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 can be used to gain a higher level of privacy for your transactions by detaching public addresses from payment history, giving Bitcoin Cash Monero-like capabilities.
Payment Address Reuse: Increased Privacy for Your Transactions
Reusable Payment Addresses, a new privacy feature for the wallet, has been introduced by the developers of Electron Cash, one of the leading bitcoin cash wallets. While it is still in alpha, the functionality is there. Reusable Payment Addresses provide users with an additional layer of privacy when transacting. When a user gives another person a payment address, they are also giving away the entire history of payments associated with it, as well as the balance it contains.
This creates a significant issue for privacy-conscious users: every time a user or company posts an address, that entity’s financial information is exposed. Reusable Payment Addresses seek to address this issue by providing an alternate address known as a “Paycode.” Paycodes differ from traditional public addresses in that they are not directly associated with the user’s history, allowing them to be shared without concern.
Paycodes can also be linked to other usability features, such as Cash Accounts, allowing users to benefit from the privacy of Paycodes as well as the convenience of human-readable account names.
Bitcoin Cash Is Getting More Privacy
With this new addition, Bitcoin Cash is preparing to offer more privacy options to its users, similar to Monero. Reusable Payment Addresses are yet another tool that Bitcoin Cash users can now use to improve their privacy. When combined with other tools, such as CashFusion, which obfuscates transactions by fusing coins, it provides a comprehensive privacy-oriented suite for privacy-conscious users.
While the Reusable Payment Addresses option is still in beta and only available through the Electron Cash wallet, it could be implemented in any wallet because it is open-source code software. The generalization of this functionality would result in an opt-in privacy feature that could be useful for businesses such as restaurants and others that do not want to reveal their payment flow, as well as political and freedom activists in a number of countries around the world.