Bitcoin wallet generates Bitcoin address
The Bitcoin wallet creates a Bitcoin address by generating a key pair, calculating the hash value, adding a prefix, calculating a checksum, appending a check digit, and then using Base58 encoding. This address is unique, irreversible and can only be accessed via a private key and is used to send and receive Bitcoins.
How a Bitcoin wallet generates a Bitcoin address
A Bitcoin wallet is essentially a place to store and manage Bitcoin addresses digital space. A Bitcoin address is a unique identifier used to send and receive Bitcoins, similar to a bank account number.
Steps to generate a Bitcoin address:
- Create a wallet: First, you need to create a Bitcoin wallet. This can be done by using a desktop wallet, mobile wallet, or hardware wallet.
- Select address type: Bitcoin wallet supports multiple address types, including P2PKH (Pay-to-Public-Key-Hash) and P2SH (Pay-to-Script-Hash). Select the desired address type, P2PKH is usually recommended.
- Generate key pair: The wallet will generate a pair of keys, a private key and a public key. The private key is used to sign transactions, while the public key is used to create a Bitcoin address.
- Calculate the hash value: Calculate the hash value using the public key, called the RIPEMD160 hash.
- Add prefix: Add the network prefix before the RIPEMD160 hash value (e.g. "1" for Bitcoin mainnet).
- Compute checksum: Compute a double SHA-256 hash of the result of the previous step.
- Extract check digit: Extract the last 4 bytes from the double SHA-256 hash as the check digit.
- Append check digit: Append the check digit to the result of the previous step.
- Encoding: Encode the result using the Base58 encoding scheme to generate a Bitcoin address.
The generated Bitcoin address is unique, irreversible, and can only be accessed through the private key. It can be safely shared with others for receiving Bitcoins.
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