Topic: What would you improve about Bitcoin if you had the chance ? (Read 229 times)

The best and safest method to retrieve your keys back in the future is to back them up as soon as you open a new wallet, writing down your seed/private keys is not difficult, since you know that you will be responsible for your own security, it should be your first priority before locking bitcoin on its public key hash.

If I have the opportunity to develop bitcoin, I will ensure that transaction blocks are kept to a maximum of kilobytes (if possible) so that other nodes do not suffer from a lack of space to store all data. This will encourage everyone to become a Node.
I will also make sure the speed is increased so that the memory pool can accommodate more transactions and miners will make more money in revenue, more people will want to mine and that will improve the security of the network.

Everyone wants such a thing in Bitcoin but the problem is security itself, if one's wallet keys can be recovered this means it is somehow stored somewhere from where this thing can never be safe, instead of that the current method is better, everyone just writes up their keys and safely stores somewhere with themselves, this way you are not even having a universal place where everyone stores bitcoin and also having an extra place to look up for in case you lose your bitcoin private key. In such a manner at least no one can have an idea where you have stored your key as only you know this and ideally it should always be offline so that creepy bots don't find their way to such data.

I am against too on that concept if anyone can recover lost wallets then many people will just claim about losing wallets and might even lead to scamming or something. If you really are concerned about your private key maybe you can should memorize a 14 word phrase in that way you would be able to access your wallets anywhere even if you deleted your wallet itself you can still recover it and you are the only one who can recover it.

Answering your question in the title about what I would like to improve? I would like to improve the transaction system where there is a public chain and probably private chain where all transactions where private or all of those transactions are mixed with other transactions or a private transactions for more better privacy for Bitcoin.

If it can be recovered, then all the people we have told stories about losing wallets and private keys will be very happy and become rich billionaires without worrying and stressing when there is a way or alternative to get it back again. But your wallet means someone is holding it. All-access is in your control. Storage of private keys, seed phrases and everything related to access to the wallet is the holder, not me and no one else.

I will increase my knowledge about something related to bitcoin. So that nothing happened the first time I got to know cryptocurrency. When I first got to know and dive into the world of bitcoin, I first attended several airdrops. And there I got some tokens which if sold now I might get pretty good money. I was stupid at that time, I didn't keep the wallet's private key because of my ignorance. Yes, in the end, my assets were the result of participating in several airdrops, I had to give up because they were no longer accessible.

If there is a way of retrieving private keys then it will be easy for Malware attackers to easily still into wallets. The bip-39 and bip-32 mnemonic phrase wallets gives wallet owner full ownership of their coin using cryptographic hash which is used to encrypt and decrypt. Once it gets compromised by allowing a medium for retrieval after it's been misplaced then attackers will find a more easy way to break into wallets

Same scenario when we lost our password we can just press the forget password and the password can easily be recovered on our email. Is that what you want? But, changing the security of bitcoin will make it not different to the traditional security that we used today.

I do not want to changed it because this is the only thing that makes bitcoin unique or special. To some wallets that we used they offer different methods to access your account not only private key. They have the traditional password, pin code, json, and seed phrase and we can also have the ability to export it and save a hard copy to our selves. We can use this as a back up other than our private key.

The whole point of cryptography in general and of Bitcoin in particular is that you discover some random big number which previously no one has heard of and that no one has seen, and with this discovery, you create unique signatures and control certain space inside the blockchain. There is no way to re-discover or restore this unique number because it would break the whole concept of cryptography and make technologies built on it insecure and therefore useless. Bitcoin is a robust system because all the underlying technologies behind bitcoin rely on randomness and mathematical problems that are practically infeasible to resolve with the computational power we have got today. Adding an additional restoring mechanism would be akin to adding hidden backdoors, vulnerabilities, and bugs which can be exploited at any time and which make bitcoin a not so robust system. Also, bitcoin is valuable because of the fact that the decisions of single individuals or groups have no effect on the system, it always remains decentralized and invulnerable to political games. If it were otherwise and everyone was capable of making changes and improvements in the protocol, bitcoin would already be dead or captured by those whose power is the highest.

bitcoin is 190,000,000thash(190,000petahash or 190exahash) secured for >47TWH/y
1,727,273 asics 110thash at 3250watt power

if we were still CPU mining
and say there were 190million people CPU mining
the hashrate would be 1900terrahash(1.9 petahash or 0.0019 exahash)
10mhash x 190m cpu =1,900,000,000mhash =1,900,000ghash = 1,900thash
a pc electric draw for cpu mining 10mhash each is 100w
the electric consumption would be 166.4THW/y
100w x 190m = 19,000,000,000watts =19,000,000kwh =19,000mwh =19gw/h =456gw/d =166,440gw/y  =166.4twh/y

to even just match the electric consumption if CPU mining, only ~54m cpu's would mine and the hashrate would be just 537thash

yep bitcoin has already become more efficient.
its 353817.5x more efficient hash/watt (35,381,750%)  without losing any security

if we assume only say 1,727,273 CPU as a fair 'asic' vs 'cpu' device count
the hashrate would be 17,272,730mhash= 17.2thash
electric consumption would be 172,727,273watts/h = 1.51TWH/y

yea you can claim that its ~32x less power, device for device count. but the hashrate is 11,046,512x less secure

oh i must also add..
to cpu mine btc on just electric cost would be $552.72 per btc +1cent (average breakdown of hardware over a few years) (US electric rate)
but asic mining on just the electric cost is ~$17964.66 per btc + $31.6k(average breakdown of hardware over a few years) (US elec rate)

now how would this affect the market price.
..well why would someone pay over $40k for bitcoin if they could mine it in america for $552.72(cpu mining)
the answer is no one would buy it for over $40k if it cost only $552.
instead those mining it for $552, would happily sell for $770 and make 40% profit

thus the market would be volatile between $550>$1.6k and the price would be somewhere within that, depending on speculation

What you are suggesting(a system to recover private keys)would most likely open the door for multiple scam attempts.
We would have to create a centralized entity,in order to handle the process of recovering lost private keys.This would totally compromise the entire purpose of Bitcoin,which is eliminating the human factor and any control over the blockchain coming from a centralized entity.
The only thing I would change about Bitcoin(if I had the powers and knowledge) would be making BTC mining more energy efficient and reducing the amount of electricity,which is being consumed by the BTC miners.

