K-of-M Private Key Generation and Backup in Bitcoin Wallets.


You may already guessed it, one of our main interests at ‘privatekeys.org’ and ‘privatekeys.biz’ is precisely, well, private keys. As mentioned in a previous article of mine, our bitcoin wallets contain the most important piece of information when it comes to our cryptocurrency: the private keys that can unlock the UTXOs that were locked to the corresponding public keys and public key hashes. Please allow me to quote myself once again “Your (private) keys, then your bitcoins. Not your (private) keys, then I’m sorry pal, but not your bitcoins”.

Bitcoin community has some creative ways to protect private keys and the utxos, let me mention them here, and then we will propose a way to better protect our private keys backups.

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Anatomy of a Bitcoin transaction

Bitcoin transactions (tx) are the double-entry exchanges that get recorded into the blockchain ledger. They are the instruments where we exchange bitcoin units from public address to public address. They contain the amounts exchanged, the source and destination of the funds, a proof for authenticating the owners of the funds and a locking mechanism to make sure that only the destination of the funds will be able to make use of them. Transactions are generated at a pace that currently oscillates between 150.000 per day and 500.000 per day.

So, what does a bitcoin transaction look like?

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