Q&A

Can two people generate the same Bitcoin address?

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Can two people generate the same Bitcoin address?

They simply draw them at random. This means, of course, that two different Bitcoin wallets could theoretically generate the same address, and that the two owners could then spend the same funds. your wallet randomly generating the same address as another is one in 6.35. 10^24.

Is it possible to send Bitcoin to an invalid address?

To begin this topic what happens if you send bitcoins to an invalid address, it is important to clarify that there is no such thing as a “non-existent” address. If you try to transfer bitcoins to an incorrect address, the transaction will fail, and the network will not execute it.

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Can someone send me BTC?

Sending bitcoin is as easy as choosing the amount to send and deciding where it goes. One way to send bitcoin, then, is to simply copy the recipient’s address to your clipboard, then paste it in the send field of the Bitcoin wallet app you’re using. Bitcoin addresses can also be displayed in QR code format.

Can Bitcoin address be traced to the owner?

All Bitcoin transactions are public, traceable, and permanently stored in the Bitcoin network. Anyone can see the balance and all transactions of any address. Since users usually have to reveal their identity in order to receive services or goods, Bitcoin addresses cannot remain fully anonymous.

What happens if I send Bitcoin to an old address?

Yes. Funds sent to old addresses will still belong in your BitPay wallet balance. Although not recommended, you can reuse old addresses to manage funds in your BitPay wallet.

How many Bitcoin addresses can be generated?

The Bitcoin blockchain currently uses the RIPE-MD160 hash function, as long as this protocol is used, 2^160 Bitcoin addresses are possible. This makes exactly 1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976 possible Bitcoin addresses.

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What happens if you mistype a Bitcoin address?

When such an address is decoded into PubKeyHash, it will not produce the correct checksum. Therefore, the error will be noticed by the client/wallet and the transaction will not be created. In a practically unbelievable case of entering an address with a typo, yet still a valid address, your funds will indeed be lost.

What happens if you send bitcoin to non existent address?

If you sent them to a non valid address then the transactions wont go through and you should be fine. Always Use the QR barcode or Copy and Paste the address. DO NOT TYPE wallet addresses, it is not a matter of if you get one wrong it is a matter of when.

Can you deposit bitcoin for someone else?

You can set up a Bitcoin wallet for your friend/recipient and then use your funds to pay for the coin though a site like Fastest and easiest way to buy and sell bitcoins where you would have to buy in person. The transfer would go into their wallet and you have paid for it but you don’t own it.

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Can you gift someone bitcoin?

How can you give Bitcoin or another cryptocurrency as a gift? As long as you and your recipient are willing to have crypto wallets, you can give cryptocurrency as a gift. The two common ways to do so are with gift cards that can be redeemed for cryptocurrency or by sending someone the gift via an exchange.

How can I send Bitcoin anonymously?

To actually send or spend bitcoin anonymously, you’ll need to cover your tracks by using a wallet that can’t be traced back to you. In order to deposit funds into this wallet without leaving a trace, you need to “mix” the bitcoin. You can then use the mixed bitcoins to anonymously send or spend bitcoin.

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