Bitcoin 101: What is a Bitcoin Address?

Welcomec welcome to one-minute crypto! I’m your host, Chronos, and today we’re going to talk about Bitcoin addresses. If
you’ve ever wondered how Bitcoin addresses work, just watch this video to
get even more confused. A Bitcoin address is not like your wallet, because if you
take your wallet out of your pocket and give it to somebody, then they have it
and you don’t. It’s more like a locker, and bitcoin it’s more like a Giant Sky
Cloud of Lockers, which is a bad name, which is why we call it Bitcoin. There’s
two parts: the public key allows someone to find your locker among the Giant Sky
Cloud of Lockers and put money in the slot. But they can also look in the
window and see how much money you have, so don’t give your public key out to
just anyone. Now the private key allows you to take money out of the locker and
put it in somebody else’s, so you want to keep that safe. If you keep your private
key on your computer and then you install a virus just for fun, a hacker
might come along and make a copy of the key, and now either of you can move money out of the locker. You can probably guess what happens next. You’re in a race to move it, and the hacker will probably move it first into his own locker, which
is probably bad for you, but let’s face it, it’s really good for the hacker.

4 thoughts on “Bitcoin 101: What is a Bitcoin Address?

  1. Nice video.
    Each public key has it's own private key or one private key can control more than one public key?

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