Private key bitcoin talk

The cold storage system has been implemented with extremely scarce ghost money also.

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This means users never have to trust the Armory team and can use it with the Glacier Protocol. Satoshi would be proud! Armory pioneered cold storage and distributed multi-signature. Bitcoin cold storage is a system for securely storing Bitcoins on a completely air-gapped offline computer. The Armory team is highly experienced in cryptography and private key ceremonies.

For example, they have collaborated with Verisign on developing an innovative Identity Verification Specification for establishing trust on the Internet. At Armory, we strive to constantly improve the best Bitcoin wallet with new security features. Armory pioneered easily managing offline Bitcoin wallets using a computer that never touches the Internet.

Everything needed to create transactions can be managed from an online computer with a watching only wallet. All secret private key data is available only on the offline computer. This greatly reduces the attack surface for an attacker attempting to steal bitcoins. By keeping all private-key data on the offline computer only someone with physical access to the offline computer can steal your Bitcoins. The actual process of creating a transaction and signing it with the offline computer can take less than a minute and then you can broadcast it to the network so Bitcoin miners can include it in a block.

Plus, Armory employs many security practices so that even if someone physically stole your offline system then it still may take centuries for them to get through the advanced wallet encryption! And multi-signature addresses are available using Lockboxes in a completely distributed way. Thus, there is no safer way to manage large sums of Bitcoins than with the best Bitcoin wallet, Armory!

A compressed key is just a way of storing a public key in fewer bytes 33 instead of There are no compatibility or security issues because they are precisely the same keys, just stored in a different way. The original Bitcoin software didn't use compressed keys only because their use was poorly documented in OpenSSL.

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They have no disadvantages other than that a little bit of additional computation is needed before they can be used to validate a signature. If you think of a public key as a point somewhere along a giant U, an uncompressed key is the X and Y coordinates of the point. A compressed key is how high up on the U the point is along with a single bit indicating whether it's on the left or right side.

As you can visualize, they both encode precisely the same thing, but the compressed form requires half as much space plus one bit. Of course, they're really points on elliptic curve secpk1, but the concept is the same.

few of resources.

So, if you import a private key into your wallet, which public key will it use? Another good answer on Bitcoin Stack Exchange on how to deal with this:. As you point out, we also need this information when importing a private key. To do so, the "Wallet Import Format" for private keys the base58 form, typically starting with a '5' , was extended. It doesn't make sense to try to convert one to the other: the client must use the same encoding as was used when generating the address, or the address won't match. Unfortunately, quite a lot of software doesn't support compressed public keys yet which is a pity, as they save block chain space.

Bitcoin uses addresses as a means to receive coins from someone else. An address is a base58 encoded string of a 25 byte binary address. All Bitcoin addresses start with 1. A person can have as many addresses as they'd like. Using more than one address is said to increase anonymity. Private keys give you access to spend money associated with an address.

Compressed, uncompressed, zomg The procedure is exactly the same:. OK, you've probably noticed it a lot. Once again, I'm going to defer to the internets and the peeps smarter than me:.

RIPEMD was used because it produces the shortest hashes whose uniqueness is still sufficiently assured. This allows Bitcoin addresses to be shorter. Interposing an additional and very different hash operation between RIPEMD and ECDSA makes it almost inconceivable that there might be a way to find address collisions that is significantly easier than brute force trying a large number of secret keys. Essentially, it was a belt and suspenders approach. Bitcoin had to do something unique and rather than have to hope they got it exactly right, they overdesigned it.

SHA-2, like all Merkle-Damgard hashes suffers from a property called "length-extension". This allows an attacker who knows H x to calculate H x y without knowing x. This is usually not a problem, but there are some uses where it totally breaks the security. I don't think Bitcoin ever uses hashes in a way that would suffer from length extensions, but I guess Satoshi went with the safe choice of preventing it everywhere. This construction has some minor weaknesses not relevant to bitcoin , so I wouldn't recommend it for new protocols, and would use HMAC with constant key, or truncated SHA instead.

Compressed keys are the preferred format now. Let's do this in one quick JS snippet to make everything stupidly simple and compatible with pretty much every Bitcoin client:. There you have it! You can generate private keys from a passphrase. One method would be to just calculate the double SHA hash on the user passphrase and use that as the private key. Skip to content.

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Branches Tags. Nothing to show. Raw Blame. Random Number Generation I'd be remiss if I didn't mention anything about random number generation. Private Keys Private keys are what allows you to spend your coins.