Browse Definitions :
Definition

Bitcoin address

Contributor(s): Ivy Wigmore

A Bitcoin address is a unique identifier that serves as a virtual location where the cryptocurrency can be sent. People can send the cryptocurrency to Bitcoin addresses similarly to the way fiat currencies can often be sent to email addresses. However, the Bitcoin address is not intended to be permanent, but just a token for use in a single transaction. Unlike a digital wallet, a Bitcoin address cannot hold a balance.

The address itself consists of 26-35 alphanumeric characters. This string is the public half of an asymmetric key pair. The standard format for a Bitcoin address is P2PKH (pay to public key hash). Digital wallets or Bitcoin clients generate addresses through cryptographic operations: The software generates a private key through an asymmetric signature algorithm and then derives the public key from the private one. The user signs with the private key and verifies that signature with the public key.

When Bitcoin first started, people could send the currency to an IP address. That was a convenient method for users but it quickly became apparent that it would also be convenient for people launching man-in-the-middle attacks. That method was discontinued and the Bitcoin address was devised as a more secure alternative.

Most other cryptocurrencies use similar technologies for funds transfer. The Bitcoin address is one type of blockchain address.

This was last updated in July 2018

Continue Reading About Bitcoin address

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

SearchCompliance

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

  • compliance as a service (CaaS)

    Compliance as a Service (CaaS) is a cloud service service level agreement (SLA) that specified how a managed service provider (...

  • data protection impact assessment (DPIA)

    A data protection impact assessment (DPIA) is a process designed to help organizations determine how data processing systems, ...

SearchSecurity

  • quantum key distribution (QKD)

    Quantum key distribution (QKD) is a secure communication method for exchanging encryption keys only known between shared parties.

  • identity theft

    Identity theft, also known as identity fraud, is a crime in which an imposter obtains key pieces of personally identifiable ...

  • cybercrime

    Cybercrime is any criminal activity that involves a computer, networked device or a network.

SearchHealthIT

SearchDisasterRecovery

  • disaster recovery plan (DRP)

    A disaster recovery plan (DRP) is a documented, structured approach that describes how an organization can quickly resume work ...

  • business continuity plan (BCP)

    A business continuity plan (BCP) is a document that consists of the critical information an organization needs to continue ...

  • disaster recovery team

    A disaster recovery team is a group of individuals focused on planning, implementing, maintaining, auditing and testing an ...

SearchStorage

  • logical unit number (LUN)

    A logical unit number (LUN) is a unique identifier for designating an individual or collection of physical or virtual storage ...

  • NVMe over Fabrics (NVMe-oF)

    NVMe over Fabrics, also known as NVMe-oF and non-volatile memory express over fabrics, is a protocol specification designed to ...

  • CIFS (Common Internet File System)

    CIFS (Common Internet File System) is a protocol that gained popularity around the year 2000, as vendors worked to establish an ...

Close