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> Take the Bitcoin blockchain: an unencrypted public key is sent along with every bitcoin transaction, and left unencrypted during the time it takes for the net
by lixtra 7y ago
> Take the Bitcoin blockchain: an unencrypted public key is sent along with every bitcoin transaction, and left unencrypted during the time it takes for the network to confirm the block, around ten minutes.
My understanding is that it remains unencrypted forever. That’s why it is a public key.
As long as the coins are not moved to another account that public key stays a valuable target.
Edit: As DennisP pointed out my understanding was wrong and indeed only the hash of the target is published until you make an transaction from an account.
- esotericn 7y agoNitpick: What people like to call "Satoshi's coins" were actually mined in transactions to pubkeys rather than to pubkey hashes. Early Bitcoin transactions did not use addresses. Example from block 1: https://www.blockchain.com/btc/tx/0e3e2357e806b6cdb1f70b54c3.. https://www.blockchain.com/btc/tx/0e3e2357e806b6cdb1f70b54c3.... You'll see at the bottom that the opcode is a PUSH / CHECKSIG rather than the later DUP / HASH160 / PUSH / EQUALVERIFY / CHECKSIG format. So this isn't true. (blockchain.info derives an address but actually the pubkeys are right there in plain sight. Have at it!) Most transactions are indeed made to pubkey hashes though, yes.
- RandomBacon 7y agoSo then if Satoshi destroyed the private keys instead holding on to them just in case for an event like this, it's possible that someone might take the million or so BTC just sitting around? Depending on how easy it is, all those addresses that were abandoned containing 50 BTC are also up for grabs. Would a coin without public addresses be better suited against such future?
- DennisP 7y agoNot if Satoshi's coins have never moved. A bitcoin address is a hash of a public key. The public key isn't revealed until the first time funds are transferred out of that address.
- RandomBacon 7y agoOkay, thanks!
- deleted 7y ago[deleted]
- esotericn 7y agoNitpick: What you're calling "Satoshi's coins" were actually mined in transactions to pubkeys rather than to pubkey hashes. Early Bitcoin transactions did not use addresses. Example from block 1: https://www.blockchain.com/btc/tx/0e3e2357e806b6cdb1f70b54c3a3a17b6714ee1f0e68bebb44a74b1efd512098 https://www.blockchain.com/btc/tx/0e3e2357e806b6cdb1f70b54c3... You'll see at the bottom that the opcode is a PUSH / CHECKSIG rather than the later DUP / HASH160 / PUSH / EQUALVERIFY / CHECKSIG format. So this isn't true. (blockchain.info derives an address but actually the pubkeys are right there in plain sight. Have at it!)
- DennisP 7y agoThanks, I had no idea!