Skip to main content

Reusable Payment Addresses: A New Tool to Provide More Privacy in Bitcoin Cash

reusable payment addresses

Electron Cash, a leading bitcoin cash wallet, has implemented a new feature called Reusable Payment Addresses. While still in its testing stages, this feature is a tool that can be leveraged to acquire a deeper level of privacy for your transactions, due to how it detaches public addresses from payment history, giving Bitcoin Cash some Monero-like capabilities.

Reusable Payment Addresses: More Privacy for Your Transactions

The developers of Electron Cash, one of the leading bitcoin cash wallets, have introduced Reusable Payment Addresses, a new privacy feature for the wallet. While it is still in its alpha stages, the functionality is there. Reusable Payment Addresses allows users to have another layer of privacy when transacting. When a user gives another a payment address, it also gives away the whole story of payments associated with it, alongside the balance it contains.

This poses a big problem for privacy-concerned users: every time a user or company posts an address it means that entity’s financial information is exposed. Reusable Payment Addresses aim to solve this problem by providing an alternate address, called “Paycode.” Paycodes are different from conventional public addresses because they are not associated directly with the history of the user, and in this sense, they can be shared with no worries.

Paycodes can also be associated with other usability features like Cash Accounts, which allows users to enjoy both the privacy of Paycodes and the convenience of human-readable account names.

Bitcoin Cash Is Gearing Up for More Privacy

With this new addition, Bitcoin Cash is gearing up more and more for privacy options, offering some Monero-like capabilities to its users. Reusable Payment Addresses are just another tool that is now available for Bitcoin Cash users to further enhance their privacy arsenal. Combined with other tools like CashFusion, which obfuscates transactions by fusing coins, it offers a comprehensive privacy-oriented suite for privacy-savvy users.

While the Reusable Payment Addresses option is still in alpha stages and only available via the Electron Cash wallet, once it is sufficiently tested it could be implemented in any wallet, because it is open-source code software. The generalization of this functionality would create an opt-in privacy feature that could be useful for companies like restaurants and any others that don’t want to reveal their payments flow, and for political and freedom activists in several countries around the world.

What do you think about Reusable Payment Addresses and their function? Tell us in the comments section below.



from Bitcoin News https://ift.tt/3m8okS2
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more