When you work with currency no matter if it is a digital currency or in real life, it is important for you to know about the exchange rate of the currencies you are dealing with. Though, getting to know about the currencies that we use physically is easy. However, for the people who use cryptocurrency, it is difficult for them to know about the different exchange rates. That is mere because the rates in cryptocurrency rise up immensely and they tend to change very often and quickly as well. As much as it is difficult to find the exact rates of the coins, it is equally as important to know about them. That is because people who deal in cryptocurrency will only send or get coins if they are profiting from it.
Hence, the best way to get to a good audience is by knowing the exact tactics and ways how you can benefit yourself. This goes to those people who usually don’t spend their bitcoins on different services or objects but rather deal with bitcoins so that they can collect them. Though, the main thing from the whole game is getting a bitcoin address. For beginners, they might be wondering what this address is, well, a valid bitcoin address is like a bank account number using in which you can store all your bitcoins and check your balances. This address looks like a traditional bank account number but it is long and alphanumeric.
The types of bitcoin addresses used
Initially, there are three types of addresses used in bitcoin. The first one is named P2PKH and this type of address usually starts with the number 1. The second type of address is P2SH and this address starts with the number 3. Lastly, the third address is Bech32 and this starts with bc1. The only way how you will be able to get a bitcoin address will be through a bitcoin wallet. A bitcoin wallet is software that allows you to send, receive and store bitcoin funds. You can also find numerous bitcoin address converter UK. All this will do is covert your address either into a new CashAddr format or Legacy format. Moreover, a valid bitcoin address is needed because if it is lost or you get it wrong then all your bitcoins will be lost.
It is also important that you look into the right address before you share it with other people. Each bitcoin is unique and each address has important information stored in it. There are two types the first is the private key or address and the second is the public key or address. These two keys are not similar and they have some differences. The private key should not be shared with anyone because it determines the ownership of bitcoin. Whereas, the public key can be shared with the person who is going to be giving you bitcoins. Keep in mind both of these keys are important. That is because the private key will enable you to open your account and confirm that you are the owner of that account. Whereas, the public key will be used to enter for the transaction to happen.
Save yourself from getting scammed
You should know that if you send bitcoins to someone to an invalid address then the bitcoins you sent will be lost forever or it can stay with the sender but that is a rare case. Hence, this is one of the most obvious ways how you can get scammed. If you get an invalid address then it will be a major disadvantage for you. Another way how you can get scammed is when you are using a paper-based wallet. This is a very complex scamming technique.
The way this happens is the person who gives you this bitcoin address is probably an attacker and he has kept a copy of the private key of the address he gave you. This way, the attacker can take all your bitcoins away once you receive the coins at the address because he kept the paper wallet private keys which are still valid. Therefore, it is always best that you transaction bitcoins with care and surety because once you lose them, you will not be able to get them back.
