A wallet address, comprising a string of 26-35 alphanumeric characters, is all it takes to send and receive bitcoin. Any bitcoin address can be used to transfer cryptocurrency to any other address on the network, provided the sender’s wallet software supports that address type. With multiple address formats to choose from, and wallet providers and exchanges only supporting certain address types, it pays to familiarize yourself with the differences.
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Address Formats Are the Internet Protocol of Bitcoin
Just as there are multiple versions of the Internet Protocol, such as IPv4 and IPv6, there are multiple bitcoin address formats. Most of the time, these don’t come into conflict with one another, with transactions zipping seamlessly…