#BIP329 : Standard Label Exports and Imports between #bitcoin wallets by #CraigRaw #shorts

Show Notes

BIP 329 sets a new standard that will make it easy for #bitcoin wallets to allow users to back up various types of wallet labels and import them into other compatible wallets. The export and import of funds across different #btc wallet applications is well defined through standards such as BIP39, BIP32, BIP44 etc. These standards are well supported and allow users to move easily between different wallets. There is, however, no defined standard to transfer any labels the user may have applied to the #transactions, addresses, public keys, inputs, outputs or #xpubs in their wallet. The #utxo model that Bitcoin uses makes these labels particularly valuable as they may indicate the source of funds, whether received externally or as a result of change from a prior transaction. In both cases, care must be taken when spending to avoid undesirable leaks of private information