teachin_bitcoin on Nostr: ...
Dad: Son, what are "HD Bitcoin Wallets"?
Son: Dad, by definition, wallets are private key and public key management systems. In the beginning, every key pair used had to be backed up individually. That's why many have reused addresses, which is bad for privacy, as you know.
BIP-32 made Bitcoin better and introduced "HD wallets", which stands for "Hierarchical Deterministic", and not for "High Definition". With this BIP, it's possible to generate multiple addresses (public/private key pairs) derived from a single source of random data (=entropy).
Dad: Why was this introduced in the first place?
Son: It makes backing up the random bits of data much easier and safer, especially if combined with BIP-39, which introduced the mnemonic seed words, which is just entropy in a human-readable form.
#Bitcoin
Published at
2024-10-25 04:30:07Event JSON
{
"id": "f62ea7789a644830977028f6daddb7990b934842a0307e2ec6af43a11822344d",
"pubkey": "e0893162d4045dd1113c6e1c29f70c47bb7461abed042b6c33308fe7d96d2502",
"created_at": 1729830607,
"kind": 1,
"tags": [],
"content": "https://www.teach-me-bitcoin-son.com/media//generated/what-are-hd-bitcoin-wallets.png\n\nDad: Son, what are \"HD Bitcoin Wallets\"?\nSon: Dad, by definition, wallets are private key and public key management systems. In the beginning, every key pair used had to be backed up individually. That's why many have reused addresses, which is bad for privacy, as you know.\nBIP-32 made Bitcoin better and introduced \"HD wallets\", which stands for \"Hierarchical Deterministic\", and not for \"High Definition\". With this BIP, it's possible to generate multiple addresses (public/private key pairs) derived from a single source of random data (=entropy).\nDad: Why was this introduced in the first place?\nSon: It makes backing up the random bits of data much easier and safer, especially if combined with BIP-39, which introduced the mnemonic seed words, which is just entropy in a human-readable form.\n\n\n#Bitcoin",
"sig": "7cda2c083de606e6604ef2663d8aafd772945f66377f3d3d2dff7534f6103378c50481d12514768594f52eec32d6db9eef175db4e6365d18f1e6fec64fe020b5"
}
