Do you own your private keys with Desktop Wallets?

Giles Goodman

newbie

Activity: 84

Merit: 0

Aehm… of course you do!

You should immediately back up your private key in a couple of places at least.
Only back it up into your email account in an encrypted file with a good password, just in case that email service gets hacked, or somebody accesses your email on your computer.
Same goes if you use some cloud mining service like Dropbox.
You can also save it on a USB memory stick and put it somewhere safe, like a bank.

Oh and don’t forget that password Wink

Peter Bailey

newbie

Activity: 25

Merit: 0

If you do not solely control the private key you do not own the bitcoin. This has been an adage in Bitcoin since the beginning. Unfortunately, in the case of online wallets, services, exchanges, or any other service, you do not solely control the private key and you can’t protect it in any way. In order for the service to work they need to be able to move the bitcoin around. You deposit it to them and they control it on your behalf. If you are concerned about security move your bitcoin to a wallet you control, either desktop, mobile, hardware, or paper.

bjmpoker001

member

Activity: 406

Merit: 10

Quote from: elektra on June 11, 2017, 03:58:45 PM

From what I have heard Desktop Wallets are supposed to be good because "you are in control of your own keys". But I have never seen a private key when I have downloaded a desktop wallet. Sometimes you get to make a seed, which I think is the same thing (?) , but often you only get to backup a file. Is that file your private key then?

Nowadays having bitcoin desktop wallet is not preferable because you need to download the blockchain database since 2009.
But desktop wallet is the safest wallet i think, because you have your wallet only in your own control.

Johnzky

member

Activity: 616

Merit: 30

Quote from: elektra on June 11, 2017, 03:58:45 PM

From what I have heard Desktop Wallets are supposed to be good because "you are in control of your own keys". But I have never seen a private key when I have downloaded a desktop wallet. Sometimes you get to make a seed, which I think is the same thing (?) , but often you only get to backup a file. Is that file your private key then?

Thats it,all you have to do is save this to be your back up file key..but better to make it in writings too as what some of my friends do(but im not since theres other people living in my house and this is open for others thats why kinda hard to trust in physical saving)but if youre living in private place then his is applicable for you then

AimHigh

full member

Activity: 554

Merit: 100

If you downloaded a desktop wallet or offline make it sure that have a private keys or security because if you don't have that don't store your coin because i make sure that they also get your coins and that is not your already so that find a keys to protect your coins. I suggest try also ah hardware wallet just look like flashdrive because my friend have this to secure his coins from the hackers.

Quinni

member

Activity: 129

Merit: 10

I have several of these encrypted wallets, mist wallets and electrum wallets, both of which have corresponding private keys, although they are not very secure, but they are very convenient.

Odlanyer

member

Activity: 350

Merit: 10

Yes, you do own the private keys which is a key difference between Desktop Wallets because if you own your private keys your coins not called yours, you always remember your wallet keys because if you forget your wallets you don't get your accounts you will have no access to the coins and nobody will be able to help you in recovering them.

gesdan

full member

Activity: 616

Merit: 100

every wallet has their own security code, in blockchain.info we can see that identifier and the password very important, but we can see in another wallet private key is very important because if we forgot the private key its mean that we can' access our wallet forever. so it's depends on you what will you use for that

fokinflor

jr. member

Activity: 116

Merit: 3

yes it is, whenever you backup your desktop wallet. Your private key will be included along with that wallet.dat file. Always ensure you know the passphrase of the wallet.dat because if you forget the passphrase, you will have no access to the coins and nobody will be able to help you in recovering them.

muhammedayo1

member

Activity: 151

Merit: 10

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Some desktop wallet have a way you can get your private key, check for instructions and do that because it's the safest way.

Thus, every desktop wallet have a backup, all you need to do is to backup the " .dat " file and you'll be good.

DOGE12321

sr. member

Activity: 378

Merit: 250

Yes, the backup file has your private key encrypted with a password. The fact that you own these private keys means that you fully own these coins. On the other hand, websites like Coinbase and CoinJar, don't let you control your own keys. Your Bitcoin is basically part of their funds. In this way, it is similar to a bank.

Moreover, the seed is not your private key. The seed is used to create your private keys. It can be used as a backup for your wallet too. Let's say you can't access your wallet; using you seed you can reach your wallet again.

haroldtee

sr. member

Activity: 644

Merit: 299

Quote from: elektra on June 11, 2017, 03:58:45 PM

From what I have heard Desktop Wallets are supposed to be good because "you are in control of your own keys". But I have never seen a private key when I have downloaded a desktop wallet. Sometimes you get to make a seed, which I think is the same thing (?) , but often you only get to backup a file. Is that file your private key then?

