New bitcoin Core client says 're-use existing receiving address' not recommended

justusranvier

legendary

Activity: 1400

Merit: 1013

Addresses are supposed to be single-use payment codes.

The only reason people think of them as being permanent is because of irresponsible wallet developers.

greenlion

hero member

Activity: 667

Merit: 500

Not re-using an address is a best practice for security reasons, because the moment you produce a spend from an address, the public key gets broadcast to the network. An address has an extra layer of security attached to it because it's run through RIPEMD from the public key, so if SHA2 ever got compromised in some way, an unspent address would still be secure as long as RIPEMD wasn't.

Abdussamad

legendary

Activity: 3682

Merit: 1580

There is an option under the file menu to see old addresses. They can still be used. The privacy implications that phillip is talking about are there, though.

phillipsjk

legendary

Activity: 1008

Merit: 1001

Let the chips fall where they may.

The addresses are pseudonymous. That means that any anonymity attached to them is fragile.

If you interact with entities that also re-use addresses: like a bitcoin accepting business using one address, people may learn that you frequent said business just by looking at the block-chain. This is not like the traditional banking system where most things are kept private by default (for fear of identity fraud, among other things).

There are ways to mitigate that though:
CoinJoin: Bitcoin privacy for the real world

phillipsjk

legendary

Activity: 1008

Merit: 1001

Let the chips fall where they may.

As far as I know, You should still receive the funds at the old address. It is just not recommended because the block-chain is public. If people learn about your "well known" address, they can target you for all kinds of things ranging from direct marketing to kidnapping.

DoctorG

jr. member

Activity: 53

Merit: 500

Which Doctor?

I requested a refund from BFL. I sent an email with a receiving address.

I then went ahead and updated my wallet to bitcoin core, just to be safe.

My receive address has now gone! Shock!

I go through the process of requesting a payment but check the box 're-use existing receiving address' which it says is not recommended

Ive sent an email to butterfly labs requesting refund to a new address which I set up

My question is, if they send to the old bitcoin address will I still get the transfer?

Hope Ive been clear enough for people to understand.

Can anyone help with this?

Thanks!

Topic: New bitcoin Core client says 're-use existing receiving address' not recommended (Read 871 times)