The Bitcoin peer-to-peer network makes it possible to conduct payment transactions around the world without using the services of a financial institution.The BTC cryptocurrency is accepted by many services and stores.In Western countries,real estate transactions paid for with digital currencies are no longer uncommon.At private clinics in the United States and Canada,patients can pay for plastic surgery and rejuvenation treatments with Bitcoin.
No one can freeze or counterfeit cryptocurrency assets.Of course,there is a precedent for hackers breaking into users'Bitcoin wallets,but in this way,money can disappear from any bank account.A wallet used to store virtual currencies can be likened to a bunch of keys.The private key that gives the right to conduct transactions is always kept secret,while the public key or BTC address can be shared with anyone.Most peer-to-peer networks are completely transparent,and anyone can go in and see if there are any Bitcoins in this or that account,which Bitcoin address they came from,which Bitcoin address they were sent to,and the specific time of the transaction.But if you know the Bitcoin address,you still don't get information about the owner's identity.So,let us tell you in more detail about the public encryption key,where to get it and how to use it.
A Bitcoin address is a unique number that is a set of numbers and Latin letters;it can also be rendered as a 2D barcode for scanning with a smartphone.
A Bitcoin address with a network access key(private key)can manage the funds associated with that wallet.BTC addresses are anonymous,so everyone who has a private key is actually the owner of the coin,and no one controls his actions and cannot cancel them.
How to find Bitcoin wallet address
To get a new Bitcoin address,you need to create a wallet or register an account on an exchange.The generation of new BTC addresses is performed automatically via the closed code you store.
The Bitcoin address to which payments are sent is usually located in the"Balance"or"Address Management"section.You can copy it and give it to the network participant to whom you are waiting to transfer.It's better to use the"Copy"button or send a QR code.Bitcoin addresses are sensitive to Caps Lock,so you need to transfer exactly as it appears in the program window.
Bitcoin address changed.what to do?
Some wallets create dynamic BTC addresses,meaning the public key changes after every incoming transaction.The old address retains legitimacy,if you don't see the changes and provide it to receive coins,they will come.But for safety reasons,it is recommended to use new ones.
Bitcoin address format
When making transactions,it is best not to manually write the Bitcoin address.However,nevertheless,information about the base58 system for creating public keys will be useful to you.
Base58 is a modified version of Base64,used in analog modems.The Base64 system makes it possible to transfer binary files over a text communication channel.For this purpose,a message recording system was created using only printed Latin letters,numbers,punctuation marks,and a single special character.
When creating a Bitcoin address,all characters that could cause confusion when writing are eliminated.Only the following characters are reserved:
123456789ABCDEFGHJKLMNPQRSTUVWXYZabcdefghijkmnopqrstuvwxyz
Additionally,Bitcoin public keys contain additional information(NetID)that indicates the password type and purpose.For example,if you open a BTC address in one of the popular crypto wallets Coinome,you will see 3 tabs:
The default value always starts with"bc1",which is a bech32 address format designed to use the Segregated Witness(SEGWIT)protocol,which improves the throughput of the Bitcoin network.Example:bc1q8ctmys2mzqjrsztxlv7pe9s5azh9acrvg9jpmy;
Compatibility always starts with the number"3";the Scrypt Hash(P2SH)address format also works with the Segwit protocol.This address format acts as a bridge between wallets running the SegWit protocol and earlier versions of Bitcoin clients that do not accept transfers from bech32 format addresses.Example:3Bj5mWs9uhdyFWP62DTSVUjb4uisSSjAmZ;
Legacy is the old Bitcoin address format,which always starts with the number"1".For example:16BGp4SXUfvuRsYHqsXZSWT7V74sL2TrzA.
Bitcoin fork addresses(BCH,BTG,BSV)have different formats.The developers of the Ethereum cryptocurrency used the hexadecimal sequence,a hexadecimal form of representation using numbers from 0 to 9 and the Latin letters A,B,C,D,E,F.Addresses for Ethereum and all coins created using the ERC-20 protocol start with the prefix"0x"and are not case sensitive.Now you can easily identify btc addresses without confusing them with public keys for other cryptocurrencies.
