HOW are bitcoins stored? - page 4. | Bitcointalksearch.org

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legendary

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Quote from: BitNerd on December 13, 2014, 05:54:40 PM

Excuse me, I´m new to bitcoin. I have tried to read many explanations for beginners for the last days, but there are some basic things that I still can´t understand, although I consider them essential to know before I buy my first BTC.

I read all the time about storing BTC in wallets (software, hardware and paper wallets) and I can´t understand what is meant by that. First of all, how can a virtual "thing" be stored? I can see how physical coins, gold, etc. could be stored in a box or safe, but how can a virtual coin be stored in a software, hardware, and even... a piece of paper? I still can´t grasp the logic of it. For example, if it´s just a computer file, then why can´t it be copy-pasted and turned into many files?

The reason for my question is specifically that I´ve read about many cases of stolen bitcoins, and I want to understand what makes it possible or impossible for a bitcoin to be stolen? How Can I buy a BTC and transfer it directly to a piece of paper (supposing I understand how that´s done) with zero chance of it being stolen?

Thank you very much for the help.

Basically the blockchain is your friend. Instead of trying to read up about bitcoin focus first on the blockchain. Everything else will fall in place. Good luck.

turvarya

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Quote from: TKeenan on December 13, 2014, 06:12:09 PM

Quote from: BitNerd on December 13, 2014, 05:54:40 PM

Excuse me, I´m new to bitcoin. I have tried to read many explanations for beginners for the last days, but there are some basic things that I still can´t understand, although I consider them essential to know before I buy my first BTC.

I read all the time about storing BTC in wallets (software, hardware and paper wallets) and I can´t understand what is meant by that. First of all, how can a virtual "thing" be stored? I can see how physical coins, gold, etc. could be stored in a box or safe, but how can a virtual coin be stored in a software, hardware, and even... a piece of paper? I still can´t grasp the logic of it. For example, if it´s just a computer file, then why can´t it be copy-pasted and turned into many files?

The reason for my question is specifically that I´ve read about many cases of stolen bitcoins, and I want to understand what makes it possible or impossible for a bitcoin to be stolen? How Can I buy a BTC and transfer it directly to a piece of paper (supposing I understand how that´s done) with zero chance of it being stolen?

Thank you very much for the help.

Sorry, the Bitcoin system isn't a good place for morons to store their wealth quite yet. Wait about 5 more years and it will be far better for use by idiots. Presently, it requires some understanding of concepts which are somewhat abstract and complex.

Probably the first thing you should know is there aren't any bitcoins and as such you can't store them anywhere. They are merely an abstraction. What is really funny is, there aren't really any bitcoin even in the abstraction! There is merely a long list (ledger) of entries which basically say: "Fred mined 2 bitcoins and sold them to Sally who gave 2 bitcoins to Jim, then jim gave 1 to mike, .5 to sam and .5 to himself". The ledger doesn't really note anything like the serial number of some 'bitcoin' - rather it just marks in an indelible manner the ownership as they (bitcoins) moved from one owner to another. So you can't just 'copy' a bitcoin with cut and paste.

Get it?

I don't know, what is wrong with people like you.
Yes, even an idiot can use Bitcoin. You can teach everybody to make a paper wallet or use something like Trezor to store your private key safely.
Not everybody who uses Bitcoin is a computer scientist.

linuxnewbie

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I use electrum (electrum.org). My private keys are derivable from 12 words. If you can safely store 12 words--which means not only not losing them, but also keep them from prying eyes--you can store BTC. Electrum can turn the 12 words into your wallet file, which contains many addresses, and allow spending from them.

You can copy wallet files endlessly, but you can only spend a satoshi (one hundred millionth of a BTC) once.

turvarya

hero member

Activity: 714

Merit: 500

Short version:
Bitcoin are not stored on your PC only, they are stored in the blockchain, a file everybody has, who uses a Bitcoin-client, but you are the only one, who has the private key, which is basically a (super long, super safe) password, that is impossible to hack, even with all the super computers in the world. You need your password to access your Bitcoins. So, you can copy your private key, but not the Bitcoin. When your private key gets stolen, the thief can move your Bitcoin.

