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Topic: Does a PUBLIC Bitcoin Burn address really exist? - page 2. (Read 440 times)

legendary
Activity: 2268
Merit: 18748
We have prepared Bitcoin addresses without keys.
And there is the issue with such burn addresses. How do you prove you do not know the keys to these addresses? You can pick an address such as the ones given above where it is incredibly unlikely you have managed to find a private key which gives such an address, but you cannot prove that you 100% do not know the keys.

We wanted an irrefutable method of removing Bitcoin from circulation. So here we are. Once again thank you for the recommendation.
So the next question is, what exactly are you planning that requires bitcoin to be provably burnt? Most of the time people want to set up such an address it is to distribute an altcoin or a reward of some sort to people who have sent bitcoin to that address. The problem with using OP_RETURN for this kind of thing is two-fold. Firstly, it is far more complicated to perform than simply sending bitcoin to an address, many people will struggle to do it, and most wallets don't support it. Secondly, you need a way of verifying that that particular OP_RETURN transaction was one you were interested in, but this could easily be solved by requiring the participants to include a specific string in their OP_RETURN data.
sr. member
Activity: 1274
Merit: 293
Yes they really do exist and some replies have already given an example of a burn address and to answer your concern about it being accessed, I think that the people who created this addresses have it in mind that no one, even them can't access it.
hero member
Activity: 2268
Merit: 588
You own the pen
I have always heard of altcoins burning address but not Bitcoin, I think right now it's not really necessary unless someone wants to steal it from you and you will leave no choice but to send it to those addresses instead of just giving it to them easily. Looks like this option can be used if we are running out of choice and of course no one really does that because before we come to this conclusion we still have so many options which include the mixers and other platforms to hide our bitcoins.
legendary
Activity: 4466
Merit: 3391
If you want to be able to provably burn bitcoin, then you should send them to an address which there is no possible way for them to be spent from. The easiest way to do this is by using OP_RETURN.

Another advantage of OP_RETURN is that it does not create a permanent entry in the UTXO set. Sending to a burn address does.
copper member
Activity: 56
Merit: 4
Bitcoin Eco - Environmentally Sustainable
And people would trust these addresses 100%? The bitcoins sent to this address can be considered out of circulation or removed from total supply?
No, they can't. The above posts are not correct.

It is highly unlikely that anyone knows the private key to these addresses, since the addresses were obviously chosen because they represent a specific pattern. The chance of someone generating either of those addresses (or any specific address, for that matter) at random is around 1 in 2160. However, those address do have a private key (actually many private keys) provided the associated public key is valid, but we are almost certain nobody knows what they are. However, to say that those bitcoins are permanently out of circulation is incorrect. Perhaps both elliptic curve multiplication and the hash functions RIPEMD-160 and SHA256 are broken in the future and someone can calculate the relevant public key and private key to those addresses. Incredibly unlikely, but we can't say for sure that it won't happen.

If you want to be able to provably burn bitcoin, then you should send them to an address which there is no possible way for them to be spent from. The easiest way to do this is by using OP_RETURN.

Thank you very much for your reply. Looking into OP_Return. We have prepared Bitcoin addresses without keys. This was a no brainer but we started thinking. That requires TRUST. It seemed fine at first but it would always be a matter for debate later one "is it burnt or isn't it" . We wanted an irrefutable method of removing Bitcoin from circulation. So here we are. Once again thank you for the recommendation.
legendary
Activity: 2268
Merit: 18748
And people would trust these addresses 100%? The bitcoins sent to this address can be considered out of circulation or removed from total supply?
No, they can't. The above posts are not correct.

It is highly unlikely that anyone knows the private key to these addresses, since the addresses were obviously chosen because they represent a specific pattern. The chance of someone generating either of those addresses (or any specific address, for that matter) at random is around 1 in 2160. However, those address do have a private key (actually many private keys) provided the associated public key is valid, but we are almost certain nobody knows what they are. However, to say that those bitcoins are permanently out of circulation is incorrect. Perhaps both elliptic curve multiplication and the hash functions RIPEMD-160 and SHA256 are broken in the future and someone can calculate the relevant public key and private key to those addresses. Incredibly unlikely, but we can't say for sure that it won't happen.

If you want to be able to provably burn bitcoin, then you should send them to an address which there is no possible way for them to be spent from. The easiest way to do this is by using OP_RETURN.
full member
Activity: 1834
Merit: 166
Yes, no one has access to private key of these addresses.

Note that any private key can generate a bitcoin address. But you can't generate the private key from a bitcoin address.
Since these addresses have been generated without a private key, there is no way to derive their private key.
Yes because Bitcoin addresses are generated from private keys and public keys through one way elliptic curve multiplication or one way hash function using SHA-256 algorithm which cannot be reversed at all.You can make different types of Bitcoin address from private keys but you can't find any private key from any address.Here are illustration for @OP understanding

 


So if you don't have private keys or seed phrase for your wallets then you probably don't have access to funds to respective Bitcoin address which is the case with above two.So they are called burn btc address which cannot be recovered.
legendary
Activity: 2170
Merit: 1789
This is a knowledge not many people can know. This is like a Bitcoin burning address, no one can own or use it right?
It's not really a secret though, and yeah as explained above no one has the key to control them. Check the explanation for further details. A few minutes of reading and you'll understand it.
copper member
Activity: 168
Merit: 4
This is a knowledge not many people can know. This is like a Bitcoin burning address, no one can own or use it right?
legendary
Activity: 2380
Merit: 5213
Thank you very much. And people would trust these addresses 100%? The bitcoins sent to this address can be considered out of circulation or removed from total supply?
Yes, no one has access to private key of these addresses.

Note that any private key can generate a bitcoin address. But you can't generate the private key from a bitcoin address.
Since these addresses have been generated without a private key, there is no way to derive their private key.
copper member
Activity: 56
Merit: 4
Bitcoin Eco - Environmentally Sustainable

Thank you very much. And people would trust these addresses 100%? The bitcoins sent to this address can be considered out of circulation or removed from total supply?
legendary
Activity: 3234
Merit: 5637
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copper member
Activity: 56
Merit: 4
Bitcoin Eco - Environmentally Sustainable
Out of all of Bitcoin history has one address been rendered a certifiable "Bitcoin Burn Address". An address the Bitcoin community can trust 100% that the Bitcoin sent to this address CANNOT ever be recovered . A Bitcoin address so completely unrecoverable the Bitcoin sent to this address could be considered "removed from total supply"
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