Reusable Payment Addresses: A New Tool for BCH Privacy
Electron Cash, a popular bitcoin cash wallet, has added a new feature known as Reusable Payment Addresses. While still in beta, this feature is a tool that may be used to get a higher level of anonymity for your transactions by detaching public addresses from payment histories, offering Bitcoin Cash Monero-like features.
Payment Address Reuse: Increased Privacy for Your Transactions
Reusable Payment Addresses, a new privacy feature for the wallet, has been launched by the creators of Electron Cash, one of the top bitcoin cash wallets. While it is currently in alpha, the functionality is there. Reusable Payment Addresses provide consumers with an additional degree of anonymity when transacting.
When a user offers another person a payment address, they are also giving away the whole history of payments linked with it and the balance it holds.
This creates a significant issue for privacy-conscious users: every time a person or corporation enters an address, that entity’s financial information is revealed. Reusable Payment Addresses seek to overcome this issue by giving an alternative address known as a “Paycode.”Paycodes vary from traditional public addresses in that they are not directly connected with the user’s history, allowing them to be shared without concern.
Paycodes can also be linked to other usability elements, such as Cash Accounts, allowing users to benefit from the privacy of Paycodes as well as the ease of human-readable account names.
Bitcoin Cash Is Getting More Privacy
With this feature, Bitcoin Cash is preparing to provide further privacy choices to its customers, similar to Monero. Reusable Payment Addresses are another option that Bitcoin Cash users may now utilize to improve their privacy. When combined with additional tools, like Cashfusion, which obfuscates transactions by fusing currencies, it provides a full privacy-oriented suite for privacy-conscious consumers.
While the Reusable Payment Addresses feature is still in beta and only available through the Electron Cash wallet, it may be deployed in any wallet because it is open-source code software. The expansion of this functionality would result in an opt-in privacy feature that may be helpful for businesses such as restaurants and others that do not want to expose their money flow and political and freedom advocates in several nations across the world.