Bitcoin
$ 61,766
Ethereum
$ 2,197.2
Tether
$ 0.9990

Wallet Address

A wallet address, often simply referred to as an “address,” is a unique string of alphanumeric characters that represents a destination for a cryptocurrency transaction. It functions similarly to an email address or a bank account number, allowing users to send or receive cryptocurrencies.

Key Points:

  1. Uniqueness: Each wallet address is unique. This ensures that funds sent to an address reach the correct destination.
  2. Public Key Derivation: A wallet address is derived from a public key, which in turn is derived from a private key. The private key is kept secret and is used to sign transactions and access funds, while the public key and its associated address are shared openly.
  3. Readable Format: Most wallet addresses are presented in a format known as Base58 or Bech32 (for Bitcoin SegWit addresses) to ensure they are easily readable by humans.
  4. QR Codes: To simplify the process of sharing and inputting addresses, they are often represented as QR codes. This allows for easy scanning using a smartphone or other device.
  5. Address Types: Depending on the cryptocurrency, there might be different types of addresses. For example, Bitcoin has legacy addresses (starting with “1”), P2SH addresses (starting with “3”), and Bech32 addresses (starting with “bc1”).
  6. One-Time Use: For privacy reasons, it’s recommended to use a new address for every transaction. Most modern wallets automatically generate a new address for each transaction to enhance user privacy.
  7. Address Verification: Before sending funds, it’s crucial to double-check the recipient’s address. If you send cryptocurrencies to the wrong address, the funds may be irretrievably lost.
  8. Network Specific: Addresses are often network-specific. For instance, sending Bitcoin to an Ethereum address can result in the loss of those bitcoins.
  9. Length and Structure: The length and structure of an address depend on the cryptocurrency. For example, a typical Bitcoin address is around 34 characters long.
  10. Case Sensitivity: Wallet addresses are case-sensitive. This means that “A” and “a” are considered different characters when inputting an address.
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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,766 1.09 % 0.39 % 12.60 %
Litecoin78.93 0.61 % 1.91 % 19.65 %
XRP0.4846 0.91 % 2.59 % 20.50 %
Ethereum2,197.2 0.23 % 0.67 % 2.46 %
Dogecoin0.1458 1.65 % 2.55 % 25.70 %
USDC1.000 0.10 % 0.02 % 0.08 %
Cardano0.2543 0.15 % 1.68 % 3.38 %
Tether0.9990 0.10 % 0.04 % 0.02 %
Binance Coin (Wormhole)222.47 0.38 % 4.71 % 3.08 %