What Is Wallet Address?
Also known as: Crypto Address, Public Address, Cryptocurrency Address
In short
A wallet address is a unique string of letters and numbers derived from a public key, used so that a crypto wallet can receive funds; like an IBAN for a bank account, and unlike a private key, it can be shared with others.
An address is created by passing the public key, derived from the private key, through cryptographic hash functions; for this reason, working backward from the address to the private key is practically impossible. The format varies by network. Ethereum addresses consist of 40 hexadecimal characters starting with 0x. In Bitcoin, legacy addresses start with 1 or 3, SegWit addresses start with bc1q, and Taproot addresses start with bc1p.
When working with addresses, choosing the right network is critical. An address in the same format can be valid on more than one network; sending a token over the wrong network can cause the funds to be lost. Some exchanges require a tag (memo or destination tag) in addition to the address for assets such as XRP.
In address poisoning scams, attackers leave fake addresses that look like the real address in the user's transaction history. For this reason, checking the entire address instead of looking only at the first and last characters, and sending a small test transaction before large transfers, are common security practices. Because blockchains are transparent, the full transaction history of an address can be seen on block explorers.
Last updated: · This content is for information purposes only and is not investment advice.