Topic: I don&#039;t understand.. (Read 693 times)

Quote from: dexycoin on June 16, 2017, 02:47:16 PM

People often say exchange are risky because one does not have access to his private keys and other secrets stuff.
My Question is why are this keys safe? What if the wallet I have my Bitcoin in dissappears or goes out of business what will I do with the keys??

when you lose your password or when you format your pc. you can access your wallet wıth you prıvate key. ım doıng ıt rıght now wıth nav coın wallet

ı formatted my pc.

also ıf exchange sıte says we closed. you can say bye bye to your coıns. and they are doıng thıs. they say we hacked say bye bye to your coıns. or they just close the sıte. same shıt.you should keep mınımum coıns ın sıtes.

In addition you must have have a backup of your private key and save them in a safest place so that if something bad happened with your wallet or your pc you still have access to your coins and don't forget to encrypt them, saving them without encrypting it's kind of like giving someone access to your coins. Well i think it's very clear the reason why do people not use exchanger for storing their bitcoin.

espante

member

Activity: 98

Merit: 10

Quote from: espante on June 16, 2017, 02:34:03 PM

Quote from: dexycoin on June 16, 2017, 02:30:52 PM

Quote from: espante on June 16, 2017, 02:34:03 PM

Your private keys work on any wallet.

The real risk with using your own wallet is if you aren't very secure with your computer. I think for a newbie or technically incompetent person an exchange is the safer option but if you know what you are doing its always best to store your private keys on your own device.

Meaning that I can use my Blockchain keys on Electrum Wallet? Huh

?

Yes you can. That and any other wallet. You just need to find the option to show you the private key or give you a key file. I think blockchain has the option to give you the actual private key string.

So If hackers get my private keys my Bitcoin can be looted from any Bitcoin Wallet?

Correct the raw private key acts like both your username and password in one, while a private key file will usually be encrypted with a separate password to enter while accessing it.

dexycoin

newbie

Activity: 22

Merit: 0

Quote from: dexycoin on June 16, 2017, 02:30:52 PM

Quote from: Taki on June 16, 2017, 02:37:52 PM

Your private keys work on any wallet.

The real risk with using your own wallet is if you aren't very secure with your computer. I think for a newbie or technically incompetent person an exchange is the safer option but if you know what you are doing its always best to store your private keys on your own device.

Meaning that I can use my Blockchain keys on Electrum Wallet? Huh

?

Yes you can. That and any other wallet. You just need to find the option to show you the private key or give you a key file. I think blockchain has the option to give you the actual private key string.

So If hackers get my private keys my Bitcoin can be looted from any Bitcoin Wallet?

Unknown Enforcement

full member

Activity: 140

Merit: 100

Quote from: Wendigo on June 16, 2017, 02:14:43 PM

Quote from: Wendigo on June 16, 2017, 02:14:43 PM

I got confused the more... God

Thanks anyway

You have a house. You have a key to your house. Your key to your house is owned by the exchange. The exchange gives you the key so you can enter your house. If the exchange disappears your key will disappear with them and you can no longer enter your house.

BUT

Some wallets (mostly offline ones) let you have your own keys owned by you alone and you can use these keys to enter your house any time you want. You can import these keys into other wallets which will let you into your house (coins).

Now apply this example to your coins Wink

Great explanation. I wouldn't do it better. There is nothing to add or take from that. I even cleared up some moments to myself about which I wasn't sure!

Private keys are like your password to your address, you are the only one that can view it. you can read it more here https://github.com/OmniLayer/omniwallet/wiki/Exporting-a-private-key-from-Bitcoin-QT-Bitcoin-core-and-Importing-to-Omniwallet.org . When you want to import your private key you can read here how https://multibit.org/help/v0.5/help_importingPrivateKeys.html
Dont store all your coins in an exchange because 100% of all exchange can anytime disappear or hacked they said.

Taki

hero member

Activity: 1078

Merit: 514

I got confused the more... God

Thanks anyway

You have a house. You have a key to your house. Your key to your house is owned by the exchange. The exchange gives you the key so you can enter your house. If the exchange disappears your key will disappear with them and you can no longer enter your house.

BUT

Some wallets (mostly offline ones) let you have your own keys owned by you alone and you can use these keys to enter your house any time you want. You can import these keys into other wallets which will let you into your house (coins).

Now apply this example to your coins Wink

Great explanation. I wouldn't do it better. There is nothing to add or take from that. I even cleared up some moments to myself about which I wasn't sure!

dexycoin

newbie

Activity: 22

Merit: 0

Hmm interesting but weird

audaciousbeing

hero member

Activity: 1330

Merit: 569

Quote from: dexycoin on June 16, 2017, 02:30:52 PM

People often say exchange are risky because one does not have access to his private keys and other secrets stuff.
My Question is why are this keys safe? What if the wallet I have my Bitcoin in dissappears or goes out of business what will I do with the keys??

