Ethereum: What does Bitcoin address version mean?

Ethereum: Understanding Bitcoin Address Versions

When it comes to cryptocurrency transactions, one of the most important concepts is the address format used by Ethereum and its competitors. In this article, we will cover the meaning of Bitcoin address versions, including the normal address version and testnet addresses.

The Normal Address Version

The primary Bitcoin address format is a 34-character string that starts with the letter “m”. This format is commonly referred to as a “normal” or “standard” Bitcoin address. The first character, “m”, indicates whether the transaction is a new address (0) or an existing one (1). This information can be used by developers and users to determine whether a given address is new or already in use.

For example, if we have a normal Bitcoin address: m1..., this means that it is a new address. Conversely, if the first character was `m2′, this indicates an existing address.

Testnet Addresses

When testing Ethereum or other blockchains on the testnet, developers often create test addresses to simulate real transactions. These test addresses usually start with “mt” instead of “mm”. This format is specific to the testnet environment and can be used for similar purposes as regular Bitcoin addresses, with some minor differences.

Key Differences Between Regular Addresses and Testnet Addresses

While regular and testnet addresses follow the same 34-character format, there are a few key differences:

• Regular addresses always start with “m”, while testnet addresses start with “mt”.

• Regular addresses always start with “1” (new), while testnet addresses can be either “0” or “1”.

• Testnet addresses typically use a prefix like “mt” to distinguish them from regular Bitcoin transactions.

Conclusion

In summary, understanding the different Bitcoin address versions is essential for working with Ethereum and other blockchain platforms. By recognizing whether an address starts with “m” (regular) or mt (testnet), developers can accurately identify new addresses from existing ones. This knowledge will also help when creating test addresses on the testnet to simulate real transactions.

If you have any questions or need further clarification, feel free to reach out!