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How to create a Bitcoin wallet address?

2016-05-03

Как создать адрес Bitcoin-кошелька?

Newbies who take their first steps in working with cryptocurrency do not understand several things - what are the features of transactions, how to create a Bitcoin address, and what is needed to find out. Below we will deal with these and other issues in more detail.

 

Subtleties of translation

Transactions between wallets within the network are carried out with a digital signature. Any operation is publicly available, which allows each participant to study information about the sender and addressee of the public block chain, as well as check the history of transactions for the entire time period (from the beginning of the appearance of the cryptocurrency to the transaction).

There are users who only use cryptocurrency for investment. But the goal of Satoshi Nakamoto was not to create a tool for investment, but to provide society with electronic money that would replace cash, simplify transaction procedures and make them more profitable and simple.

To send coins, you need two components - the Bitcoin wallet address and a personal (private) key. Many people compare a Bitcoin wallet address to a bank account. But such a comparison is not correct. Before registering a wallet and finding out the Bitcoin address, you do not need to fill out a large number of papers and go to the bank. Anyone can use money and make transfers - even a minor. Typically, a Bitcoin wallet address is generated randomly and is a group of numbers and letters. In this case, the second element of the transaction (the private key) must be closed from public access.

Many do not know where to get a Bitcoin address. Everything is simple here - just install a special wallet program on your PC or use a special online service. In both the first and second cases, getting a Bitcoin address is easy. How to do it? It is enough to click on the "Get address" button. The alphanumeric code that appears can be copied and used as intended.

The Bitcoin wallet address is often compared to a safe deposit box. On the one hand, everyone has the right to look into it to study the contents. On the other hand, only a user with a personal (private) key has the right to get the values that are inside.

We figured out where to get the Bitcoin address. The transaction itself is performed according to the following algorithm:

- A network participant decides to send a certain number of coins to another person.

- The sender uses the private key to sign the transaction request.

- The application includes the following information - the Bitcoin wallet address from which the funds are received, the recipients address, as well as the amount of funds sent.

- The sending party sends a request to the network, which is picked up by the miners (miners) and added to a new block.

- The recipient receives funds to the wallet.

 

Specifications

The solution to the question of how to create a Bitcoin address is only the tip of the "iceberg" for a cryptocurrency user. Here it is necessary to accurately represent, especially a number of points - how to get the Bitcoin address, what it is, how many numbers and letters it consists of.

Bitcoin address - the identifier of the network user, which is required for the transaction. The peculiarity of cryptocurrency is that you can create multiple Bitcoin addresses. How to do it? There are two options here - manually when making each subsequent transaction, or automatically. In the latter case, the system (wallet) independently creates a new address for the transaction. Many people ask how to find out all the Bitcoin addresses that are used in transactions. Its easy to do - just go to the special section of the wallet called your receiving addresses.

A Bitcoin wallet is a node that contains two keys (public and secret). The first is available to all users of the crypto network, and the second is the owners personal property, which it is desirable to protect from prying eyes. Having learned where to get a Bitcoin address, you can generate it in the amount that you need. Moreover, experts do not recommend making transactions using only one Bitcoin wallet address. This approach is considered unsafe and increases the risk of information interception.

 

Structure and recommendations

When considering the structure of a Bitcoin address, the following points should be highlighted:

Technically, this code is generated after transforming the public key. Upon completion of the encoding, a string is formed with a length of 33-34 characters (may be less).
Today, a Bitcoin address can be encrypted into a so-called QR code. How do you recognize him? - It is enough to use a mobile device with an installed application that can recognize such ciphers.
Each person can have an infinite number of addresses that are stored in the wallet and are used to conduct transactions.
The size of each address is minimal and is 500 bytes. This means that 1000 addresses will only take up 500 KB, which is a minuscule amount for modern machines.
When entering the address, maximum accuracy is required. One mistake is enough for the coins to be sent to another user or the transaction to be canceled completely. When entering, it is worth considering the case, which is of key importance when making a transfer. If the entered account does not exist, the transaction will be processed. If there are errors in the address, then the operation will simply fail.
You can get a Bitcoin address without connecting to the network. How to do it? With the help of special software that does not require a WAN connection. At the same time, there is a risk that the system will form a previously created address, but its probability is 1 to almost 4.3 billion.
The creation of an address takes a minimum of time. To do this, you need to go to the Bitcoin client, select the section for creating an address and write down the alphanumeric code. If desired, it is allowed to use utilities that can create original addresses for making exchange transactions and ensuring maximum confidentiality. An example is the Vanitygen program. The purpose of the software is in the selection of addresses and keys suitable for the transaction.
The address is not a wallet or account in the crypto network. It is only needed to complete a transaction.
Private keys that are created during the formation of the address are stored in a special file - wallet.dat. To ensure safety, this file must be protected from prying eyes and backed up (to protect it in case of loss).
The address is generated by iterating over a group of random numbers and performing complex mathematical operations. Within one minute, the system is able to generate thousands of addresses, and at the same time it does not need a connection to the global network.
When conducting transactions (transferring Bitcoins from address to address), all information is recorded. It contains the hash of the previous operation, which was signed by the sending party, as well as the recipients code. After checking the conditions of the transaction, the funds are transferred.

The danger of losing your Bitcoin wallet

When using Bitcoins, it is worth considering the risk of losing funds, which is possible in the following cases:

- If you lose your wallet due to hard drive failure.

- When creating a new address, receiving cryptocurrency for it and then restoring the old version of the wallet.

- In a situation where money is sent to a non-existent address.