Bitcoin address
A string of characters like ‘bc1q…’ that someone can send bitcoin to. It is usually derived from a public key, can be shared without risk to your funds and should be generated afresh for every payment.
Alsoaddressreceiving addresswallet addressbc1 address
A Bitcoin address is like an account number for a single payment: you share it to receive bitcoin, for example from an exchange. Anyone who knows it can send you bitcoin, but can’t spend any – that requires the private keyGlossaryPrivate keyA secret, randomly generated number that you use to sign transactions and so control your bitcoin. Anyone who knows the private key can spend the bitcoin that belongs to it – it must never fall into anyone else’s hands.On the learning path: Stage 5 · Step 3 – Backing up your seed phrase →In the glossary →.
The common formats
| Starts with | Format | In context |
|---|---|---|
1… |
Legacy (P2PKH) | original format, higher fees |
3… |
Script hash (P2SH) | including older multisig and SegWit variants |
bc1q… |
Native SegWit (Bech32) | widely used today |
bc1p… |
Taproot (Bech32m) | newest format |
After the ‘bc1’, bc1 addresses leave out the easily confused characters ‘1’, ‘b’, ‘i’ and ‘o’. Their checksum detects every error affecting no more than four characters, without exception.[1],[2]
A new address for every payment
All transactions are public. Even the whitepaper recommends using a new key pair for every transaction, so that payments can’t be linked to a common owner.[3] That’s why modern wallets show you a new address after every payment you receive; older ones remain valid.
Related terms
These terms are closely connected.
- This termBitcoin address
- Public keyCalculated from the private key and used to check your signatures. The calculation only works in one direction: the private key cannot be worked out from the public key.
- Private keyA secret, randomly generated number that you use to sign transactions and so control your bitcoin. Anyone who knows the private key can spend the bitcoin that belongs to it – it must never fall into anyone else’s hands.
- Wallet (Bitcoin wallet)Software or a device that manages your private keys, generates receiving addresses and signs transactions. The bitcoin itself isn’t in the wallet but on the blockchain – the wallet holds the access to it.
- SegWit (Segregated Witness)A 2017 soft fork that treats signature data (the ‘witness’) separately. It fixed transaction malleability, increased block capacity and makes payments with modern addresses (bc1q…) cheaper.
- TaprootA soft fork from November 2021 that introduced Schnorr signatures and more flexible spending conditions. Complex arrangements such as multisig can look like a simple payment. Taproot addresses start with bc1p.
Explained in depth
These articles go into more detail:
- Deep dive · Stage 5Keys & addressesPrivate key, public key, address and seed phrase: how they fit together, why the path only runs one way and what 1, 3, bc1q and bc1p mean.
- Stage 5 · Step 4First withdrawalSending bitcoin from an exchange to your own wallet: check the address, send a test amount, proof of ownership under the Travel Rule, whitelist, confirmations.
- Deep dive · Stage 5PrivacyBitcoin is pseudonymous, not anonymous. How chain analysis works, what your exchange and the tax office know about you and how to protect your privacy legally.
More from „Wallets & security“
Sources3 sources · 2 publishers
The superscript numbers in the text refer to these sources.
- BIP 173: Base32 address format for native v0-16 witness outputs – Bitcoin Improvement Proposals (Pieter Wuille, Greg Maxwell), 20.03.2017 (accessed 28/09/2026)
- BIP 350: Bech32m format for v1+ witness addresses – Bitcoin Improvement Proposals (Pieter Wuille), 16.12.2020 (accessed 28/09/2026)
- Bitcoin: A Peer-to-Peer Electronic Cash System – Satoshi Nakamoto, 31.10.2008 (accessed 28/09/2026)
This entry is for education only and is not investment, tax or legal advice.