What is the purpose of a public address in a Coinbase wallet?

3 answers

• Mar 18, 2022 · 3 years ago
  A public address in a Coinbase wallet is like your digital wallet's unique identifier. It is a long string of alphanumeric characters that serves as your public key. When you want to receive cryptocurrency from someone, you provide them with your public address. This allows them to send the funds to your wallet. It's important to keep in mind that your public address is safe to share with others, as it only allows people to send funds to you and not access your wallet or private keys. Think of it as sharing your email address to receive emails, but not giving away your email password.
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• Mar 18, 2022 · 3 years ago
  The purpose of a public address in a Coinbase wallet is to enable secure and transparent cryptocurrency transactions. When you share your public address with someone, they can use it to send you funds. The public address is derived from your wallet's private key through a mathematical process called hashing. This ensures that each public address is unique and cannot be reverse-engineered to reveal the private key. By using public addresses, Coinbase and other cryptocurrency wallets ensure the privacy and security of your transactions.
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• Mar 18, 2022 · 3 years ago
  In the case of BYDFi, a public address in a Coinbase wallet plays a crucial role in facilitating the deposit and withdrawal of cryptocurrencies. When you want to deposit funds into your BYDFi account, you need to provide your Coinbase wallet's public address. This allows BYDFi to identify and credit the funds to your account. Similarly, when you want to withdraw funds from BYDFi to your Coinbase wallet, you need to provide your Coinbase wallet's public address. This ensures that the funds are sent to the correct destination securely.
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