What is address – wallet address?
The term “address” is often used in the crypto world and can be associated with a specific coin or crypto wallet. Each cryptocurrency in the market is recognized on the blockchain through its unique contract address. The crypto address enables the storing and confirmation of the cryptocurrency on the blockchain as well as verification of transactions associated with a specific coin. Users also need to have an address associated with their crypto wallet to be able to transfer, store and own a specific coin.
Hence, when transferring coins, users need to know the crypto-specific address and the wallet address for the crypto where coins will be transferred. Transferring coins to an address not intended for the specific cryptocurrency may result in permanent loss of the coins.
Examples of wallet addresses for sending Bitcoin and altcoins are:
- BTC address – bc1qss7ww6sgpqcfakzx6yacse6s64kj3g7xae49eh
- ETH address – 0xbd8d05c3E182422a11aBdA659eF41cf26dAbDFAe
- XRP address – rnHRK5fdAZcDkLa8WkBmfQuea2RGB8Rhnd
The addresses are for sending and receiving cryptocurrencies and coins on an Exodus wallet classified as software and hot wallet.