What isP2PK

P2PK or Pay-to-Public-Key is a type of ScriptPubKey used in Bitcoin transactions. It links bitcoin to a public key, ensuring that only the person holding the corresponding private key can access the funds. It is like a secure P.O. Box where anyone can send mail (bitcoin) using the address (public key), but only the owner can access it later.

For instance, if Alice sends Bob 1 BTC using P2PK, she includes Bob’s public key in the transaction. Bob can only access the bitcoin sent by Alice when he signs the transaction with the private key that matches his public key. P2PK was named after the script used to implement this functionality, which is one of many scripts used in Bitcoin outputs.

P2PK was replaced by P2PKH scripts, which offer more security and usability. P2PKH scripts are more widely accepted since they ensure that the public key is associated with a specific address, and not the output itself. It also hashes the public key, making it safer.

FAQs

What is P2PK in Bitcoin?

P2PK or Pay-to-Public-Key is a ScriptPubKey that links bitcoin to a public key, ensuring that only the person with the corresponding private key can access the funds.

How does P2PK work?

P2PK works by including the recipient’s public key in the transaction. To access the bitcoin sent, the recipient must use the private key that corresponds to their public key to sign the transaction.

Why was P2PK deprecated?

P2PK was replaced by P2PKH scripts, which offer more security and usability. P2PKH ensures that the public key is associated with a specific address and hashes the public key, making it safer.

Conclusion

P2PK is a secure way to transfer bitcoin as it ensures that only the holder of the private key can access the funds sent to a specific public key. However, it is now deprecated and replaced by P2PKH scripts, which offer more security and usability in the Bitcoin ecosystem.

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