What is a Bitcoin Address?

Reading Time: 2 minutes ¬†Good question, I’m going to do my best to keep it simple. So please keep in mind that there are a lot more aspects and things to consider if you want to dig deeper. Note: Please do not send funds to the following address as these details are in the public domain, it is for demonstration only. There are 2 parts and they are normally managed by your wallet software; – A public address eg. 1MsHWS1BnwMc3tLE8G35UXsS58fKipzB7a – A private key eg. 5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAbuatmU Click on the public Bitcoin address above to see all the transactions that have taken place on this address. 1MsHWS1BnwMc3tLE8G35UXsS58fKipzB7a A Bitcoin address is a unique identifier that you can publicly share which allows you to receive Bitcoins. It is made up of 26-35 alphanumeric case sensitive characters, beginning with the number 1 or 3, that represents a possible destination for a Bitcoin payment. Addresses can be generated at no cost by any user of Bitcoin. Sharing the public address is safe. People can not take your Bitcoins, they can only send them to you with this address. Different cryptocurrencies normally need a different address specific to that currency. A private key is a secret code which allows you to prove control of the Bitcoins in the associated address. The address and private key is normally saved in the wallet that controls the balance. Do not share your private key with anyone. Keep your private key backed up in a safe place. If you loose your private key or it becomes public knowledge then the address you have shared with other people is...

What is Cyrptocurrency and Why I Think it Matters

Reading Time: 1 A cryptocurrency or crypto currency is a medium of exchange using cryptography to secure the transactions and to control the creation of new units. Cryptocurrencies typically feature peer-2-peer decentralized control and a public ledger commonly know as the “block chain” which records transactions. Alternative cryptocurrencies launched after the success of bitcoin are frequently called altcoins like litecoin, dogecoin or blackcoin. Cryptocurrency is challenging and changing the way we think about and use money. Our new digital culture of faster with less boundaries will keep pushing this internet wide social and financial experiment. It has the potential to change the way business is done. Some will be ready for the change and others will resist it to their own detriment. This new version of e-commerce that is emerging, may come to be known as crypto-commerce. It is not just boarder-less transactions or low fees, but the responsibility that comes with the new system. Digital contracts will help to uphold honest transactions. Investing and credibility are going to change and be more accountable. Experimenting and learning now will prepare us for the adventure...