Mastering Bitcoin

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Mastering Bitcoin ( mastering-bitcoin )

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$ cat m | sx hd-priv 0 | sx hd-to-wif # show the private key of m/0 as a WIF L1pbvV86crAGoDzqmgY85xURkz3c435Z9nirMt52UbnGjYMzKBUN $ cat m | sx hd-pub 0 | sx hd-to-address # show the bitcoin address of M/0 1CHCnCjgMNb6digimckNQ6TBVcTWBAmPHK $ cat m | sx hd-priv 0 | sx hd-priv 12 --hard | sx hd-priv 4 # generate m/0/12'/4 xprv9yL8ndfdPVeDWJenF18oiHguRUj8jHmVrqqD97YQHeTcR3LCeh53q5PXPkLsy2kRaqgwoS6YZBLatRZR\ yUeAkRPe1kLR1P6Mn7jUrXFquUt Advanced Keys and Addresses Encrypted Private Keys (BIP0038) Private keys must remain secret. The need for confidentiality of the private keys is a truism which is quite difficult to achieve in practice, as it conflicts with the equally important security objective of availability. Keeping the private key private is much harder when you need to store backups of the private key to avoid losing it. A private key stored in a wallet that is encrypted by a password may be secure, but that wallet needs to be backed up. At times, users need to move keys from one wallet to another — to upgrade or replace the wallet software, for example. Private key backups might also be stored on paper (see “Paper Wallets” on page 105) or on external storage media, such as a USB flash drive. But what if the backup itself is stolen or lost? These conflicting security goals led to the introduction of a portable and convenient standard for en‐ crypting private keys in a way that can be understood by many different wallets and bitcoin clients, standardized by Bitcoin Improvement Proposal 38 or BIP0038 (see [bip0038]). BIP0038 proposes a common standard for encrypting private keys with a passphrase and encoding them with Base58Check so that they can be stored securely on backup media, transported securely between wallets or in any other conditions where the key might be exposed. The standard for encryption uses the Advanced Encryption Standard (AES), a standard established by the National Institute of Standards and Technology (NIST) and used broadly in data encryption implementations for commercial and mili‐ tary applications. A BIP0038 encryption scheme takes as input a bitcoin private key, usually encoded in the Wallet Import Format (WIF), as a Base58Check string with a prefix of “5”. Addi‐ tionally, the BIP0038 encryption scheme takes a passphrase — a long password — usu‐ ally composed of several words or a complex string of alphanumeric characters. The result of the BIP0038 encryption scheme is a Base58Check encoded encrypted private key that begins with the prefix 6P. If you see a key that starts with 6P that means it is encrypted and requires a passphrase in order to convert (decrypt) it back into a WIF- formatted private key (prefix 5) that can be used in any wallet. Many wallet applications now recognize BIP0038 encrypted private keys and will prompt the user for a passphrase 98 | Chapter 4: Keys, Addresses, Wallets

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