The long version involves learning about cryptography. You can look up, why cryptography is safe, to understand why your Bitcoin are safe.

biodieselchris

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CoinQuacker

Quote from: BitNerd on December 13, 2014, 05:54:40 PM

Excuse me, I´m new to bitcoin. I have tried to read many explanations for beginners for the last days, but there are some basic things that I still can´t understand, although I consider them essential to know before I buy my first BTC.

I read all the time about storing BTC in wallets (software, hardware and paper wallets) and I can´t understand what is meant by that. First of all, how can a virtual "thing" be stored? I can see how physical coins, gold, etc. could be stored in a box or safe, but how can a virtual coin be stored in a software, hardware, and even... a piece of paper? I still can´t grasp the logic of it. For example, if it´s just a computer file, then why can´t it be copy-pasted and turned into many files?

The reason for my question is specifically that I´ve read about many cases of stolen bitcoins, and I want to understand what makes it possible or impossible for a bitcoin to be stolen? How Can I buy a BTC and transfer it directly to a piece of paper (supposing I understand how that´s done) with zero chance of it being stolen?

Thank you very much for the help.

"The coins themselves are not discrete things which need storage." This explanation is good. If you copied your wallet file you'd simply have a duplicate copy of a file that accesses the same information on the blockchain, not duplicate coins.

TKeenan

hero member

Activity: 874

Merit: 1000

Quote from: BitNerd on December 13, 2014, 05:54:40 PM

Excuse me, I´m new to bitcoin. I have tried to read many explanations for beginners for the last days, but there are some basic things that I still can´t understand, although I consider them essential to know before I buy my first BTC.

I read all the time about storing BTC in wallets (software, hardware and paper wallets) and I can´t understand what is meant by that. First of all, how can a virtual "thing" be stored? I can see how physical coins, gold, etc. could be stored in a box or safe, but how can a virtual coin be stored in a software, hardware, and even... a piece of paper? I still can´t grasp the logic of it. For example, if it´s just a computer file, then why can´t it be copy-pasted and turned into many files?

The reason for my question is specifically that I´ve read about many cases of stolen bitcoins, and I want to understand what makes it possible or impossible for a bitcoin to be stolen? How Can I buy a BTC and transfer it directly to a piece of paper (supposing I understand how that´s done) with zero chance of it being stolen?

Thank you very much for the help.

Sorry, the Bitcoin system isn't a good place for morons to store their wealth quite yet. Wait about 5 more years and it will be far better for use by idiots. Presently, it requires some understanding of concepts which are somewhat abstract and complex.

Probably the first thing you should know is there aren't any bitcoins and as such you can't store them anywhere. They are merely an abstraction. What is really funny is, there aren't really any bitcoin even in the abstraction! There is merely a long list (ledger) of entries which basically say: "Fred mined 2 bitcoins and sold them to Sally who gave 2 bitcoins to Jim, then jim gave 1 to mike, .5 to sam and .5 to himself". The ledger doesn't really note anything like the serial number of some 'bitcoin' - rather it just marks in an indelible manner the ownership as they (bitcoins) moved from one owner to another. So you can't just 'copy' a bitcoin with cut and paste.

Get it?

BitNerd

full member

Activity: 131

Merit: 100

Excuse me, I´m new to bitcoin. I have tried to read many explanations for beginners for the last days, but there are some basic things that I still can´t understand, although I consider them essential to know before I buy my first BTC.

I read all the time about storing BTC in wallets (software, hardware and paper wallets) and I can´t understand what is meant by that. First of all, how can a virtual "thing" be stored? I can see how physical coins, gold, etc. could be stored in a box or safe, but how can a virtual coin be stored in a software, hardware, and even... a piece of paper? I still can´t grasp the logic of it. For example, if it´s just a computer file, then why can´t it be copy-pasted and turned into many files?

The reason for my question is specifically that I´ve read about many cases of stolen bitcoins, and I want to understand what makes it possible or impossible for a bitcoin to be stolen? How Can I buy a BTC and transfer it directly to a piece of paper (supposing I understand how that´s done) with zero chance of it being stolen?

Thank you very much for the help.

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