question archive Bitcoin script: Alice is on a kayaking trip and is worried that her phone (which contains her private key) might fall overboard
Bitcoin script: Alice is on a kayaking trip and is worried that her phone (which contains her private key) might fall overboard
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Bitcoin script: Alice is on a kayaking trip and is worried that her phone (which contains her private key) might fall overboard. She would like to store her bitcoins in such a way that they can be spent with knowledge of a password. Accordingly, she stores them in the following ScriptPubKey address:
OP_SHA1 <0x13818a5684a7ed4dce8433c3f57e13b589b88852> OP_EQUALVERIFY
a. Explain why this is not a secure way to protect bitcoins using a password.
b. Would implementing this using pay-to-script-hash (P2SH) fix the security issue(s) you identified? Why or why not?
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