Author: Nick Pudar 2017-12-11 18:12:05
Published on: 2017-12-11T18:12:05+00:00
The Bitcoin Improvement Proposal (BIP) suggests implementing a 'dead man's switch' to Bitcoin addresses. The aim is to combat the estimated four million lost Bitcoin, due to no one knowing the private keys of some Bitcoin addresses. The proposal suggests that Bitcoin assigned to dormant addresses would automatically expire after a fixed length of time, such as ten years, and calculation of the miner's reward would take into account the expired Bitcoins. However, concerns have been raised over potential errors in moving funds around to avoid nullification, with cold storage being a safer option. While the implementation of this system may be well intentioned, it could have devastating outcomes for those wanting to save long term.
Updated on: 2023-06-12T23:03:26.798895+00:00