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duce a different bitcoin address. This can be confusing, because it means that a single private key can produce a public key expressed in two different formats (compressed and uncompressed) which produce two different bitcoin addresses. However, the pri‐ vate key is identical for both bitcoin addresses. Compressed public keys are gradually becoming the default across bitcoin clients, which is having a significant impact on reducing the size of transactions and therefore the blockchain. However, not all clients support compressed public keys yet. Newer clients that support compressed public keys have to account for transactions from older clients which do not support compressed public keys. This is especially important when a wallet application is importing private keys from another bitcoin wallet application, because the new wallet needs to scan the blockchain to find transactions corresponding to these imported keys. Which bitcoin addresses should the bitcoin wallet scan for? The bitcoin addresses produced by uncompressed public keys, or the bitcoin addresses produced by compressed public keys? Both are valid bitcoin addresses, and can be signed for by the private key, but they are different addresses! To resolve this issue, when private keys are exported from a wallet, the Wallet Import Format that is used to represent them is implemented differently in newer bitcoin wal‐ lets, to indicate that these private keys have been used to produce compressed public keys and therefore compressed bitcoin addresses. This allows the importing wallet to distinguish between private keys originating from older or newer wallets and search the blockchain for transactions with bitcoin addresses corresponding to the uncompressed, or the compressed public keys respectively. Let’s look at how this works in more detail, in the next section. Compressed Private Keys Ironically, the name “compressed private key” is misleading, because when a private key is exported as WIF-compressed it is actually one byte longer than an “uncompressed” private key. That is because it has the added 01 suffix which signifies it comes from a newer wallet and should only be used to produce compressed public keys. Private keys are not compressed and cannot be compressed. The term “compressed private key” really means “private key from which compressed public keys should be derived”, whereas “uncompressed private key” really means “private key from which uncom‐ pressed public keys should be derived”. You should only refer to the export format as “WIF-compressed” or “WIF” and not refer to the private key as “compressed” to avoid further confusion. Remember, these formats are not used interchangeably. In a newer wallet that imple‐ ments compressed public keys, the private keys will only ever be exported as WIF- compressed (with a K or L prefix). If the wallet is an older implementation and does not use compressed public keys, the private keys will only ever be exported as WIF (5 prefix). The goal here is to signal to the wallet importing these private keys whether it must search the blockchain for compressed or uncompressed public keys and addresses. 80 | Chapter 4: Keys, Addresses, WalletsPDF Image | Mastering Bitcoin
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