A crypto address refers to a string of alphanumeric characters that represents a wallet that facilitates the sending and receiving of cryptocurrencies. Upon creating a wallet, the user is furnished with a private and public key.
An address is essentially a transitory, hashed version of a public key, and for the convenience of users, crypto addresses are often rendered in a QR code format for easy sharing.
Crypto addresses come in a variety of formats such as
- Pay-to-PubKey-Hash (P2PKH) which is also known as Legacy address
- Pay to script hash (P2SH)
It is important to note that not all crypto address formats are supported by the various wallets available in the market, which requires users to conduct their own research and take necessary precautions to ensure their safety and security.