I guessed the reason for saying that your private key is important is because with your keys you are really sure you are in control although nobody knows what will happen if bitcoin disappears in which ilthe likelihood of that is slim. You don't want to compare that with a situation where the exchange site might just wake up and park up which makes the money gone forever despite the fact that bitcoin is still available in other people wallets.

espante

member

Activity: 98

Merit: 10

Your private keys work on any wallet.

The real risk with using your own wallet is if you aren't very secure with your computer. I think for a newbie or technically incompetent person an exchange is the safer option but if you know what you are doing its always best to store your private keys on your own device.

Meaning that I can use my Blockchain keys on Electrum Wallet? Huh

?

Yes you can. That and any other wallet. You just need to find the option to show you the private key or give you a key file. I think blockchain has the option to give you the actual private key string.

dexycoin

newbie

Activity: 22

Merit: 0

Your private keys work on any wallet.

The real risk with using your own wallet is if you aren't very secure with your computer. I think for a newbie or technically incompetent person an exchange is the safer option but if you know what you are doing its always best to store your private keys on your own device.

Meaning that I can use my Blockchain keys on Electrum Wallet? Huh

?

chaser15

legendary

Activity: 2688

Merit: 1065

Undeads.com - P2E Runner Game

Quote from: Wendigo on June 16, 2017, 02:14:43 PM

People often say exchange are risky because one does not have access to his private keys and other secrets stuff.
My Question is why are this keys safe? What if the wallet I have my Bitcoin in dissappears or goes out of business what will I do with the keys??

Exchanges doesn't have a feature of giving bitcoin private keys to their users, meaning all coins of all users that is stored in that exchanges are not totally controlled the user itself. Once this exchanges shut down, all bitcoins will be taken away. That's why storing coins to them is risky.

If your bitcoin was stored outside web exchanges and you hold your private keys, then you are in control of your coins to that address. Actually this is a basic bitcoin knowledge and by answers you received here I think you have some idea right now. You can read alot more via Google search.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

I got confused the more... God

Thanks anyway

Some wallets (mostly offline ones) let you have your own keys owned by you alone and you can use these keys to enter your house any time you want. You can import these keys into other wallets which will let you into your house (coins).

True. But an important point is that the exchange does not give you keys to your house periodically to let you enter - it comes over and puts the keys in the door themselves. This is the "key" difference here.

There's also a final scenario, which is that someone steals the keys to your house from you (hacks your computer or something, depending on how you secure your coins). Then they can take everything inside.

There are three problems with storing your keys/coins with an exchange:

1. If the exchange wants to throw away the keys, or keep them and access your house without your consent, or lie and pretend that your keys were stolen, they can. If the exchange are monitored by the police it's harder for them to do this, but still possible.

2. Exchanges are a much bigger target for theft than you are.

3. Bitcoin brings independence for money. There's not much difference storing your Bitcoin in an exchange to storing fiat in your bank.

AztecGoldHero

hero member

Activity: 1288

Merit: 645

People often say exchange are risky because one does not have access to his private keys and other secrets stuff.
My Question is why are this keys safe? What if the wallet I have my Bitcoin in dissappears or goes out of business what will I do with the keys??

when you lose your password or when you format your pc. you can access your wallet wıth you prıvate key. ım doıng ıt rıght now wıth nav coın wallet

ı formatted my pc.

also ıf exchange sıte says we closed. you can say bye bye to your coıns. and they are doıng thıs. they say we hacked say bye bye to your coıns. or they just close the sıte. same shıt.you should keep mınımum coıns ın sıtes.

Wendigo

legendary

Activity: 2604

Merit: 1036

I got confused the more... God

Thanks anyway

You have a house. You have a key to your house. Your key to your house is owned by the exchange. The exchange gives you the key so you can enter your house. If the exchange disappears your key will disappear with them and you can no longer enter your house.

BUT

Some wallets (mostly offline ones) let you have your own keys owned by you alone and you can use these keys to enter your house any time you want. You can import these keys into other wallets which will let you into your house (coins).

Now apply this example to your coins Wink

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

People often say exchange are risky because one does not have access to his private keys and other secrets stuff.
My Question is why are this keys safe? What if the wallet I have my Bitcoin in dissappears or goes out of business what will I do with the keys??

You are on the right track bro!

Exchanges (even trusted ones) have risks. When you do trades to buy bitcoin you should IMMEDIATELY transfer your bought coins to a wallet that you have exclusive control over. That means you and you alone have the private keys. If you leave them on the exchange you are just trusting a stranger with your money. As you mention, they could go out of business or get hacked.
In bitcoin there is only you and your money. The only security is the security YOU are doing. So make copies and hide your private keys. Trust no one.

FlightyPouch

sr. member

Activity: 1638

Merit: 300