from the sender.
In cases of outsider attacks, scammers shape up when you use a fellow crypto user's paper wallet formatted Bitcoin address. Mostly, in such cases the address lender turns out to be the reason of the malicious attack.
Also if you have an online platform that services your business then it is advisable to be always updated with the latest crypto trends and news as everything is on the Internet now and there's a valid Bitcoin address for each to get crypto trading. Before cryptocurrencies came into the picture and Bitcoin was just another crypto innovation, there was no money making. However, since the inception of Bitcoin addresses raking in millions of dollars to travel across borders have only been made possible due to Bitcoin. Now, a person can evaluate their net worth in Bitcoins and simply by the means of a Bitcoin address, settle down in any country they desire.
So here's our breakdown on a Bitcoin address and why you need one because crypto success is only achievable when you finally become an invested "investor".