An address in cryptocurrency is a unique identifier that allows users to send and receive cryptocurrencies, like Bitcoin or Ethereum.
It functions similarly to a bank account number but for crypto transactions.
An address can be shared publicly for others to send funds securely if it is linked to a wallet. While addresses are made up of long strings of letters and numbers, each blockchain has its own format.
Although an address is visible to everyone, only the owner with the corresponding private key can control the assets tied to it.
Misconception: Public Keys Are Addresses
Several times addresses are thought to be the same as public key.
Public keys are identifiers (like bank account numbers) while addresses are the entity that holds your crypto (like bank accounts). They are two different things.
Similarly, a private key is a password to access the blockchain address and the funds in it.
Common Address Formats
Ethereum: Ethereum addresses start with “0x” and are followed by 40 hexadecimal characters (e.g., 0x742d35cc6634c0532925a3b844bc454e4438f44e).
Bitcoin: Bitcoin addresses vary, but the most common formats are those starting with “1” (legacy), “3” (P2SH), or “bc1” (Bech32 for SegWit) (e.g., bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwfma4t).
Near: NEAR Protocol addresses look like human-readable account names and typically end in “.near” (e.g., alice.near).
Solana: Solana addresses are 44-character base58 strings (e.g., 5y7jZwxE3bqVxF8fuRfwa8A6ubPZtu7GeA77ny5fGRov).
Algorand: Algorand addresses are 58-character strings using base32 encoding (e.g., ALGOIVMGW7HDHD7R3QRNFGNF2JN4Q33FWC5SXT3NLRKVE47NSP4G2VUDU).
