How To Get A Wallet Address For Cryptocurrency: A Guide For Bitcoin Newbies
Cryptocurrency wallet is one of the most important things you need to know in the world of cryptocurrency. A wallet address comprises 26 to 35 alphanumeric characters, and they are what you need to send and receive crypto assets. This can be a little challenging for those who have just started in crypto trading, but no need to worry. This article will discuss one of the most fundamental topics: how to get a wallet address for cryptocurrency, specifically for Bitcoin.
Understanding Cryptocurrency Wallet Address
You may be wondering what exactly a wallet address is and if they are safe or secured. To make it easier to comprehend, we can compare a crypto address to your email. You can share your email address with others so they can send emails to you and receive emails from you. But you must not share your password, as those who know your password can access your email. This is the same with a crypto wallet address. You can share your wallet address, also called public keys, to send and receive crypto money.
Most crypto coins have different address formats, and they vary in characters, numbers, and length. For Bitcoin, the address format includes numbers, letters both in upper-case and lower-case, and 32 to 34 characters. Bitcoin addresses also start with either 1, 3, or bc1.
How To Get A Wallet Address For Cryptocurrency
There are over 7,000 cryptocurrencies available, and that number is continuously increasing. Bitcoin is so far still the most popular and one of the best cryptos in the market. In this article, we will focus more on how to get a wallet address, specifically a Bitcoin address. Follow the steps below:
- Download a Bitcoin wallet. This software enables users to transact, like send and receive and store coins in the Bitcoin network.
- Once the wallet is downloaded, it can be used to generate a brand-new Bitcoin address every time the user an invoice to receive payment requests for Bitcoins.
- The Bitcoin wallet also has the user's private key, like the user's Bitcoin password.
Currently, three Bitcoin address formats are in use:
P2PKH – This address format starts with the number "1."
P2SH – This address format starts with the number "3."
Bech32 – This address format starts with "bc1."
If you are thinking of getting a crypto wallet, there are four different types of Bitcoin wallets that you can choose from, namely mobile, web, desktop, and hardware wallets.
Mobile Wallet – This crypto wallet is considered the most convenient to use. However, the wallet provider stores the key on its app or your phone. This means those who have access to your phone can also access your Bitcoin funds. One way to address this issue is to use your smartphone's fingerprint authentication to open the mobile wallet app. Below is a list of some popular mobile wallets.
- Airbitz Bitcoin – This wallet can be used on both iOS and Android. Airbitz wallet users can have full access to their funds and transaction info as they control their Bitcoin private keys. It is also easy to use, similar to the usual mobile banking.
- Bitpie – This mobile wallet can support over 40 different blockchain networks, including Bitcoin, Litecoin, Tron, and Ethereal. It is user-friendly and has excellent security features. It can be downloaded on iOS and Android devices.
- Coin.Space – This one is a free online Bitcoin wallet and can be used to make payments with low fees. It can be used on your iOS or Android devices or Windows phone. It has bank-level security and a server environment making this wallet safe and secure to use.
Web Wallet – This wallet is equally convenient as the first one on our list. One of its advantages is that they are good against hardware failure as you can access your account online using any device. In case your phone got lost or stolen, you can still get ahold of your funds online. However, the downside is since it is online, it is vulnerable to cyber-attacks and malware. It is advised that web wallet users ensure that they have a strong password to protect their wallets.
- BitGo – This crypto wallet is one of the best institutional digital asset financial services. It has one of the best security features, interactive design, and a modern interface. The downside of this wallet is that it is a bit expensive.
- Coinbase – This web wallet supports several crypto coins, such as Bitcoin, Ethereum, Litecoin, and all ERC-20 tokens. It ensures that users' keys are protected and features biometric authentication technology.
- Jaxx – This wallet can be used on Android, iOS, Mac, and Windows desktop. It manages over 80 cryptocurrencies, like Bitcoin, Ethereum, Litecoin, and Dash. Users can take full control of their accounts as they keep their keys themselves. Jaxx also uses an industry-standard 12-word backup phrase that can be used to and from other wallets.
Desktop Wallet – This is a software program that is installed on the user's computer. They are more secure than the first two in this list, although they are not entirely safe against malware attacks. Desktop wallet users must ensure that they have powerful antivirus to prevent such thing. Another thing to keep in mind when using a desktop wallet is that when the computer's hard drive fails and cannot recover files and data, chances are you will also lose your crypto assets. The best thing to do is make sure you constantly make backups.
- ArcBit – This one is easy to use. Users can have a single recovery phrase that can be used in case they need to restore their wallet on another device. It is PIN protected and supports over 150 local currencies.
- Bither – It can used as a cold wallet, meaning it can still be accessed offline. Users' private keys are protected by digital password, and it has real-time monitoring.
- Copay – This wallet supports Bitcoin, Bitcoin Cash, Ethereum, XRP, and ERC-20 stable tokens like USD Coin and Paxos Standard. Copay users control their private keys and digital money at all times, and they can use codes that are a hundred percent open source for community testing and audits.
Hardware Wallet – This is like a USB device or external hard drives for crypto coins. They are offline hardware that can be plugged into the user's computer to buy and sell using Bitcoins and keep them safe after the transaction. This type of wallet is the most secure as it limits your funds to the Internet and potential cybercriminals.
- Ledger Nano S – Users can check and confirm their transactions on the device's display using its physical buttons. The data stored in the device is secured in an isolated environment locked by a PIN code.
- KeepKey – This wallet has bank-grade security features. It is virus and malware-safe, supports multi-currencies, and works on Windows, Mac, Linux, and Android devices.
- Trezor – It is universally compatible, meaning it functions with Windows, macOS, and Linux. This device is compact and lightweight and has a simple backup that restores all contents in case of loss or theft.
Learning how to get wallet address for cryptocurrency can be a little complex at first, but once you get the hang of it, it gets easier. There are many crypto wallets that you can use, but the essential thing to consider in choosing a wallet is its safety and security. Get the best one for you and enjoy the excitement and thrill in the crypto world. Find out more about wallet addresses here!
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