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Bitcoin: Private Keys Are Finally Revealed

Samantha Mitchell

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Bitcoin: Private Keys Are Finally Revealed

The Big Announcement

It’s been a long wait for all of us, but finally details on the private keys that were attached to a Bitcoin Alert System – which is no longer used – have been released. The information was distributed by two of the main developers for Bitcoin who made the executive decision to divulge the information via email. Because the alert system is no longer operational, the release of the private keys has no effect on the Cryptocurrency and any concerns that users may have should be alleviated following the detailed email release.

The keys and other bug details were sent out in an email by said developers highlighting that the network was in no danger whatsoever. Users were rest assured that Bitcoin was not under any threat at all. The alert system is no longer used and any features that had been picked up were dealt with before the email was sent.

Why The Release?

The idea to release the private keys was devised a couple of years ago and the thought process was to distribute the information so that there was absolutely no value attached to the keys especially because the information around them was distributed to everyone. So in essence, as everybody now has access to sign messages then this indeed makes a signed message absolutely worthless. On top of this, it has been reported there was also concern over those with access to the private keys in the first place and what damage they could do with this information. This was never ratified by the Bitcoin developers.

Why The Delay?

Alert SystemThere were delays in the release of the private keys because certain bugs and features within the Alert System were only spotted when developers double checked the code of the Alert System before releasing the private keys. The worry was that those using an old version of Bitcoin would be compromised. Those that were affected were told immediately at this point. Following on from this, the developers produced a “Final Alert” on the software to warn customers if software is insecure or at risk. Now that these final checks and amendments have been made the two main developers decided and were confident that is was safe to release the private keys.

For those developers of other Cryptocurrencies wanting to use a similar Bitcoin alert system that there is a patch available to stop the bugs and features from coming into play.

This has caused a massive frenzy on social media with many commenting on the milestone. The majority of comments have been really positive and it looks like its the answer that many have been waiting for. It also proves with confidence that the majority of issues or worries that there may have been around safety and security with Bitcoin and the Alert System have either been resolved or a safeguard has been put into place. The latest news is that the developers have confirmed in their email that “less than 4% of Bitcoin nodes are vulnerable.” Whatever anyone says about the release of the private keys it is very apparent that the Bitcoin team has been very thorough before taking this big step. Something which is extremely positive with the rise in fraudulent activity continuing within the industry.

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