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smallest unit of Bitcoin is called Satoshi. Bitcoin is divisible to the 8th decimal place; hence it can be split into 100,000,000 units. 1 BTC = 100,000,000 Satoshi 2.5.1 Bitcoin Address: Bitcoin Address is used to transfer Bitcoin from one user to another. Bitcoin address acts as a bank account that we use in the banking system. Provided Bitcoin address, anyone can send and receive Bitcoin from one person to another using internet and laptop/smartphones. A string of 26-35 alphanumeric characters represents the Bitcoin address. There are three different Bitcoin address formats: [7] Format 1: P2PKH or Legacy address format In this format, the address starts with the number “1” Example: 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX Format 2: P2SH address format In this format, the address starts with the number “3” Example: 3CfCfnj6bfmCVqfQAqinK7mB1tYJM5Qrnt Format 3: Bech32 address format In this format, the address starts with letter “bc1” Example: bc1qldx8hs6y0m6cxy3ucf9kasvd3vlxky7ypsp233 8PDF Image | Analysis of Bitcoin Cryptocurrency and Its Mining Techniques
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