Thursday, January 29, 2015

How to get a bitcoin wallet and address?

In order to be able to store bitcoins and make bitcoin transactions, you need to get a bitcoin wallet. It is completely free to get one. Your bitcoin address will be generated automatically when you get a wallet and you can generate as many addresses in your wallets as you wish. Bitcoin addresses are 26-34 alphanumeric character identifiers, beginning with the number 3 or 1 and they only represent a possible destination for a Bitcoin transaction. Bitcoin addresses do not store value, the value of your bitcoins is stored in your wallets secret private keys that give you the rights to send and receive bitcoins form and to another bitcoin wallet via the bitcoin address. All bitcoin addresses you generate in your wallets are mathematically related to these private keys and all the transactions between wallets are recorded in the blockchain.
An example of a Bitcoin address is: 1K98t1WpEZ73BMmQviecrnyiXrnqRhYMLy.

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