- Sep 20, 2021
Electron Cash, a popular bitcoin cash wallet, has recently added a new feature known as Reusable Payment Addresses. Although the newly added feature is still in its testing stages, it is a tool that can be used to achieve a stealth mode level of privacy for your transactions as a result of how it removes public addresses from payment history.
Reusable Payment Addresses: Your transactions are now more secured
While Reusable Payment Addresses remains in its testing stage, the developers of Electron Cash have ensured that the functionality of the new feature is there. Prior to this time, when a user gives a payment address to another user, it usually gives away the entire history of payments associated with that address, alongside the remaining balance. This has always posed a great problem to users who are privacy-concerned. Whether the user is a private individual or a company, everyone posts their address, they are exposing their entire financial information.
Reusable Payment Addresses aims to solve this problem by giving an alternative address, called “Paycode.” Paycodes are not the same as the conventional public addresses in that, they are not in any way directly associated with the history of the user, meaning that they can be shared with absolutely no worries. Paycodes also comes with other useful features like Cash Accounts, which allows users to enjoy both the privacy of Paycodes and the convenience of human-readable account names.
Bitcoin cash is relentless in their quest for more privacy
With this latest addition, Bitcoin Cash is easily edging towards offering its users, some Monero-like capabilities. Reusable Payment Addresses are just another tool in Bitcoin Cash’s privacy arsenal that has been made available to their users. There remains the CashFusion, which obfuscates transactions by fusing coins, which also offers a comprehensive privacy-oriented suite for users who are privacy-concerned.
For now, the Reusable Payment Addresses option is only available via the Electron Cash wallet because it’s still in the alpha stages, however, once it is sufficiently tested it could be implemented in any wallet because it is open-source code software. The generalization of this functionality would create an opt-in privacy feature that could be useful for companies like restaurants and any others that don’t want to reveal their payments flow, and for political and freedom activists all over the world.