encrypting/decrypting password stored in config file

Question

I have a simple Bash script automating tasks which require password-based authentication. Currently I store the credentials in plain text:

$ cat ~/.myconfig
username=foo
password=bar

Obviously that's bad - so I wonder whether there's a simple way to encrypt/decrypt the password using my public/private key pair. Using Yet Another Password for the encryption wouldn't gain much, so I want it to happen pretty much automatically.

I've done some research (around here and elsewhere), but am way out of my depth on this one...

Answer 1

If you simply want to hide the password then store its SHA1 hash. The compare the hash of the entered password with your stored hash.

Answer 2

To automate your task means providing the password; it won't make a difference is you encrypt/obfuscate the password, you'll need to provide the decrypting too.
The only way around this dilemma is an agent-like program, as for example ssh-agent, which stores your passwords for you.

(edit: corrected link)