What Is A Bitcoin Address: How ‘Blockchain Bank Account Numbers’ Work
Similar to a bank account, a bitcoin address is where you receive and transfer your bitcoins. Without it, there’s no way you would receive or send bitcoins.
After all, your senders will need that address to accurately send you bitcoins. All bitcoin traders and investors have one. You should get one too if you want to trade or store bitcoins.
All bitcoin addresses are typically alphanumeric in nature and often consist of over 25 characters. So, you’ll need to copy it out or save the details in a secure place where you can access it anytime you need it.
Please make sure to copy the correct details. If there’s even a single deviation from the wallet address, all bitcoins sent to you will be lost and irretrievable. If you send to the wrong address, then you’d have to wait and hope that the recipient does send it back to you, as there’s usually no way to contact them.
Yes, bitcoin is that fickle. Bottom line, you have to be extra careful with your bitcoin address. It’s the only way to ensure you get your bitcoins.
Where To Get Bitcoin Addresses
There are various ways through which you can get a bitcoin address. The following are the most popular ones:
These are wallets that you can have installed or running on your mobile devices and take around with you.
Think of them as similar to your traditional wallets that you put in your pockets while walking around. Installing these will automatically generate bitcoin wallets for you.
We recommend that these wallets only have small quantities of your cryptocurrency, so you don’t lose all your cryptos if you lose your mobile device or it gets stolen. Some of the top mobile bitcoin wallets include:
While you can use any of them, the easiest of these three appears to be Mycelium. Setting it up is very easy and straightforward.
Desktop bitcoin wallets are those installed on your computer. These are often called hot wallets because they are on devices that are connected to the internet.
You might want to place these on a virtual machine though if you’re super worried about losing your bitcoins. Virtual machines act as buffers blocking any external connections.
Whatever the case, here’s a few of the various bitcoin desktop wallets available for use:
Hardware bitcoin wallets are physical wallets, usually in the form of USB dongles or thumb drives which generate bitcoin addresses when used.
These are often referred to as cold storage because they are usually disconnected from the internet and meant to store away a huge part of your bitcoins. This is where you move your bitcoins if you’re thinking of keeping them for a long time. Some popular hardware bitcoin wallets include:
Setting these up is pretty simple and straightforward. The manufacturers sell them with tutorials on how to install them.
What Is A Bitcoin Address Conclusion
That’s pretty much all you have to do to get a bitcoin address. Most individuals typically use a combination of all three wallets at any given time. You can choose how you want yours though.