Additionally,Bitcoin public keys contain additional information(NetID)that indicates the password type and purpose.For example,if you open a BTC address in one of the popular crypto wallets Coinome,you will see 3 tabs:
The default value always starts with"bc1",which is a bech32 address format designed to use the Segregated Witness(SEGWIT)protocol,which improves the throughput of the Bitcoin network.Example:bc1q8ctmys2mzqjrsztxlv7pe9s5azh9acrvg9jpmy;
Compatibility always starts with the number"3";the Scrypt Hash(P2SH)address format also works with the Segwit protocol.This address format acts as a bridge between wallets running the SegWit protocol and earlier versions of Bitcoin clients that do not accept transfers from bech32 format addresses.Example:3Bj5mWs9uhdyFWP62DTSVUjb4uisSSjAmZ;
Legacy is the old Bitcoin address format,which always starts with the number"1".For example:16BGp4SXUfvuRsYHqsXZSWT7V74sL2TrzA.
Bitcoin fork addresses(BCH,BTG,BSV)have different formats.The developers of the Ethereum cryptocurrency used the hexadecimal sequence,a hexadecimal form of representation using numbers from 0 to 9 and the Latin letters A,B,C,D,E,F.Addresses for Ethereum and all coins created using the ERC-20 protocol start with the prefix"0x"and are not case sensitive.Now you can easily identify btc addresses without confusing them with public keys for other cryptocurrencies.
Public and private keys
Traditional cryptography once used symmetric encryption systems.Use the same key to encrypt and decrypt messages.It can be intercepted while being transmitted over the network,making the entire system highly vulnerable to attack.
It was not until 1975 that an asymmetric encryption system was developed,with two keys:
Public-The public key used to encode the message.The public key is available to all network participants;in some programs,in order to increase the anonymity of users,they started generating dynamic addresses that change after each transaction.
Private—The private key used for decryption.A private key is a password that allows access to your share of the blockchain;it cannot be shared with anyone and must be stored like the apple of your eye.
When a new crypto wallet is created,private keys are generated in random order and matched with the public key using a system-specified encryption algorithm.
How to find information about Bitcoin addresses
In the wallet,which is constantly synchronized with the network,you can see whether you have Bitcoins in your account or check the status of transactions in the program interface.But if you use a paper version of your vault,it's not secure to import the keys into the network every time.You can use special online services to check your personal balance or to see whether funds you sent to other users'Bitcoin addresses have arrived.
The most reliable and convenient ones are:
blockchain.com;
blockexplorer.com;
blocktrail.com.
In order to find the information of the Bitcoin client address you need
Log in to one of these sites
Specify the desired btc address in the search bar and press Enter or search.
You will see your current wallet balance and its transaction history.
The status of a specific transfer can be checked via the TXID,and by specifying the cryptocurrency block number you will receive information about the creation time,the number and hash identifier of all transactions contained in it,the size of the reward and the reward.Network complexity.
Let us repeat the basic rule-keep it in a safe place and do not tell anyone the private key of your crypto wallet.
Don't forget other safety measures.
Online wallets are always less secure than hardware safes.It is recommended to keep some cryptocurrencies in a hot wallet for daily expenses,and if you want to store a large amount of cryptocurrencies,purchase a Trezor or Ledger hardware wallet.
The least reliable storage locations are deposits on cryptocurrency exchanges.They are mainly attacked by hackers,and despite high security measures,they succeed.Hacks on trading platforms such as Mt Gox,Cryptoria,Bitpoint and others confirm this.
It is not possible to recover a Bitcoin wallet using the wallet address.Be sure to make multiple copies of your private key.
Never store wallet backups on your computer,especially on the hard drive of your mining rig.It's like locking a safe and leaving the key on the table next to it.
Use the most complex access password possible,but remember that if someone is able to install a keylogger on your computer,you're doomed.Therefore,please encrypt transactions offline or use a hardware safe.
Storing Bitcoin in a cold wallet,i.e.not connected to the network,is safe until the first transaction.How to safely send money from cold wallets is the subject of another article.
Update your wallet software;this will help prevent some issues and expand its functionality.
Some online wallets feature multi-signature transactions.You can entrust someone close to you with the authority to confirm the sending of funds in your wallet a second time.If a hacker gets hold of your private key,he won't be able to reset your balance.
Conclusion
Since Bitcoin wallet addresses are randomly generated,collisions are theoretically possible.That is,two people can create the same address,but the likelihood of this setting a precedent is negligible.
The number of possible key pairs is approximately 10^61.For comparison,the Sun's atomic number is 10^57 degrees.There are more signature combinations used to decrypt the private key than there are possible key pairs.Now,though,everyone can try to find the private key for that address using Vanitygen.But remember,it would take about 700 years to match 11 address characters,and 40,000 years to match 12 address characters.As long as signatures and hashing algorithms remain cryptographically strong(and they always will),there's no point in searching for duplicate addresses.Therefore,the safety of your personal Bitcoin assets depends only on you.
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