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Author Topic: Best way to destroy bitcoins? Send them to the value 0 address?  (Read 3235 times)
Bulista
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May 09, 2016, 01:39:36 PM
Last edit: May 09, 2016, 02:02:03 PM by Bulista
 #1

Am I correct that the best way to destroy bitcoins is to send them to the bitcoin address with value 0?

Public key: 16QaFeudRUt8NYy2yzjm3BMvG4xBbAsBFM

Privake Key (compressed): KwDiBf89QgGbjEhKnhXJuH7LrciVrZi3qYjgd9M7rFU73Nd2Mcv1
Private Key (uncompressed): 5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAbuatmU

Even with the private keys the bitcoins sent to this address cannot be spent as the keys don't fall in the allowed range (> 0).
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cryptoheadd
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May 09, 2016, 01:40:42 PM
 #2

Am I correct that the best way to destroy bitcoins is to send them to the bitcoin address with value 0?

Public key: 16QaFeudRUt8NYy2yzjm3BMvG4xBbAsBFM

Privake Key (compressed): KwDiBf89QgGbjEhKnhXJuH7LrciVrZi3qYjgd9M7rFU73Nd2Mcv1
Private Key (uncompressed): 5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAbuatmU

Even with the private keys the bitcoins sent to this address cannot be spent as the keys don't fall in the allowed range (> 0).

If I send my 65,000 BTC to this address, will they safely be destroyed?

Your 65000 BTC?  Shocked
fenican
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May 09, 2016, 01:44:38 PM
 #3

Not sure on that one but:

1CounterpartyXXXXXXXXXXXXXXXUWLpVr

Should be a safe burn address. Looks like 2000+ BTC have been destroyed there.
cryptoheadd
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May 09, 2016, 01:52:16 PM
 #4

Why would anyone want to burn Bitcoins?
7788bitcoin
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May 09, 2016, 01:53:14 PM
 #5

I think 65.000BTC is just example in this case, but if you have lots of bitcoin and you want to "destroy" it, just send those to many addresses and delete the wallet Roll Eyes

Not sure on that one but:

1CounterpartyXXXXXXXXXXXXXXXUWLpVr

Should be a safe burn address. Looks like 2000+ BTC have been destroyed there.

Is it similar with 1BitcoinEater?

As long as there is not private key possibility generated with the public key, the amount in the address is considered "burnt".

Like:
1BitcoinEaterAddressDontSendf59kuE

But it will be better to send them to charity:

Sean's Outpost: 1M72Sfpbz1BPpXFHz9m3CdqATR44Jvaydd
Wikileaks: 1HB5XMLmzFVj8ALj6mfBsbifRoD4miY36v

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Bulista
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May 09, 2016, 01:54:32 PM
 #6

I think 65.000BTC is just example in this case, but if you have lots of bitcoin and you want to "destroy" it, just send those to many addresses and delete the wallet Roll Eyes

Not sure on that one but:

1CounterpartyXXXXXXXXXXXXXXXUWLpVr

Should be a safe burn address. Looks like 2000+ BTC have been destroyed there.

Is it similar with 1BitcoinEater?

I know I can destroy the wallet, but I'm asking about the address with Value 0, is this address safe to destroy coins?

If I destroy the wallet there will still be a small small small chance that the address is brute forced or whatever (In 1000 years or something...) or a small small small chance that the wallet file is recovered somehow from the hard disk by someone.

As the value 0 address cannot be spent, I believe sending the coins to this address is even more impossible to crack than the impossibility of brute forcing my address.

Or no?
tobacco123
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May 09, 2016, 01:55:17 PM
 #7

Why would anyone want to burn Bitcoins?


Counterparty used to distribute their own currency by matching the amount of coins that you burn in the address they created. This is called the "Proof of Burn"

cryptoheadd
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May 09, 2016, 01:57:13 PM
 #8

Why would anyone want to burn Bitcoins?


Counterparty used to distribute their own currency by matching the amount of coins that you burn in the address they created. This is called the "Proof of Burn"

Do they own the Priv Key?
Bulista
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May 09, 2016, 01:58:15 PM
 #9

guys I know there are some addresses that are labeled with "Burn Addresses" but I don't care about those as they can be brute forced eventually (whenever mankind is able to do so).

My question is specifically about the value 0 address.

Is it safe to burn coins with it or no?
Cantoner
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May 09, 2016, 02:02:57 PM
 #10

I dont understand why to burn bitcoin at all why dont you sell them and left makes no sense destroy something with value this days are you insane or you wanna make some kind of revenge?Better then destroy is to donate to some people who needs them there is some organizations that accept bitcoins soo do the right thing.
Bulista
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May 09, 2016, 02:08:46 PM
 #11

I dont understand why to burn bitcoin at all why dont you sell them and left makes no sense destroy something with value this days are you insane or you wanna make some kind of revenge?Better then destroy is to donate to some people who needs them there is some organizations that accept bitcoins soo do the right thing.

Thank you, but I'm the one to decide what to do with my coins.

My question is still unanswered  Smiley
fenican
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May 09, 2016, 02:21:05 PM
 #12

Am I correct that the best way to destroy bitcoins is to send them to the bitcoin address with value 0?

