Andreas Antonopoulos explains Bitcoin [BTC] wallets and its relation to multiple addresses, CoinJoin brought into the picture

By May 25, 2019 Bitcoin Business
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Bitcoin [BTC] wallets and its relation to multiple addresses explained by BTC bull as CoinJoin is brought into picture

The rise in transactions in the world of cryptocurrencies has led many users and hodlers of the digital assets to dive deeper into the inner workings of the phenomenon. The piqued interest in the field has also resulted in many proponents of cryptocurrencies coming out to clarify certain aspects of transactions, with Bitcoin bull Andreas Antonopoulos taking the lead in explaining the correlation between wallets and addresses.

In his latest video, Antonopoulos, the author of Mastering Bitcoin, responded to a query on whether there was a way to determine if multiple wallet addresses could belong to the same wallet. The concept of addresses and its connected wallets had become a topic that garnered a lot of interest recently, especially with controversies surrounding legitimate addresses and its creators.

One example of addresses taking the center stage is the ongoing drama surrounding Craig Wright and his claims of being Satoshi Nakamoto. Many enthusiasts claim that having an easier way to connect wallets addresses and transactions would provide a definitive foundation to settle the ‘who is Satoshi’ debate once and for all.

In his video, Antonopoulos stated that if the wallet addresses were correctly generated, then it meant that they had been derived from a ‘hardened child address’. He added that the derivation from a hardened child was the standard way in which wallets produce addresses. According to the BTC proponent, it was not possible to determine whether multiple addresses were connected to the same wallet if the seed was missing.

Andreas Antonopoulos discussed another important topic circulating in the Bitcoin space right now: CoinJoin. CoinJoin’s USP has been about providing privacy to Bitcoin in the age of privacy-centric altcoins. The technique has become so popular within the industry that it witnessed a month-on-month increase in transaction rate since January 2019.

Antonopoulos opined that the one flaw with CoinJoin was its inability to de-anonymize payments with statistical analysis. Despite this, he admitted that CoinJoin was ‘somewhat successful’ at providing privacy to the world’s largest cryptocurrency.

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