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1thMirt546nngXqyPEz532S8fLwbozud8 The bitcoin address is what appears most commonly in a transaction as the “recipient” of the funds. If we were to compare a bitcoin transaction to a paper cheque, the bitcoin address is the beneficiary, which is what we write on the line after “Pay to the order of ”. On a paper cheque, that beneficiary can sometimes be the name of a bank account holder, but can also include corporations, institutions or even cash. Because paper che‐ ques do not need to specify an account, but rather use an abstract name as the recipient of funds, that makes paper cheques very flexible as payment instruments. Bitcoin trans‐ actions use a similar abstraction, the bitcoin address, to make them very flexible. A bitcoin address can represent the owner of a private/public key pair, or it can represent something else, such as a payment script, as we will see in “Pay to Script Hash (P2SH)” on page 134. For now, let’s examine the simple case, a bitcoin address that rep‐ resents, and is derived from, a public key. The bitcoin address is derived from the public key through the use of one-way crypto‐ graphic hashing; a “hashing algorithm” or simply “hash algorithm” is a one-way function that produces a fingerprint or “hash” of an arbitrary sized input. Cryptographic hash functions are used extensively in bitcoin: in bitcoin addresses, in script addresses and in the mining “Proof-of-Work” algorithm. The algorithms used to make a bitcoin ad‐ dress from a public key are the Secure Hash Algorithm (SHA) and the RACE Integrity Primitives Evaluation Message Digest (RIPEMD), specifically SHA256 and RI‐ PEMD160. Starting with the public key K, we compute the SHA256 hash and then compute the RIPEMD160 hash of the result, producing a 160 bit (20 byte) number: A = RIPEMD160(SHA256(K )) where K is the public key and A is the resulting bitcoin address. A bitcoin address is not the same as a public key. Bitcoin addresses are derived from a public key using a one-way function. Bitcoin addresses are almost always presented to users in an encoding called “Base58Check” (see “Base58Check Encoding” on page 73 below), which uses 58 charac‐ ters (a base-58 number system) and a checksum to help human readability, avoid am‐ biguity and protect against errors in address transcription and entry. Base58Check is also used in many other ways in bitcoin, whenever there is a need for a user to read and correctly transcribe a number, such as a bitcoin address, a private key, an encrypted key, Bitcoin Addresses | 71PDF Image | Mastering Bitcoin
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