Using cryptocurrencies starts with having an address. The address consists of a private key that should be discreetly protected and a public key that is an identifier. We pass the public key to the other side of the transaction to transfer funds to or manage transactions.
Bitcoin address in the form of a public key will be more often seen and might seem to be more important. However, it is really an irreversibly encoded private key that needs the most attention and security.
What is my Bitcoin address?
A Bitcoin address is an identifier that represents a possible destination for a bitcoin payment. It is beginning with the number 1 or 3 and consists of 26-35 alphanumeric characters (a-z and 0-9).
If you like to have control, you probably will secure your private key on your computer or offline device. If you would rather delegate security or storage hassle to others, you would use cryptocurrency exchange or online wallet service, at the cost of more risk.
How to get Bitcoin address easily?
Consider the following options:
- The easiest way to generate a BTC address is using the Bitcoin BitAddress.org address generator, running in the client’s web browser. After visiting the site, just move the cursor or write any of the characters to add randomness … and it’s ready. Then, save the address in the form of a public and private key as a pdf and store it in a safe place. It will be useful to copy the public part that will serve as an ID or directly to the transaction. It took less than a minute, right? This way you also get anonymous bitcoin wallet.
- The most popular online services for Bitcoin wallets such as Blockchain.info or Coinbase also provide address support, including the secure storage of private keys. These options, however, are not recommend as a way to store cryptocurrencies in long-term.
- Cryptocurrency exchanges, such as Binance, will also provide the bitcoin address. They are accepting cryptocurrency transfers to such an address. Balance will appear on our account in a given stock exchange. However, we do not recommend this method as it depends on exchange’s credibility.
- The offline, hardware cryptocurrency wallet is one of the safest ways to store Bitcoin. The wallet in the form of a usb device also has an address – a public key, and the private key is stored securely in the device. Check out test of one of cryptocurrency wallets: Ledger Nano S.
As you can see above, there are a few solutions to choose from. We recommend full control over cryptocurrency portfolio, i.e. the shortest route: generating and saving the address by the browser (point number one above). Which way was right for you?