Topic: Private and Public keys questions (Read 723 times)
i also thank for the link above. this is best explain i find of all places!
For help with the first question, you should review the Wikipedia article on public-key cryptography. The relationship between private and public keys is 1:1.
You should keep a backup of your wallet that is kept up to date as you make transactions.
You should keep a backup of your wallet that is kept up to date as you make transactions.
Thanks, that was a helpful link. I understood that there was a public-private relationship but never explicitly read that it was a 1:1 relationship.
If it is 1:1 then every time a transaction is made a new private key is generated and I have to back up my wallet.dat file!?
Your wallet.dat file has 100 keys. Back it up every 100 transactions.Quote
2) I plan on buying bitcoins on MtGox and sending them to ONE specific public address on my local wallet on multiple occasions.
I assume that I can always send those coins to the same public address which in turn would be associated with one private key. Is this
correct or does each transaction require a different public address?
For privacy, it's recommended that you don't re-use addresses. That doesn't mean you can't re-use them, though. You can use the same address as much as you want.I assume that I can always send those coins to the same public address which in turn would be associated with one private key. Is this
correct or does each transaction require a different public address?
Quote
3) Is there a maximum number of bitcoins that can be transacted at any one time?
No, but there is a maximum number of bitcoins that can ever exist: 21 Million. 
For help with the first question, you should review the Wikipedia article on public-key cryptography. The relationship between private and public keys is 1:1.
You should keep a backup of your wallet that is kept up to date as you make transactions.
You should keep a backup of your wallet that is kept up to date as you make transactions.
1) Does every public key have a unique private key?
Is the relationship of public to private keys 1:1 or many:1?
If it is 1:1 then every time a transaction is made a new private key is generated and I have to back up my wallet.dat file!?
2) I plan on buying bitcoins on MtGox and sending them to ONE specific public address on my local wallet on multiple occasions.
I assume that I can always send those coins to the same public address which in turn would be associated with one private key. Is this
correct or does each transaction require a different public address?
3) Is there a maximum number of bitcoins that can be transacted at any one time?
Thanks in advance for everyone's help with these likely redundant questions.
Is the relationship of public to private keys 1:1 or many:1?
If it is 1:1 then every time a transaction is made a new private key is generated and I have to back up my wallet.dat file!?
2) I plan on buying bitcoins on MtGox and sending them to ONE specific public address on my local wallet on multiple occasions.
I assume that I can always send those coins to the same public address which in turn would be associated with one private key. Is this
correct or does each transaction require a different public address?
3) Is there a maximum number of bitcoins that can be transacted at any one time?
Thanks in advance for everyone's help with these likely redundant questions.
Jump to: