Is it technically possible to create and use dynamic private key - public key pair and use it with bitcoin?
I am not sure anything conceptually similar to this already exists. Yet, "dynamic" private - public key pair can be defined as ordinary key pair with 2FA capabilities. Both the keys regularly change per generated 2FA token.
Basically I hope the following,
- create dynamic private - public key pair, combining 2FA (like, google authenticator) and a passphrase
- this key pair can only be used for a short defined duration, or as long as 2FA token is valid
- receive funds
- chronologically old key pairs can be used to check / receive funds (or, not)
- In future, private key generated from passphrase and 2FA token can be used to spend the coins
BIP 38 is not anyway related to this.