Improving Bitcoin Privacy With Silent Payments Today

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The below is a direct excerpt of Marty’s Bent Issue #1214: “Silent payments.” Sign up for the newsletter here.

By sharing a secret between a receiver and sender, then scanning the Bitcoin blockchain for the transaction, users gain more privacy thanks to a new proposal.

The first silent payment transaction on Signet, a bitcoin testnet

Here’s an interesting proposal from Ruben Somsen that would help increase the privacy of those receiving bitcoin: Silent Payments. Somsen’s proposal builds on concepts like BIP47, which allows individuals to create reusable payment codes that can be tweaked by others to create unique public addresses that only the sender and receiver are aware of. This allows the receiver to accept bitcoin in a more private fashion when compared to exposing a xpub or simply reusing a single address to receive payments.

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