Author: Emil Engler 2019-10-06 16:06:27
Published on: 2019-10-06T16:06:27+00:00
The concept of Bitcoin addresses and public keys are fundamentally different from each other. While an address is used to identify the recipient and purpose of a payment, a public key does not serve this function. Additionally, the public key remains with the unspent transaction output (UTXO), whereas an address does not. However, there seems to be a need for a different term than "address" to refer to Bitcoin transactions. It is suggested that a BIP may help in this regard, but an alternative or separate parameter may also be required. Furthermore, it is important to note that neither Bitcoin addresses nor public keys serve as passwords. In countries such as Germany, a password or ID is required for bank transfers, but these terms are not applicable in the context of Bitcoin transactions. Therefore, some possible alternative terms for Bitcoin addresses could be "invoice id" or "payment token".
Updated on: 2023-06-13T21:53:04.822699+00:00