Reusable Payment Addresses: A New Tool to Provide More Privacy in Bitcoin Cash
Electron Cash, a leading bitcoin cash wallet, has implemented a new feature called Reusable Payment Addresses. While still in its testing stages, this feature is a tool that can be leveraged to acquire a deeper level of privacy for your transactions, due to how it detaches public addresses from payment history, giving Bitcoin Cash some Monero-like capabilities.
Reusable Payment Addresses: More Privacy for Your Transactions
The developers of Electron Cash, one of the leading bitcoin cash wallets, have introduced Reusable Payment Addresses, a new privacy feature for the wallet. While it is still in its alpha stages, the functionality is there. Reusable Payment Addresses allows users to have another layer of privacy when transacting. When a user gives another a payment address, it also gives away the whole story of payments associated with it, alongside the balance it contains.
This poses a big problem for privacy-concerned users: every time a user or company posts an address it means that entity’s financial information is exposed. Reusable Payment Addresses aim to solve this problem by providing an alternate address, called “Paycode.” Paycodes are different from conventional public addresses because they are not associated directly with the history of the user, and in this sense, they can be shared with no worries.
Paycodes can also be associated with other usability features like Cash Accounts, which allows users to enjoy both the privacy of Paycodes and the convenience of human-readable account names.
Bitcoin Cash Is Gearing Up for More Privacy
With this new addition, Bitcoin Cash is gearing up more and more for privacy options, offering some Monero-like capabilities to its users. Reusable Payment Addresses are just another tool that is now available for Bitcoin Cash users to further enhance their privacy arsenal. Combined with other tools like CashFusion, which obfuscates transactions by fusing coins, it offers a comprehensive privacy-oriented suite for privacy-savvy users.
While the Reusable Payment Addresses option is still in alpha stages and only available via the Electron Cash wallet, once it is sufficiently tested it could be implemented in any wallet, because it is open-source code software. The generalization of this functionality would create an opt-in privacy feature that could be useful for companies like restaurants and any others that don’t want to reveal their payments flow, and for political and freedom activists in several countries around the world.
What do you think about Reusable Payment Addresses and their function? Tell us in the comments section below.
News, bitcoin cash, Electron Cash, paycodes, Privacy, Public Addresses, reusable payment addresses
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