Address vs UTXO (Unspent Transaction Output)

A cryptocurrency address is a unique alphanumeric identifier derived from a public key that serves as a destination for receiving cryptocurrency transactions, functioning similarly to a bank account number but generated cryptographically without requiring central authority registration.

UTXO (Unspent Transaction Output) is Bitcoin's accounting model where each transaction creates discrete outputs that can be spent as inputs in future transactions, similar to physical cash where you receive specific bills as change rather than maintaining a running balance in an account.