a solution in search of a problem
any benefit to expressing Bitcoin addresses in a human readable form like bip39? any reason they are not?
this address:
bc1qrkr240mwcyjzd3acsqxw02jtqrlyrse4akm6st
has this public key hex:
03283df9d2b84c48cbd922eabafb7f2d263bfc27626665bb324444eef5c48eef0d
which generates this 24-word phrase:
project hip file borrow leisure pioneer million already clown exit gossip bleak high example situate bubble brain problem volcano fuel purpose limb list rack
pretty sure most people don't check all 42 characters of their addresses, but maybe it would be foolish to not simply check 24 words?
that would take up a lot of space on the blockchain, but software could easily convert it back and forth between binary or 0s and 1s or hex or base58 or whatever, as needed?
what am I missing?
I asked Perplexity.ai, which never ceases to amaze me:
Your postulation raises an interesting point about the readability and usability of Bitcoin addresses. Let's break down the key aspects:
1. Human-readable format:
The idea of expressing Bitcoin addresses in a human-readable form like BIP39 mnemonic phrases is intriguing. It could potentially make addresses more user-friendly and easier to verify[1][5].
2. Current address formats:
Bitcoin addresses are designed to be compact and efficient. The current formats (P2PKH, P2SH, P2WPKH, P2TR) balance security, efficiency, and some level of human readability[5][6].
3. Space considerations:
Using 24-word phrases instead of the current address format would indeed take up significantly more space on the blockchain. This could lead to increased storage requirements and potentially slower transaction processing[7].
4. Verification process:
You're correct that many users don't check all 42 characters of their addresses. A 24-word phrase might be easier to verify, potentially improving security through increased user diligence[4].
5. Conversion and compatibility:
While software could convert between formats, implementing such a system would require significant changes to the Bitcoin protocol and ecosystem[2][5].
What you might be missing:
1. Existing purpose of BIP39:
BIP39 mnemonic phrases are already used in Bitcoin, but for a different purpose - generating and recovering private keys, not for public addresses[4].
2. Address vs. Public Key:
The address you provided is derived from the public key, not directly equivalent to it. The conversion process is more complex than a simple format change[1][7].
3. Security considerations:
The current address formats include built-in error detection (checksums) and are designed to be resistant to typos and transcription errors[2][6].
4. Ecosystem impact:
Changing the address format would require updates to all Bitcoin software, wallets, and services, which could be a massive undertaking[5].
5. Privacy implications:
Longer, word-based addresses might be easier to remember but could also be easier to associate with individuals, potentially reducing privacy[3].
While your idea is creative and addresses some user experience concerns, the current Bitcoin address system is a result of careful design balancing security, efficiency, and usability. Any changes would need to offer significant benefits to outweigh the costs of implementation and potential disruption to the existing ecosystem.
Citations:
[1] https://bitcoin.design/guide/glossary/address/
[2] https://www.rfctools.com/bitcoin-address-validator/
[3] https://www.professionalcryptorecovery.com/blog/bitcoin-addresses-formats/
[4] https://www.systutorials.com/proof-of-ownership-for-btc-addresses-a-detailed-guide/
[6] https://rosettacode.org/wiki/Bitcoin/address_validation
[7] https://learnmeabitcoin.com/technical/keys/address/
[8] https://coinpaper.com/3436/how-to-trace-bitcoin-address-owners-the-path-to-identity-tracking