Public key: 16QaFeudRUt8NYy2yzjm3BMvG4xBbAsBFM

Privake Key (compressed): KwDiBf89QgGbjEhKnhXJuH7LrciVrZi3qYjgd9M7rFU73Nd2Mcv1
Private Key (uncompressed): 5HpHagT65TZzG1PH3CSu63k8DbpvD8s5ip4nEB3kEsreAbuatmU

Even with the private keys the bitcoins sent to this address cannot be spent as the keys don't fall in the allowed range (> 0).

No because there may be another private key that corresponds to the same public key.
DannyHamilton
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May 09, 2016, 02:31:42 PM
 #13

No.

If you want to destroy coins permanently, you should not sent them to 16QaFeudRUt8NYy2yzjm3BMvG4xBbAsBFM.

While I believe that bitcoins sent to that address would be "unspendable", they would continue to take up space in the UTXO set forever.

It would be MUCH better to send them to an OP_RETURN output.

OP_RETURN outputs can be removed from the UTXO set, and therefore do not put a permanent unnecessary burden on full nodes.

Bulista
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May 10, 2016, 01:36:00 PM
 #14

No.

If you want to destroy coins permanently, you should not sent them to 16QaFeudRUt8NYy2yzjm3BMvG4xBbAsBFM.

While I believe that bitcoins sent to that address would be "unspendable", they would continue to take up space in the UTXO set forever.

It would be MUCH better to send them to an OP_RETURN output.

OP_RETURN outputs can be removed from the UTXO set, and therefore do not put a permanent unnecessary burden on full nodes.

Thanks, but disregarding the space, it seems then in terms of safely destroying bitcoins the bitcoin address value 0 is the best way? I say this because in this way not even with the private keys you can spend the coins.

Only way I see of funds in the address 0 to be eventually spent is if the bitcoin protocol is changed to allow that particular address to be valid. Do you agree? (Again, disregarding the space...)
ObscureBean
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May 10, 2016, 01:49:15 PM
 #15

Alternatively, you could send them to one of my 'Bitcoin destruction' addresses (specifically designed to destroy Bitcoins). I swear you'll never see them again if you do that and the best part is that I provide this service for free Smiley
On a different note, the value 0 should do the trick too.
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May 10, 2016, 03:24:54 PM
 #16

Thanks, but disregarding the space,

Why should we disregard space?  OP_RETURN is permanently unspendable.  It is "the best way".

it seems then in terms of safely destroying bitcoins the bitcoin address value 0 is the best way?

No.  OP_RETURN is the best way.  OP_RETURN was created specifically for the exact purpose of being unspendable.

I say this because in this way not even with the private keys you can spend the coins.

And with OP_RETURN there is no private key.  Therefore, you don't even have to think about private keys.  It is simply unspendable.

Only way I see of funds in the address 0 to be eventually spent is if the bitcoin protocol is changed to allow that particular address to be valid.

OP_RETURN doesn't even have an address.  It is simply an OP_RETURN output.  It is never spendable. The protocol won't be changed to make OP_RETURN spendable, because that would break all the OP_RETURN outputs that already exist in the blockchain.

Do you agree?

No.

(Again, disregarding the space...)

Why should we disregard the space?  OP_RETURN is better even disregarding space, but it ALSO has the added benefit of making it possible to remove the output from the UTXO.

twister
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May 10, 2016, 04:21:12 PM
 #17

Why would anyone want to burn Bitcoins?


There isn't really a good reason to burn bitcoins that I can think of, mostly this is done for experimental reasons I would think. But anyone bored of their coins and don't like having them can throw them at me as hard as they would like, the address is in the profile.

 

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Kprawn
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May 10, 2016, 04:27:15 PM
 #18

OP, If I may ask... Are you planning to burn some coins or are you merely asking because you want to gather more knowledge on the subject. Why would you worry... if the private key could be

brute forced in future? The chance of that happening is VERY slim and next to impossible. I hope you not planning to burn coins, because you got fed up with the technology. I would much rather

donate those coins to a good cause that might change other people's life forever... but that's just me.  Roll Eyes

freebitcoin.TO WIN A  LAMBORGHINI!..

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May 10, 2016, 04:31:27 PM
 #19

Thanks, but disregarding the space,

Why should we disregard space?  OP_RETURN is permanently unspendable.  It is "the best way".

it seems then in terms of safely destroying bitcoins the bitcoin address value 0 is the best way?

No.  OP_RETURN is the best way.  OP_RETURN was created specifically for the exact purpose of being unspendable.

I say this because in this way not even with the private keys you can spend the coins.

And with OP_RETURN there is no private key.  Therefore, you don't even have to think about private keys.  It is simply unspendable.

Only way I see of funds in the address 0 to be eventually spent is if the bitcoin protocol is changed to allow that particular address to be valid.

OP_RETURN doesn't even have an address.  It is simply an OP_RETURN output.  It is never spendable. The protocol won't be changed to make OP_RETURN spendable, because that would break all the OP_RETURN outputs that already exist in the blockchain.

Do you agree?

No.

(Again, disregarding the space...)

Why should we disregard the space?  OP_RETURN is better even disregarding space, but it ALSO has the added benefit of making it possible to remove the output from the UTXO.

Where do I get the OP_RETURN output?
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May 10, 2016, 05:03:55 PM
 #20

Send them to me. 1J9qTM7kQTkQnhVabNz3Uy55eU63uow3sF

I will lose them trading and they will never be seen again.  Grin

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