0x05 to the script hash instead of 0x00 to denote the address type is a P2SH address. Every 2 digits represents 8 bits or 1 byte. If you lose it or someone else gets a hold of it, youre toast. A public key can be generated from a private key, but not vice-versa (computationally too difficult).
The compressed version of the public key becomes: The prefix is 0x02because the y coordinate ends in 0xa4, which is even, therefore positive. Public keys help people know how to send you Bitcoin. It's only there for your convenience, and it should change automatically when used. Hash The public key from the previous output is hashed first using sha256 and then hashed using ripemd160. Encryption: When a user has a public key, a message can be encrypted using a public key, which can only be read by the person with the private key. This is the only file users should need to backup.
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