A bitcoin address is a unique identifier which consists of 26-35 alphanumeric characters. The identifier begins with the number 1 or 3, which represents a location where the cryptocurrencies can be sent. The bitcoin user can generate a bitcoin address without any cost. However, the bitcoin address is not permanent, that means it may change for every new transaction.

There are currently three standard address formats in use:

P2PKH: It always begins with the number 1, e.g., 1BvBMSEYvtWesqTFn5Au4n4GFg7xJaNVN2.

P2SH: It always begins with the number 3, e.g., 3J78t1WpEZ72CMnQviedrnyiWrnqRhWMLy.

Bech32: It always begins with bc1, e.g., bc1qat0srrr7xdkvy5l643lxcnw9re59gtzxwf5ndq.