What is the equivalent of a sort code in the world of cryptocurrency?

3 answers

• Kevin KohNov 15, 2024 · 8 months ago
  In the world of cryptocurrency, there is no direct equivalent of a sort code. Transactions are identified and processed using unique addresses and cryptographic keys. Each cryptocurrency has its own addressing system, such as Bitcoin's addresses or Ethereum's account numbers. These addresses serve as the destination for transactions and can be generated by users or wallets. When a transaction is initiated, it is broadcasted to the network and miners validate and add it to the blockchain. The transaction is then confirmed and recorded on the public ledger, ensuring its security and immutability.
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• AadilJun 06, 2022 · 3 years ago
  Nope, no sort codes in the crypto world! Instead, we have these fancy cryptographic addresses that serve as the destination for transactions. It's like having a secret code that only the sender and receiver know. So, when you want to send some crypto to your friend, you just need to know their address and voila! The transaction is processed and recorded on the blockchain. It's all digital and decentralized, no need for physical branches or sort codes!
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• Maksim ErmakovJul 10, 2023 · 2 years ago
  Well, in the world of cryptocurrency, there's no official sort code like in traditional banking. However, different cryptocurrencies have their own unique addressing systems. For example, Bitcoin uses a combination of letters and numbers to create addresses, while Ethereum uses account numbers. These addresses serve as the destination for transactions and are generated by users or their wallets. When a transaction is made, it is broadcasted to the network and miners validate it before adding it to the blockchain. So, while there's no sort code, there are still ways to identify and process transactions in the crypto world.
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