What is a wallet address? 📖
It is a unique sequence of numbers and letters to send and receive information or assets. In blockchain technology, a user is assigned an address whenever he creates an account on a digital crypto wallet.
A wallet address is normally used for sending and receiving cryptocurrencies. It is a combination of letters and numbers and each address uniquely identifies the source or destination of transactions.
Addresses also have the ability to identify the cryptocurrency used. Different kinds of addresses are used by blockchains that contain unique patterns e.g. for Bitcoin they start with 1, 3 or bc1 and for Ethereum, they start with 0x.
Here’s a further look at what different crypto wallet addresses may look like
Bitcoin address: 32WGoApaVN7WGgWgPRRNoPJkcb4rZHpfHu
Ethereum Address: 0xe9efe1fcc5a5dc299d66a9694ee1dd57d14e6f38537124e8a80ab8f46ad75fab
You can even customize them by adding your name or anything that you want, this kind is referred to as a vanity address. It is actually the same as generating a private key from which the public key will be derived.
An example of a vanity address:
If you’re looking to make your address, here are some of the best crypto wallets to use
- Metamask Wallet
- Coinbase Wallet
- Trust Wallet
Using addresses is pretty simple. Suppose you have a friend who asks for some crypto. You can simply ask for his crypto wallet address and send the desired amount from your wallet to his wallet.
There is an important difference to know between addresses and private keys. Crypto wallet addresses can be shared publicly but the private key should not be shared with anyone. Many websites are scamming users by asking for their private keys and several have lost crypto worth thousands of dollars as a consequence.
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