To work with cryptocurrencies, you'll need a wallet, which conditionally consists of two parts — a public and a private key. Having these two elements allows the user to access the coins stored in their wallet. In reality, all cryptocurrencies are stored on the blockchain, and the wallet merely indicates the owner and the amount of crypto coins that belong to them.

Public Address — Definition of the Concept

Capabilities of the Public Key

A user creates a wallet through a specific application or exchange, where they can also find out the public address of their wallet. The address can be compared to an account number, which usually consists of 27-34 characters. This parameter serves the following purposes:

• receive cryptocurrency transfers;
• transfer coins to other network participants;
• deposit cryptocurrency to an exchange.

These are the main functions, but there are additional ones for more advanced users:

• a public address must be specified in the mining software to receive rewards;
• a blockchain explorer allows you to view all transactions for a wallet that you enter in a special field, however, the owner will always remain anonymous.

The address should not be entered manually, as using different character cases often leads to errors. It's better to copy the value from the wallet and send it to the counterparty.