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Bitcoin Public Key Vs Wallet Address. The public keyaddress is the equivalent of your email address. Consider a mailbox where you receive your physical mail. Bitcoin wallet is an application that contains a collection of public Bitcoin address and private keys. It is also possible to get a Bitcoin address using an account at an exchange or online wallet service.
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The most common way to send bitcoins is to an address which is a hash of a Bitcoin public key. A wallet is a collection of private keys that correspond to addresses. Each cryptocurrency wallet is assigned an address which people can then use to receive funds. A bitcoin wallet address is a hashed version of your public key. The private key is the equivalent of the password you use to log in to your email account. A public key is derived from the private key and used to create the wallet address.
The concept of a wallet is present only in Bitcoin clients.
The Bitcoin Address is very public. A wallet address just like a home address is a direction that leads directly to your cryptocurrency wallet. On most public key cryptosystems users just need to share a public key in order to receive encrypted messages. A bitcoin wallet address is a hashed version of your public key. Addresses have two major benefits over public keys. However a Bitcoin wallet address is widely considered to be the better choice.
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Encoding the hash of a public key as an address began with Satoshi writing the original Bitcoin client. A bitcoin address is like an email address that funds can be sent to. Your answer is akin to saying theyre all the same as your phone number. It is actually both. The generation of a bitcoin address begins with the generation of a private key.
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This concept is present in the Bitcoin protocol itself. A wallet address just like a home address is a direction that leads directly to your cryptocurrency wallet. Addresses have two major benefits over public keys. The reason we do it that way is so that if there is a vulnerability in elliptic curves your money can still be safe since the public key isnt even known until you spend the money only the hash is known. The public keyaddress is the equivalent of your email address.
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The reason we use an address is because it is easier for humans to read identify and transport. Encoding the hash of a public key as an address began with Satoshi writing the original Bitcoin client. On most public key cryptosystems users just need to share a public key in order to receive encrypted messages. The public key and private key are kept secret until spending is done at which time the public key is revealed. Addresses have two major benefits over public keys.
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The public address is the key which you need to receive Bitcoins and private key is the data needed to spend Bitcoins associated with that public address. Which is to say that you are flat out incorrect. A bitcoin address is like an email address that funds can be sent to. A wallet and an address are not the same thing. A public key is derived from the private key and used to create the wallet address.
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Your funds wont be lost if you have a backup as simple as this. Consider a mailbox where you receive your physical mail. A wallet is a collection of private keys that correspond to addresses. You cant retrieve the public key from a bitcoin address and you cant retrieve the private key from a public key. Public keys are compressed and shortened to make it easier to send an.
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On most public key cryptosystems users just need to share a public key in order to receive encrypted messages. However a Bitcoin wallet address is widely considered to be the better choice. Encoding the hash of a public key as an address began with Satoshi writing the original Bitcoin client. But I suspect you are asking why we use the hash of public keys rather than the public key itself. This concept is present in the Bitcoin protocol itself.
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The public address is the key which you need to receive Bitcoins and private key is the data needed to spend Bitcoins associated with that public address. But I suspect you are asking why we use the hash of public keys rather than the public key itself. It is actually both. However a Bitcoin wallet address is widely considered to be the better choice. The public keyaddress is the equivalent of your email address.
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A wallet and an address are not the same thing. This way the private key doesnt have to be revealed when the transaction is broadcasted to the network. An address is a Bitcoin public key to which transactions can be sent. These keys are what makes Bitcoin the safest and most widely used cryptocurrency. The address associated with a balance and used for sending and receiving funds and the address corresponding public and private keys.
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You cant retrieve the public key from a bitcoin address and you cant retrieve the private key from a public key. A wallet address just like a home address is a direction that leads directly to your cryptocurrency wallet. Wallet addresses are essentially hashed versions of the public key. Suppose someone sends some funds to your bitcoin address but your computer broke down with the wallet app. On most public key cryptosystems users just need to share a public key in order to receive encrypted messages.
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In my earlier guide on Bitcoin wallets I have used two terms extensively- Private Address or key and Public Address or key. A public key is derived from the private key and used to create the wallet address. The reason we do it that way is so that if there is a vulnerability in elliptic curves your money can still be safe since the public key isnt even known until you spend the money only the hash is known. The address associated with a balance and used for sending and receiving funds and the address corresponding public and private keys. The public key is used by the wallet to make different bitcoin addresses.
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A wallet and an address are not the same thing. Which is to say that you are flat out incorrect. A bitcoin address is like an email address that funds can be sent to. In my earlier guide on Bitcoin wallets I have used two terms extensively- Private Address or key and Public Address or key. The generation of a bitcoin address begins with the generation of a private key.
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