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What is Bitcoin Improvement Proposal (BIP) 38?

Crypto Terms Glossary: What is Bitcoin Improvement Proposal (BIP) 38?

Bitcoin Improvement Proposal (BIP) 38 enabled wallet holders to encrypt Bitcoin private keys with a password to offer an extra layer of protection. An encrypted private key requires that a user hold both the private key and the password in order to access wallet funds. This makes private key management a critically important step, where BIP 38 is commonly used for paper wallets and other analog devices for security purposes.

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