Author: Andreas Schildbach 2017-09-28 10:09:59
Published on: 2017-09-28T10:09:59+00:00
Peter Todd, a Bitcoin developer, proposed adding a UI-level expiration time to the new BIP173 address format. The re-use of old addresses is a major problem for exchanges as users frequently send funds to addresses whose private keys have been lost or stolen, making it difficult operationally to rotate private keys. Todd suggested two options for expiration times: hour resolution or month resolution. He noted that supporting at least hour-level ensures there are no year 2038 problems and makes it easy for services like exchanges to use addresses with relatively short validity periods to reduce the risks of losses after a hack. Todd also acknowledged that the entire notion of addresses is flawed from a user point of view and that some thought needs to be put into terminology to prevent users from thinking an expired address risks the funds themselves.
Updated on: 2023-06-12T19:08:45.991215+00:00