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We don't hold any Bitcoin key material; all of it lives on the note. One of the keys you contribute, the other one is encrypted by a key that we store (and rele
by ccamrobertson 4y ago
We don't hold any Bitcoin key material; all of it lives on the note. One of the keys you contribute, the other one is encrypted by a key that we store (and release when the note is cut).
If the note expires then only the user key on the note can claim. However, this is an important risk to consider -- if you have notes on hand that have expired and you haven't re-keyed them, there will likely be a race at expiration to claim for anyone has encountered the note.
We recommend that if you don't plan on spending a note right away (as cash) that you re-key first to ensure that you're the only one who can claim at the point of expiration.
- natch 4y agoYou don't explain anywhere what you mean by "cut." And what is a "sewer" in your world? (Edit: I think it's a typo for "server.")
- ryukafalz 4y agoWhat does that re-keying process do exactly? Surely it’s not just updating the key on the device itself, because then it wouldn’t do anything to stop people claiming encountered notes at the point of expiration, if I’m understanding this correctly. But it can’t be moving the funds to a new wallet either, because you don’t have control of the second private key yet. So… what exactly happens there?