How to check bitcoin wallet balance by number

The Bitcoin blockchain is based on asymmetric cryptography built on public and private keys. The standard Bitcoin account format is P2PKH, or pay to public key hash. Digital wallets generate account numbers for BTC using cryptographic operations. The software creates a private key through an asymmetric signature algorithm and then extracts the public key from it. The user signs the transaction with a private code. This signature is verified using public encryption algorithms.

1

ByBit

5020 $
Bonus til nye brugere!

9.8

BESØG Læs anmeldelse

ByBit giver bekvemme og sikre betingelser for handel med kryptovaluta, tilbyder lave provisioner, højt likviditetsniveau og moderne værktøjer til markedsanalyse. Den understøtter spot- og gearet handel og hjælper begyndere og professionelle handlere med en intuitiv grænseflade og vejledninger.

2

Binance

Optjen en 100 $-bonus

for nye brugere!

9.5

BESØG Læs anmeldelse

Den største kryptobørs, hvor du hurtigt og sikkert kan starte din rejse i kryptovalutaernes verden. Platformen tilbyder hundredvis af populære aktiver, lave provisioner og avancerede værktøjer til handel og investering. Nem registrering, høj transaktionshastighed og pålidelig beskyttelse af midler gør Binance til et godt valg for handlere på alle niveauer!

The bitcoin account number consists of 26-35 alphanumeric characters.

The BTC account number is not important, nor is its format. What matters is that it provides the ability for transactions to take place. A Bitcoin address is nothing but a trusted identifier. It serves as a virtual destination when sending cryptocurrencies. This identifier is not intended for permanent use and is most often created to transmit a single transaction on the Bitcoin network.

Differences between a BTC wallet address and number

After Bitcoin abandoned the Pay to IP system, the new bitcoin account format standard was P2PKH. Now the transaction destination in the blockchain consists of about 34 characters, starts with the number 1 and looks like this:

1K31KZZXjcochXpRhjH9g5MxFFTHPPi2zEXb

Each cryptocurrency wallet software can easily create an infinite number of P2PKH format BTC addresses.

Most popular blog content:

First, the software collects entropy (a random selection of characters) and uses it to generate a private key Elliptic Curve Digital Signature Algorithm.

ECDSA is an asymmetric signature cryptographic algorithm underlying the creation of BTC addresses. The user validates messages with a private key and verifies with a public key.

Once the private code is created, the digital vault extracts the public key from it by selecting random coordinates on a certain elliptic curve and performing some calculations. Then, using a number of cryptographic algorithms, the familiar BTC account number is generated from the public code.

A Bitcoin account is a public key in a digestible form, to which a checksum is added to prevent the user from becoming a victim of a typo. When sending assets, the cryptocurrency wallet checks the prefix and calculates the checksum. If the latter does not match the calculations in the BTC address, the software rejects the account number. This makes it impossible to send funds.

If a user has a private key for a BTC account, only he or she can sign a cryptocurrency transaction. Someone who knows the public code has the right to verify the validity of this signature.

How to quickly check the bitcoin wallet balance

Investors often encounter the fact that the balance of their BTC wallet in the blockchain browser does not match the displayed value. The reason is that the cryptocurrency store controls several bitcoin addresses at once. Different addresses are used for each transaction.

Therefore, the real balance of the wallet is the sum of all the addresses associated with it. To quickly find it out, you can use a convenient service to check the account status from MATBEA.

It is even easier to check the BTC wallet address for balance through MATBEA’s innovative SWAP service. It implements an instant check of the total account for all addresses in the vault before the exchange.

This allows the client to be sure of the accuracy of the displayed amount before launching a cryptocurrency exchange via SWAP. If the user has any questions, they can watch a detailed video tutorial prepared by the team.

View the balance of a Bitcoin wallet on an exchange

Cryptocurrency wallets are a tool for storing digital acts. By sending funds to a cryptocurrency exchange account, an investor does not get full access to his coins. Theoretically, the company can use the private keys entrusted to them to steal investors’ funds. There have also been cases where users were unable to withdraw assets from their cryptocurrency wallets, and the providers subsequently shut down.

You can check balance information on an exchange through a blockchain browser search.

Usually, trading platforms will assign 1 Bitcoin address for the user to which they receive funds. The site will show all transactions that involved this address, as well as its balance.

Security measures

All bitcoin transactions are public, traceable, and online at all times. Addresses are the only source of data about where BTC is stored and where it was sent. It is important to have strong private key protection for all your accounts to keep your assets safe.

How to find out your own or someone else’s address

This can be done through a cryptocurrency wallet by examining the details of the transaction. If the user needs to know the address in order to receive BTC, the program will generate a special number to receive coins after activating the “Deposit or Receive” function in the wallet. There are cases when you may need a complete list of all bitcoin addresses created in the storage. Such a list can be easily obtained by exporting it through a special function of the cryptocurrency storage software.

Summary

Standard blockchain observers are not always suitable for effectively tracking transactions in the Bitcoin network, as the balances of cryptocurrency wallets and addresses may not match. In order to audit and count your money, you first need to update your software and get up-to-date data. To do this, you need to:

1. Export all transactions or bitcoin addresses to make sure all transactions have been accounted for.
2. Double-check each hash using the block browser.
3. Reconcile the transaction amounts with the account balance.

Frequently Asked Questions