What is the purpose of a BTC address and how does it work?

3 answers

• Dec 16, 2021 · 3 years ago
  A BTC address serves as a unique identifier for a user in the Bitcoin network. It is used to receive and send Bitcoin transactions. When you want to receive Bitcoin, you can share your BTC address with others, and they can send Bitcoin to that address. When you want to send Bitcoin, you need the recipient's BTC address. The address is generated using a combination of cryptographic algorithms. It is a long string of alphanumeric characters, and it is practically impossible to guess someone's BTC address. This ensures the security and privacy of transactions.
  563282
• Dec 16, 2021 · 3 years ago
  Think of a BTC address as a virtual mailbox for your Bitcoin. Just like you give someone your physical address to receive mail, you give them your BTC address to receive Bitcoin. When someone sends Bitcoin to your address, it gets stored in your virtual wallet. To spend your Bitcoin, you need to sign a transaction with your private key, which proves that you are the rightful owner of the funds associated with that BTC address. This transaction is then broadcasted to the Bitcoin network for verification and inclusion in the blockchain.
  540180
• Dec 16, 2021 · 3 years ago
  In the world of cryptocurrency, a BTC address is like your digital identity. It's a unique code that represents you and allows you to send and receive Bitcoin. When you create a BTC address, you're essentially generating a pair of cryptographic keys: a public key and a private key. The public key is shared with others, while the private key is kept secret. When someone wants to send you Bitcoin, they use your public key to encrypt the transaction, and only your private key can decrypt it. This ensures that only you can access and control your funds.
  555139