Bitcoin Privacy Takes a Leap Forward: Cake Wallet Introduces Payjoin v2

Key Features in This Release:

• Payjoin v2 Implementation: Improved privacy technology for Bitcoin transactions
• Wallet Group Improvements: Enhanced management of multiple wallets
• Various Bug Fixes: Improving overall stability and user experience

What is Payjoin v2 and Why Does It Matter?

Bitcoin's design creates a paradox–it's open and permissionless by nature, but without proper privacy measures, this openness transforms it into a powerful surveillance tool. As payjoin.org describes it:

In a basic bitcoin transaction, a sender spends some bitcoin to a new transaction output paying someone and makes change from their funds at the same time. A third party looking at the transaction on chain could assume all input to a transaction must have come from that sender.

This pattern makes transaction tracking relatively straightforward. To combat this, Payjoin allows both the sender and recipient in a transaction to work together to build the transaction. This transaction looks the same as if a sender spent multiple inputs to a receiver and made change. To put it simply: It's more difficult to see how much each person is paid, and it breaks the assumption that the sender owns all the inputs in a transaction.

The v2 protocol introduces two improvements:

1. Asynchronous Transactions: Sender and receiver no longer need to be online simultaneously to complete a private transaction
2. Serverless Communication: Neither party needs to run a Payjoin server, removing a major technical barrier

To get started with Payjoin in Cake Wallet:

1. Open the app menu sidebar and click Privacy.
2. Toggle the Use Payjoin option.
3. Now on your receive screen you'll see an option to copy a Payjoin URL

Part of Our Comprehensive Privacy Approach

This update builds on our recent privacy innovations. Cake Wallet became the first mobile wallets to support Bitcoin Silent Payments, which allows users to receive Bitcoin without revealing a reusable address. The combination of Silent Payments and Payjoin v2 positions Cake Wallet as the most comprehensive Bitcoin Privacy solution in the mobile wallet space.

Privacy isn't just for those with something to hide – it's a fundamental requirement for sound money. Without privacy:

• Merchants can see customers' entire financial histories
• Competitors can monitor business transactions
• Personal financial details become exposed to the world

It's for these reasons we've been a pioneer in the Monero ecosystem since 2018, being the first major cross-platform Monero wallet and continuing to lead Monero innovation. Similarly, we were early adopters of Litecoin's MWEB technology, which brings confidential transactions to the Litecoin network. We have more things planned, so stay tuned!

Experience the Future of Bitcoin Privacy Today

Download the latest update today from your app store and explore all the new features and improvements! Enjoy the new update and please leave your feedback on our forum! Share this blog on socials and tag us for some love back.