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CHAPTER 4 Keys, Addresses, Wallets Introduction Ownership of bitcoin is established through digital keys, bitcoin addresses and digital signatures. The digital keys are not actually stored in the network, but are instead created and stored by end-users in a file, or simple database, called a wallet. The digital keys in a user’s wallet are completely independent of the bitcoin protocol and can be generated and managed by the user’s wallet software without reference to the blockchain or access to the Internet. Keys enable many of the interesting properties of bitcoin, including de- centralized trust and control, ownership attestation and the cryptographic-proof secu‐ rity model. HNFUzKACoVNLnyx4PlW7hJg3dpko2UlDwttaxaU‐ Pan4afMmK9ZAtHMKB4PqJgYFe8VDIp0x7OpruTFugxA5hBTE= Every bitcoin transaction requires a valid signature to be included in the blockchain, which can only be generated with valid digital keys, therefore anyone with a copy of those keys has control of the bitcoin in that account. Keys come in pairs consisting of a private (secret) and public key. Think of the public key as similar to a bank account number and the private key as similar to the secret PIN number, or signature on a cheque that provides control over the account. These digital keys are very rarely seen by the users of bitcoin. For the most part, they are stored inside the wallet file and managed by the bitcoin wallet software. In the payment portion of a bitcoin transaction, the recipient’s public key is represented by its digital fingerprint, called a bitcoin address, which is used in the same way as the beneficiary name on a cheque (i.e. “Pay to the order of ”). In most cases, a bitcoin address is generated from and corresponds to a public key. However, not all bitcoin addresses represent public keys; they can also represent other beneficiaries such as scripts, as we will see later in this chapter. This way, bitcoin addresses abstract the recipient of funds, making transaction destinations flexible, similar to paper cheques: a single payment 61PDF Image | Mastering Bitcoin
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