What Are Bitcoin Address & Wallet? Understanding Bitcoins In One Week!

Discussion in 'Crypto Learning Center (Library)' started by Prezzy, Jan 27, 2017.

  1. Prezzy

    Prezzy Leader Protector

    Hi guys, welcome to another episode of the Bitcoin in one week program.
    Learn more about the program here: Bitcoin-in-1-week Tutorial For Nigerians, Turning Newbies 2 Pro

    Read the previous episode of the program here:
    How To Grow Your Bitcoins In Nigeria - All Methods

    It's actually going to be a short one as we will be looking briefly at the two most basic things when it comes to Bitocoin transactions which is Bitcoin address and wallet. They cannot be overlooked when considering transfers in bitcoins. Yeah, you cannot use Bitcoins if you don't understant=d the basics about these two.
    Basically, a Bitcoin wallet stores your bitcoins and you can manage them from there while the bitcoin address is used for transferring bitcoins between accounts in the network.

    What is Bitcoin Address???
    A Bitcoin address is an identifier of 26-35 alphanumeric characters, beginning with the number 1 or 3, that represents a possible destination for a bitcoin payment.

    Basically Bitcoin address is just like your account number which contains a set of letters and number for sending and receiving Bitcoin directly to your Bitcoin wallet.

    The real definition of bitcoin address is stated below:
    A Bitcoin address is a single-use token. Like e-mail addresses, you can send bitcoins to a person by sending bitcoins to one of their addresses. However, unlike e-mail addresses, people have many different Bitcoin addresses and a unique address should be used for each transaction.

    There are currently two address formats in common use:
    1. Common P2PKH which begin with the number 1, eg: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
    2. Newer P2SH type starting with the number 3, eg: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.
    Bitcoin addresses are also case-sensitive.
    Bitcoin addresses should be copied and pasted using the computer's clipboard wherever possible.
    If you hand-key a Bitcoin address, and each character is not transcribed exactly - including capitalization - the incorrect address will most likely be rejected by the Bitcoin software. You will have to check your entry and try again.

    What's in an address?
    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.
    Short and long bitcoin addresses
    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 addresses 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.

    How to get a bitcoin address and how to use a bitcoin wallet as a beginner?
    We already have a post on that for all popular Bitcoin wallets. you can read it up here: Here Are The Best 10 Bitcoin Wallets Of All Time!

    Bitcoin Wallets!
    If bitcoin addresses are used to send Bitcoins from one place to another, what about Bitcoin wallets?
    They are simply used to store the Bitcoins per say.
    Yeah, per say because you don't actually take Bitcoins out f the bitcoin network and store them somehere... The same way you can own land but cannot take land away from a place to another!
    They are of different kinds but they do basically the same thing. They help you store and manage your bitcoins.
    They are usually built in such a way that they are really secure and noone can access it especially when you use 2FA. This level o security in bitcoin wallets is very necessary because if you get breached, it will be extremely difficult to do anything about it!

    Hence, i encourage you to activate 2FA for your wallets so as to ensure better security.
    Speaking of bitcoin wallets, there are several of them just like there are several banks in the country. We have already looked at the various bitcoin wallets there are in the past and i will be sharing the link for you to check them out below.
    Here Are The Best 10 Bitcoin Wallets Of All Time!

    Meanwhile, my very best bitcoin wallets include Xapo and Blockchain wallets!
    That brings us to the end of this episode!
    With the understanding of Bitcoin wallets and addresses, we can now progress to more complex things about bitcoins!


    Learn more with these

    How To Create Bitcoin Address

    How To Get Bitcoin Address/id On Xapo, Blockchain, Coinbase Etc
    Last edited: Feb 1, 2017
    bjax and D-termined like this.
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  3. you are more than a lecturer.

    thanks a million!
    Prezzy likes this.
  4. Prezzy

    Prezzy Leader Protector

    You are welcome buddy.
    Actually @D-termined deserves most of that compliment buddy. Am only the editor
    D-termined likes this.
  5. mela101

    mela101 Jackobian

    have created my bitcoin wallet now how do i buy my bitcoin from where can i get from you or should i open a conversation with ya privately
    D-termined likes this.
  6. Bamidele Ajayi

    Bamidele Ajayi Jackobian

    Question about blockchain wallets. The wallet address changes sometimes. If I give out any of the addresses will the bitcoin sent to me still come into that same wallet regardless of its current address?
  7. Ssttaarrffoo

    Ssttaarrffoo Jackobian

    Really love it, love it bro
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