Pay-to-Public-Key (P2PK)

Pay-to-Public-Key (P2PK) is an early method used in Bitcoin to secure coins to a specific public key. With P2PK, bitcoin is “locked” so only the person with the matching private key can unlock and spend it. Imagine the public key as a locked mailbox: anyone can deposit coins by sending to the box’s address, but only the holder of the private key can retrieve them.

In a P2PK transaction, the sender includes the recipient’s public key in the transaction script. To spend those coins later, the recipient needs to provide a cryptographic signature using their private key. This mechanism ensures only the rightful owner can access the funds.

Each Bitcoin output has a defining script that sets the conditions for spending. P2PK is one such script type, but it’s largely considered outdated. Today, Pay-to-Public-Key-Hash (P2PKH) scripts are preferred because they offer better security and are more convenient to use.