Learnt that Bitcoin Wallets are used for storing keys not Bitcoin

Ucy

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Quote from: Emoclaw on August 19, 2017, 07:04:44 AM

Or maybe you could say that the 'wallet' is actually the private keys , and you use wallets to open it (as another metaphor).
In which website did you find that? Maybe you should link it here for other people who are confused as well.

On a side note, you should always use offline wallets so that the wallet providers can't "go out of biz".

Interesting..

Here is the site: http://jrruethe.github.io/blog/2015/04/26/bitcoin-analogy/

TheBTCAlex

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Yes, the all the BTC is out there, in the virtual space, open into the public. Wallets store private keys to control transfer the amount of BTC you have access to.

Emoclaw

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Or maybe you could say that the 'wallet' is actually the private keys , and you use wallets to open it (as another metaphor).
In which website did you find that? Maybe you should link it here for other people who are confused as well.

On a side note, you should always use offline wallets so that the wallet providers can't "go out of biz".

Ucy

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Activity: 2730

Merit: 403

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One of the most confusing things for me about Bitcoin is the use of the name Wallet. I never knew Bitcoin Private keys can be used on different wallets. Bitcoin users are usually advised to backup their private keys & store in safe places so it can be use on any other wallet if their normal wallet providers go out of biz. I usually wonder why private keys work on any wallet because I assumed that Bitcoin wallets work like our usual physical wallets used for storing paper currencies. Though I later knew my keys can be used on any Wallet but never understood it fully until today. I know many newbies will find things confusing like me hence the need to make it understandable for them...

I was going through a website when I found a Metaphor that changed my understanding of Bitcoin Wallet.. the site compared Wallets to physical Keychains ( "Bitcoin Wallets are like Keychains", according to the site ) used for holding keys to your home.. .
Thank to this website, am now seriously considering backing up all my Cryptocurrency private keys because I understand the idea fully now.

Topic: Learnt that Bitcoin Wallets are used for storing keys not Bitcoin (Read 187 times)