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Crypto News QuestionsCategory: QuestionsWhat does ADDRESS mean in cryptocurrency?
Igbaji Chinwendu Staff asked 5 years ago

What does ADDRESS mean in cryptocurrency?

1 Answers
Igbaji Chinwendu Staff answered 5 years ago

Meaning of Address

  1. An address is a short form of Cryptocurrency addresses used to send or receive transactions on the Blockchain network. An address usually presents itself as a string of alphanumeric characters.
  2. Every cryptocurrency coin has a unique address that identifies where it sits on the blockchain. It’s this address, this location, at which the coin’s ownership data is stored and where any changes are registered when it is traded. These addresses differ in appearance between cryptocurrencies but are usually a string of more than 30 characters.
  3. It is also an online location that is presented in a random string of numbers and letters where Bitcoin and other cryptos can be sent to and from.
  4. It is a secure identifier marked by a unique string of characters that enables payments to an individual or entity via blockchain transactions. It usually requires a private key to exclusively access the funds. For example, Bitcoin addresses are alphanumeric strings that begin with a 1 or 3; Ethereum addresses begin with ‘0x’.
  5. It is a code used to store/send/receive bitcoins and other cryptocurrency consisting of 26-35 alphanumeric characters. It is also the public key in the pair of keys used by bitcoin holders to digitally sign transactions.”

Ex Address: 34ZXX88VTAenQW37MsL5hxyoWSyQpTFF6U
Term (address) used in a sentence:
John: Tessy, what’s your address so I can send you some bitcoin to take care of the bills?
Tessy: It’s 56 Freeman Street, Ikoyi, Lagos
John: Hey Tessy! not your home address, I mean your bitcoin address! You remember I created a bitcoin wallet for you some time ago. Please make sure the address is correct otherwise, your coins will be lost.
Tessy: Oh yea, now I remember. It’s 34ZXX88VTAenQW37MsL5hxyoWSyQpTFF6U