How Proof Of Bitcoin Cash Ownership Works By Using A Digital Signature And BCH Wallet Address
How To Prove That You Own A Bitcoin Cash Using A Digital Signature And Bitcoin Cash Address
Bitcoin Cash has gained worldwide recognition, thanks to its use case and technology. Because it’s powered by blockchain, transactions on the platform are considered safe and secure.
And while the blockchain platform does an excellent job of serving as an exchange medium, the truth is it’s very capable of so much more. For instance, you can use the platform to create your notarized proof.
What does this mean? In summary, it means that you can actually prove that you own a bitcoin cash address.
How Can You Prove Ownership Of A BCH Wallet Address?
While Bitcoin Cash is widely adopted for its very low transaction fees and permissionless exchange technology, its ability to clearly determine who owns which wallet address is unique. You can easily do this by using your BCH wallet private key. Using this, you can easily set up a message that clearly indicates that the wallet address is yours. Something as simple as “this wallet belongs to XYZ” will do it.
So, when people view your bitcoin cash address, they’ll be able to immediately tell that it’s owned by you. The process for doing this is very simple and straightforward:
Start by downloading and installing Electron Cash. This is a BCH wallet client that can help you sign messages and prove that you own an address. Of course, this isn’t the only wallet that provides address signing and verification options. However, this is the one we trust best.
Once installed, open the client and set up a new wallet. Once that’s done, go to the top of the client, click TOOLS, and scroll to choose sign/verify message. Once you click this, you’ll be presented with a pop-up window containing three parts. Just enter the message you want, followed by your BCH address, and voila, you’re done.
Just click Sign, and the wallet will come up with alphanumeric characters. You’ll need to copy and save this, and enter it into the Electron Cash app. That’s it, your wallet address is signed. With a combination of this alphanumeric key, your password and your private key, proving ownership will be very easy.
Hackers or criminal elements who may be interested in stealing your tokens will find it impossible to do so. In fact, they’d have to literally gain access to your private key and the alphanumeric signature to steal your tokens.
Also, you can take this a step further by verifying the signature. To do this, all you need to do is reopen the sign/verify window, enter the necessary details in the exact order of message, public address, and signature, and click Verify this time (remember you clicked Sign the first time).
If your details are correct, the wallet app will validate the message, proving that you own the wallet. That’s pretty much all there is to it.