But that removes the initial point of the private key concept? Where only the owner (or whoever has access to the private key) has access to the coins? If there was an alternative way, one that is similar in concept on how "forget passwords" work, then it's basically saying you're agreeing on letting someone hold your keys so that in case you forget about it, or lose it, you still have an alternative method of access.

It's not like there's no improvement possible at all. Bitcoin still has issues with transaction speeds (which is being fixed or has been, idrk, by lightning network) and fees, but fixing those doesn't really affect how the core works, but more like improving it instead. Your idea of improvement was trying to change the core of what made a private key, well, private.

There's of course room for improvements but it's not in the original protocol. Segwit gave us an improvement, lightning was an improvement. That doesn't mean we are going to undermine the idea by adding a way to retrieve someone's private key from the blockchain or increase block sizes like BCH supporters wanted. The majority votes here and in this case the majority wants bitcoin the way it is. If you want to build on top of it you ware welcome to, but until sha-256 is enough to secure addresses we are good to go. The first improvement we'll probably see is some kind of increased security to fight supercomputers.

Some people are saying bitcoin can be improved by making it easy to retrieve private key,i don't think its a good idea to make a change concerning private key ,because it is your personal security code,if bitcoin will enable you retrieve lost key it will be easy to hack peoples accounts,the best thing is to keep your private key safe,those that made the key to be difficult to retrieve know what they are doing and I like it that way. the only thing I can improve is the price,I can make the price not to drop for a longtime.

 if there is really no need for any improvement then whats the need for Bitcoin improvement proposal just like the bip-21 which is obviously a proposal from developers to improve bitcoin uniform resource identifier (URI) scheme which could include mobile wallets with QR-codes. This was what bathed my curiousity. can I get clearity on this concept and why it can't be applicable to private keys as well

If I have the chance, I will make a may to recover lost private keys as you said.

I will also make people to be able to cancel a transaction if it is sent to the wrong person by proving that you are not trying to double spend.

I will make bitcoin to start using PoS protocol so that energy will be saved.

I will make bitcoin to be less volatile if I can.

That's not improving the protocol, it is weakening it. Besides if you could recover it with "some process" that means anybody else could do it also.

Private keys are not result of SHA256, they are numbers in a slightly smaller range of 1 to 2²⁵⁶.
You also don't have to memorize the alpha-numeric combination, you write it down or better yet you create a deterministic wallet that supports seed phrases and write down simple human readable words between 12 and 24.

If it was easy to "restore" or "recover" a Private key.... it would destroy the thing that secure your bitcoins. That is why it is almost impossible to hack a Private key... and that is what gives people confidence in the safety of this technology.

If I could improve Bitcoin.. I would add some "offline" way to copy&paste a Private key in an encrypted way into a wallet, so that nobody could capture it during the "Sweep" action. (Once you sweep a Private key, it is considered being compromised... so you have to sweep ALL forked coins at the same time, which should not be necessary) 

This "problem" is not unique to Bitcoin, that's how cryptography works, there can't be any "remind me your key" features, because it would mean that hackers would use them to break the crypto system. If you're scared about losing your keys, put a backup in a bank deposit box, and/or give a backup to a person that you really trust. Or use a custodial wallet if the above isn't an option, even though it's against the principles of Bitcoin, but it to some extent solves your problem.

Then it's beats the idea of Bitcoin been decentralized, from the moment you curiously want to know about Bitcoin you should be aware of its dangers, and also be ready to sharpen your awareness, it's really in your hands, I believe there are different safe measures you can take to protect your private keys and the chances of you losing them becomes very thin, my only concern is the Bitcoin can be gone in the case of the passing away of the holder.

things that can be improved.

many people think there is no fee mechanism, no fee mechanics or rules. yet there have been and are.
plus code can be enforced , because thats what code does, make rules.

so lets start with the fee's

easily enough people can have a system where by if your utxo(unspent funds) are say 100confirms(16hours old+) you can enjoy lowest fee's possible., where as if your unspent are only 1 confirm, you pay the maximum.

this way it solves these things:
1) no longer would everyone be penalised when people spam blocks (re-spending every block) causing everyones fee to rise.
2) only the spammer pays the highest if he wants to continue spamming.
3) this deters spamming, meaning more room for genuine spends to get confirmed.

im not suggesting to just make mining pools not allowed to include 1-2 confirm transactions in a block. but to instead make it a practical cost if you want to rush a transaction through and a practical cost if you want to do it repeatedly

the current mechanisms for deterring spammers do no work.

---

another idea is that transactions should not have the facility to be a 5th of a blocks limits.(currently they are able) meaning just 5 transactions of certain details can fill a block to not allow more transaction in them.
heck before the txsigops= /5 of max sigops limit, there was a block that just had 1(non coinbase) tx taking up the entire block
https://www.blockchain.com/btc/block/364422
so changing to the 5th of block sigops, did alleviate the 1 tx a block =full dilemma, but its still allows alot of abuse, and proves that a change in the rules can be done, and not many even noticed it happened

im not saying only allow 2input 2 output transactions. (2 sigops)
but im sure as hell saying that a transactor should not be allowed to have 16,000 sigop allowance per tx (16k of 80k block sigop limit)