Bitcoin Cash, the new address format
Bitcoin ABC has released a new version of the software.
What is CashAddr?
CashAddr - new address format BitcoinCash. If you have ever seen Bitcoin address or BitcoinCash address, then you are at least familiar with how these addresses look - basically a whole bunch of letters and numbers.
The look of the new address?
Here's an example: bitcoincash:qr8r2mgjqxu6wwfecqktdn90cx25x6wr75qgsg2wp3
Technically, this new "encoding" and visually, it will look different.
Note the prefix "bitcoincash:" who is technically always a part of the address, although the prefix may be optional or absent completely, depending on the purse or implementation.
What I need to do?
We recommend that you use new addresses, but this is optional. You can encounter the "incompatibility with purse" and you need to use a tool Converter addresses.
If you notice that your wallet is still not updated to support CashAddr, you can tell them about the new format.
Can I use the old "deprecated" address?
Technically Yes, but we highly recommend you to upgrade. If you have an outdated address that is currently used, it will continue to work. However, most users should be updated, because new addresses are more secure. Moreover, the user interface will be expanded, if everyone uses the same format.
Can I send old address to new address or Vice versa?
Yes. Address format - it's just encoding. To use an analogy, think about the encoding as a wrapper or "clothing." Think about what you can always talk with friends, no matter what clothes you wear.
In this analogy, what's under the clothing is raw outdoor key hash (pubkeyHash).
Can I immediately start using the new addresses?
Yes. Please.
I tried to send one of these new addresses, and my wallet wouldn't let me.
If the purse has not been updated, he doesn't know about the new format. But don't worry, there's an easy solution to this problem. You can convert from the old format to the new format or the old format. There are several available tools Converter. We recommend: https://cashaddr.bitcoincash.org/
Another tool Converter available in Electron Cash 3.1.
If you are going to use any tool Converter, it is important to use only trusted, because there is a likelihood that the malicious tool will give you a fake address.
Any old bitcoin address format are converted to one and only one format CashAddr, and the same is true in reverse. Thus, there will always be two versions (legacy and CashAddr) of any given address, and they are interchangeable, because they correspond to the same set of private and public keys.
What happens if I convert the old address to the new format and sent coins to my friend, but his wallet does not support the new format?
Nothing to worry about. The money will still appear at his old address (as it's really the same address, just encoded differently)
Why the development community Bitcoin Cash decided to create a new address format?
Bitcoin Cash should have their own address format, which will reduce errors and confusion for users.
What are the benefits of this particular format?
In addition to the proposed address format, the new format is not case sensitive, making it easier to enter addresses and communication between people. It is also extensible, so that the format does not need to be changed in the future as new functionality is added to the Bitcoin Cash.
Can you explain what it means, technically, to have a new format?
When you perform a transaction for "sending" bitcoins to the address, what you are really doing is unlocking the unspent outputs, and then lock them again, so that only someone, who can subscribe to a public key (with their private key) can control them.
New address format does not change the format of these transactions on the block-chain, but rather: only a visual representation that is provided to the user.
Will any of my private or public keys change?
No.