Bitcoin Wallets « zhao-sun.com

January 21, 2025

Filed under: Uncategorized — blogadmin @ 2:35 am

Entropy: generate the entropy numbers -> create the master private key
Seed Phrase: translate numbers into words using the bip 39 word list
Master Private Key: seed phrase imported into hardware wallet -> convert to seed -> create master private key
XPUB: one extended public key or X Pub -> create a single Sig wallet. X Pubs are used to build wallets, check balance and receive Bitcoin. A master private key can provide approval for spending Bitcoind while an X Pub can not. X pubs are often exported from the hardware wallet to an internet connected devices, such as a computer or phone.
Plain public keys: a wallet can be thought of as a collection of addresses. Each of which can receive Bitcoin and become added to the records of the Bitcoin blockchain. An X pub can produce additional keys of its own. It can create unlimited plain public keys which each serve as a main ingredient for building an address.
Addresses: An address is a string of letters and numbers that can be shared with other people to received Bitcoin from them.
Multisig wallet: 3 Master Private Key -> 3 X Pubs -> 3 Public keys