ScaredyCatGuide to Bitcoin and Other Cryptocurrency – Part V – Wallet Addresses and Private Keys
In the last post we learned how to store Bitcoin using different wallet types. Let’s now discuss the items that allow us to transact with and secure those wallets – specifically, the wallet address and private key
This post is part of a running series on bitcoin and blockchain basics
Wallet Address
Think of your wallet address like an email address for your Bitcoin. The address allows you to send and receive information.
There is no limit on the number of address you can have. You have the option to use the same address for all your transaction or to create a new each time.
Example
To send bitcoin from an exchange to your bitcoin wallet – you would copy your Bitcoin wallet address (which is your receive address) and put it in the address field on the send/withdrawal request on the exchange as seen below…
On the flipside - when you are sending Bitcoin from your wallet, you will use the (receive) address provided to you by the person or account you are sending bitcoin too.
Wallet Keys
There are a couple different types of key when it comes to wallets. We already discussed one of them when talking about wallet addresses.
Public Key
The public key is related to your Bitcoin wallet address. Basically, your address is a hashed version of your public key. Public keys are 256 bits long while your address is 160 bits.
A public key is used to ensure that you are the owner of an address that can receive funds.
In review - the public key gives you the ability to view your wallet and receive funds.
Private Key
Your private key is a different animal all together. This key is the password to spend your bitcoin. If you lose it you will no longer be able to access your bitcoin wallet in a fashion that allows you to use your funds.
Therefore this key is very important and called private for a reason. You should not share this key with anyone else, otherwise they will be able to access your bitcoin funds.
It is smart to hold a backup of this key somewhere. I printed mine out and stored them somewhere safe. If for some reason your private key gets compromised you can send your bitcoin to another wallet and it will be secure again as your new wallet will have its own private key.
The private key is mathematically related to all the addresses created for a wallet. However, you don’t have to worry about someone reverse engineering it to figure out your private key. It would take a machine several lifetimes to remotely have a chance of deciphering it.
Practice
If you want practice accessing your wallet and sending some BTC – I’m happy to be your guinea pig :-) Here is my address: 1CNDH17wbmBoyMiYAJpAh4ZGCCcT27KQgA
In the next post we will cover creating passphrases and using two-factor authentication (2FA) to secure your bitcoin
Some things I use:
- www.coinbase.com to buy bitcoin (link gives $10 bonus on first purchase)
- https://1broker.com to trade stock and currency using bitcoin
- https://bitconnect.co to earn daily interest lending bitcoin (speculative investment)
Best Regards,
Disclaimer: All content in this post is my opinion and for informational purposes only
This post received a 17% vote by @eternal.witness courtesy of @Kubby from the Minnow Support Project ( @minnowsupport ). Join us in Discord.
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While it may not be a scam in your opinion, it could be considered spam. Spam is not appreciated by the community and could be flagged or may result in action from the cheetah bot..
Some things that can be considered spam:
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@steemcleaners - I appreciate the work you do and the information. Over the past year I have been on steemit I have seen alot of good work done and hope it keeps up. I always provide value add content so I'll assume the coinbase link I posted is not up to snuff. I do use that service though. Anyway, thanks for the heads up I will rectify.
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Ok I will try not to lose my private keys
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There is no TRY.
do .... or do not. :-P
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Good guide!
I have now had the pleasure of owning and spending my first bitcoin(um...just a tiny piece, not a whole one). Used the Exodus wallet. For a $26 USD transaction the fee was about $1.50. Kinda high....but
It was a good learning experience!!
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Nice! Exodus is one that I use and yeah, they are not the cheapest but otherwise happy with them. Fees fluctuate with demand as with the others. Congrats on your first round trip!
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This post received a 17% vote by @msp-mods courtesy of @Kubby from the Minnow Support Project ( @minnowsupport ). Join us in Discord.
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This post has been resteemed by @minnowsupport courtesy of @Kubby from the Minnow Support Project ( @minnowsupport ). Join us in Discord.
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This post received a 17% vote by @minnowsupport courtesy of @Kubby from the Minnow Support Project ( @minnowsupport ). Join us in Discord.
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img credz: pixabay.com
Nice, you got a 52.0% @peaceandlove upgoat, thanks to @scaredycatguide
Want a boost? Minnowbooster's got your back!
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The @OriginalWorks bot has determined this post by @scaredycatguide to be original material and upvoted(1.5%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
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Definitely worth an upvote and a resteem :)
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Quite the helpful guide. I myself use QuadrigaCX and got used to the layout quite quickly. Once you get into the custom of using the address and keys to transfer money, it becomes easier the next time. I still use guides when I'm transfering from Blockchain to be sure I'm doing it properly.
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Cool, hadn't heard of that one. And yeah, best to double check your actions each time.
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I am so glad I found this article. Thanks @scaredycatguide - spreading this and bookmarking for future reference!
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Thanks, glad it is of help! More related content coming soon.
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Awesome series! I just found it and plan on following as more come out.
I will actually be suggesting it as learning material for a few friends who want to know more.
Wish I could up vote more, alas I am but a fry among minnows. lol
Thanks and Cheers
-Glitch
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Your Bitcoin series is what I am using to explain and introduce others to Bitcoin! This is good stuff!
Thanks!
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Yo do you know what the best wallet is for iphone
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Hey man, I have an andriod so don't have any experience with iPhone wallets. Airbitz and breadwallet are two bitcoin wallets that I've heard work good though.
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Sweet thanks for getting back to me
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