Most desktop wallets give you access to your private key as far as I know but don't show it to you unless you decide to do an export of your private key yourself probably for security reasons as they are not to be toyed with. Getting into the hands of a wrong person can render your account being taken away from you. For example, using exodus wallet, you can export your private key by entering the developer mode which is quick and easy but you will never be able to view it unless you do that.

Hutalar

sr. member

Activity: 420

Merit: 250

As we know few coins supporting a hardware wallet.Because one of famous are supporting while other is not even don't take interest.If having meaningful amount of cash use a hardware wallets to secure the seed and it is not on that much price where other wallets are.

hajimasan

hero member

Activity: 882

Merit: 500

Quote from: elektra on June 11, 2017, 03:58:45 PM

From what I have heard Desktop Wallets are supposed to be good because "you are in control of your own keys". But I have never seen a private key when I have downloaded a desktop wallet. Sometimes you get to make a seed, which I think is the same thing (?) , but often you only get to backup a file. Is that file your private key then?

No , that is backup of the data of your wallet of history transaction and that confirms that you are the owner of your wallet and in that case if you will lost something and that data will help you to recover your account easily .
Here private key is a different concept of the ownership .
Since I didn't tried any Bitcoin core like wallet but I used price key in blockchain and mysellium wallet to import and export address .
The private key has about 32 (I am not sure but may be 64 :/ )character .
if you own the private key then you have that wallet and can easily handle in any private key supporting wallet .
procedure to find the private key in blockchain is to go in the settings and go address and then in import and export keys and then if you want export the private key then click at that address in export and if you want import any key then press to import and then paste your private key .
This is really a cool technique to handle your money safely outside the blockchain wallet .

talkbitcoin

legendary

Activity: 1372

Merit: 1032

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Quote from: elektra on June 25, 2017, 03:30:10 AM

Quote from: satoshforever on June 22, 2017, 05:39:32 AM

If you have a meaningful amount of cash, use a hardware wallet and secure the seed. Not expensive and so much safer. And you're in control

Very few coins support a hardware wallet.

that is because very few people are planning on keeping any altcoins for long. and even fewer of them are planning to withdraw them from their exchanges!
you can still make a paper wallet from many altcoins though. there are open source projects like bitaddress.org which work with multiple altcoins.

elektra

full member

Activity: 140

Merit: 100

Quote from: satoshforever on June 22, 2017, 05:39:32 AM

If you have a meaningful amount of cash, use a hardware wallet and secure the seed. Not expensive and so much safer. And you're in control

Very few coins support a hardware wallet.

satoshforever

member

Activity: 84

Merit: 10

If you have a meaningful amount of cash, use a hardware wallet and secure the seed. Not expensive and so much safer. And you're in control

elektra

full member

Activity: 140

Merit: 100

But how do I get my private key on a wallet that does not show it? Often I can only backup a .bat file. Can I somehow extract my private key from that if I would ever need to? And if so, do I need to know something more, like my public key etc?

Also if I encrypt the wallet with a password, will I need this password also if I need to extract the private keys in the future?

susila_bai

hero member

Activity: 1260

Merit: 524

Quote from: elektra on June 11, 2017, 03:58:45 PM

From what I have heard Desktop Wallets are supposed to be good because "you are in control of your own keys". But I have never seen a private key when I have downloaded a desktop wallet. Sometimes you get to make a seed, which I think is the same thing (?) , but often you only get to backup a file. Is that file your private key then?

I am using electrum desktop wallet and private key are not seen in address bar, you have to get the private key from the menu for the particular address from the main column. And this is the benefit of desktop wallet that you are in control of your wallet and you can show any where the proof of your are the owner through this private key.

johnwest

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Quote from: Qartada on June 12, 2017, 10:24:25 AM

Quote from: elektra on June 11, 2017, 03:58:45 PM

Sometimes you get to make a seed, which I think is the same thing (?)

The seed isn't your private keys. Your seed is used to generate your private keys (in what's called a deterministic wallet), and the point is for it to be backed up easily (you just right down your seed and store it somewhere safe like a bank safety deposit box, in case you lose access to your wallet).

Quote from: elektra

, but often you only get to backup a file. Is that file your private key then?

Your private key is a 128-512 bit number, typically 256. It can be represented in several ways.

Seed and private keys are different. Private keys will be in a particular format and will be in hexadecimal but the seed is combination of words which is encrypted. By backing up and producing the seed you can have that wallet and its contents.
Try making a wallet in www.myetherwallet.com, you will see the difference.

Topic: Do you own your private keys with Desktop Wallets? (Read 1941 times)