Why a Bitcoin Address Is Not Like An Account Number

Written by Abubakar Sadiq Ismail

Bitcoin address is a set of alphanumeric characters which can also be encoded in a QR code format, bitcoin addresses have uniform prefixes 1, 3, bc1 etc., and each prefix type has a meaning. Bitcoin addresses are used to receive bitcoin payments from other bitcoin holders.

What exactly are those alphanumeric characters? why are those characters used not names? well, the Bitcoin network is decentralized, without any central authority that controls who owns a certain amount of bitcoin, the security of bitcoin relies upon decentralization, mathematical computations, and cryptography.

The bitcoin address plays a vital role in the mathematical process and cryptography that enables us to establish proof of ownership using public and private key cryptography.

Abubakar continues his writing on the characteristics of a Bitcoin address in this link. Click to continue reading.