Bitcoin address: definition and example

A bitcoin address is used to designate the destination of a bitcoin payment. It can be compared to an Iban.

What is a bitcoin address?

A bitcoin address, or BTC address, is used to designate the destination of a bitcoin payment. In this sense, a bitcoin address can be considered the equivalent of an Iban account number. All bitcoin addresses begin with 1 or 3. Each one contains a string of between 26 and 35 alphanumeric characters, which can also be presented as a QR code. Based on asymmetric cryptography, a bitcoin wallet generates and stores public/private key pairs. These keys are used to perform transactions, secure them and ensure their integrity. The private key is used to prove to all peers on the network that you are the owner of the bitcoins associated with a given transaction. If you are a Bitcoin owner, you must therefore be careful to protect your private key, as its theft is often synonymous with Bitcoin theft.

Example of a bitcoin address

This is what the very first address that received bitcoins looked like: 1MPTfTL5SLmv7DivfNaA1zP1eP5QGefi2D.  The bitcoin address is a digest of the public key called a "hash". It is obtained using cryptographic algorithms (SHA 256 and RIPEMD-160). The private key is the equivalent of the wallet holder's signature. To receive bitcoins, only the public key is necessary. But to spend them, the private key is required. A bitcoin address is generated randomly, using dedicated software.