As a house needs a mailing address to receive couriers, a transaction in a bank requires an account number, a phone requires a number to send and receive calls- a wallet address is a prerequisite for sending and receiving bitcoins, the oldest, and arguably the hottest cryptocurrency on the market.
A bitcoin wallet address is a 34-character long set of letters and numbers, which is often accompanied by a QR code. If one is to receive a certain amount of bitcoins, only the bitcoin wallet address is to be given to the sender, and they can use the same to send the specified amount of bitcoins to the given wallet address. Likewise, in order to send bitcoins, one needs to have the recipients’ wallet address.
Bitcoin transactions work on the blockchain technology, making it impossible to trace the sender and recipient of a particular transaction, while safely storing and recording each transaction, accompanied by a transaction ID, on the blockchain, which is a public ledger of all bitcoin transactions.
There are countless options for creating a bitcoin wallet, which will give you a bitcoin address. Blockchain wallet is regarded as the first, safest and easiest to use bitcoin wallet. It works like a regular e-wallet, in the likes of Paytm, Mobikwiketal.
- Go to website blockchain.info
- Go to the wallet section and sign up using your email ID and a preferred username.
- You will receive a verification link on your email ID, upon clicking which, you would have created your bitcoin wallet address.
- Now, you have the option of using the secure wallet on your desktop itself, or on your smartphone by downloading the blockchain.info app, and following the instructions to sync the wallet on your phone.
- The easy-to-use interface contains options to send and receive, wherein the user can easily transfer or deposit the cryptocurrency over the bitcoin blockchain.
Upon completion of this process, you would have generated a bitcoin wallet address, which can be used for all future transactions.
Likewise, one can create as many bitcoin addresses on blockchain.info or any other application, website or offline wallets according to their requirements and needs. It is highly recommended that one verifies the security of the bitcoin wallet they are creating an address on, in order to avoid the minuscule chance of fraud and forgery.
Experts also have an opinion that to assure maximum level of safety, each receipt of bitcoins should be executed on a separate wallet address, even though it is not necessary to do so. Wallets like Coinbank allow one to hold multiple wallet addresses via the same bitcoin wallet.
In all, a bitcoin wallet address need not be kept personally secured, as a potential fraudster is unable to embezzle funds just by using a bitcoin address, while a publiclly displayed wallet attract may surely attract donations if used on the right platforms!