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to decrypt and import the key. Third party applications, such as the incredibly useful browser-based bitaddress.org (Wallet Details tab), can be used to decrypt BIP0038 keys. The most common use case for BIP0038 encrypted keys is for paper wallets that can be used to backup private keys on a piece of paper. As long as the user selects a strong passphrase, a paper wallet with BIP0038 encrypted private keys is incredibly secure and a great way to create offline bitcoin storage (also known as “cold storage”). Test the following encrypted keys using bitaddress.org to see how you can get the de‐ crypted key by entering the passphrase: Table 4-10. Example of BIP0038 Encrypted Private Key Private Key (WIF) Passphrase Encrypted Key (BIP0038) 5J3mBbAH58CpQ3Y5RNJpUKPE62SQ5tfcvU2JpbnkeyhfsYB1Jcn MyTestPassphrase 6PRTHL6mWa48xSopbU1cKrVjpKbBZxcLRRCdctLJ3z5yxE87MobKoXdTsJ Pay To Script Hash (P2SH) and Multi-Sig Addresses As we know, traditional bitcoin addresses begin with the number “1” and are derived from the public key, which is derived from the private key. While anyone can send bitcoin to a “1” address, that bitcoin can only be spent by presenting the corresponding private key signature and public key hash. Bitcoin addresses that begin with the number “3” are pay-to-script-hash (P2SH) ad‐ dresses, sometimes erroneously called multi-signature or multi-sig addresses. They designate the beneficiary of a bitcoin transaction as the hash of a script, instead of the owner of a public key. The feature was introduced in January 2012 with Bitcoin Im‐ provement Proposal 16 or BIP0016 (see [bip0016]) and is being widely adopted because it provides the opportunity to add functionality to the address itself. Unlike transactions that “send” funds to traditional “1” bitcoin addresses, also known as pay-to-public-key- hash (P2PKH), funds sent to “3” addresses require something more than the presenta‐ tion of one public key hash and one private key signature as proof of ownership. The requirements are designated at the time the address is created, within the script, and all inputs to this address will be encumbered with the same requirements. A pay-to-script-hash address is created from a transaction script, which defines who can spend a transaction output (for more detail, see “Pay to Script Hash (P2SH)” on page 134). Encoding a pay-to-script hash address involves using the same double-hash function as used during creation of a bitcoin address, only applied on the script instead of the public key. script hash = RIPEMD160(SHA256(script)) The resulting “script hash” is encoded with Base58Check with a version prefix of 5, which results in an encoded address starting with a 3. An example of a P2SH address is 32M8ednmuyZ2zVbes4puqe44NZumgG92sM Advanced Keys and Addresses | 99PDF Image | Mastering Bitcoin
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