The import/export options are just ways of the software switching wallets/private keys. Most output to some standard format that can be re-consumed by other software, but in theory, you only need a private key to "own" the wallet. But that also means you can get a private key, print it (and a public receiving address) off on paper and store it in a physically secure location which would also be offline and impervious to computer hacks/attacks. Since you know a public address for this, you can send it money at any time, even if it's not "online".
You in effect have an anonymous, secure bank account that no one exerts any influence over--not even government organizations.
Topic: public/private key (Read 598 times)
Yeah, it does. I was thinking that the key concept was somehow specific to wallets, but it's encryption. The basic principles of encryption and how it works. I have also been learning about pgp gpg, and came across a cool graphic explanation of this basic.
But, yeah, thanx
Oh yeah, so what is this import/export key option? Does this mean I can export the keys from my wallet to a separate location--for security-- and export keys directly to another, which would...what? Avoid a sweep transaction? I'm not sure I understand that one either!
But, yeah, thanx
Oh yeah, so what is this import/export key option? Does this mean I can export the keys from my wallet to a separate location--for security-- and export keys directly to another, which would...what? Avoid a sweep transaction? I'm not sure I understand that one either!
You might be getting hung up on all the terminology. Maybe this will help:
Does that help make things more clear?
- Your wallet is your private key. It's "randomly" generated, so if someone knows your private key, they have your wallet and all the money in it. Protect your private key.
- You can protect your private key/wallet by encrypting it with a password. Changing the password is like changing a lock. The wallet/private key doesn't change simply because you change the lock occasionally.
- Your addresses are your public keys. You derive a public key from a private key, but can't the other way around. Addresses can be used to send money to, but never from. Addresses/public keys can be generated forever, so feel free to use them once and create new ones.
- Always backup your wallet, because backups are only valid for a limited bunch of new addresses/public keys generated. If you have to restore a backup that is too old, it might not work anymore.
Does that help make things more clear?
Okay, I'm using the blockchain my wallet. Again, Im a total noob, this is my 6th day of btc knowledge. So, my public key is my wallet address and my private key is...
I read that the private key is generated based on the address through some formula. Right? So, is the private key just built into each account in my wallet? My password gets into my wallet, then all my keys are in there? I probably should have read more, but my eyes are starting to blur.
Then, if you import/export a key, is that just your password to another wallet giving you access to all the accounts, or individual keys?
You can set up multiple addresses/accounts in a wallet, right?
Another thought; most of the wallets don't have very detailed info on how everything works. You have to read multiple wikis and blogs. Kind of burdensome.
I read that the private key is generated based on the address through some formula. Right? So, is the private key just built into each account in my wallet? My password gets into my wallet, then all my keys are in there? I probably should have read more, but my eyes are starting to blur.
Then, if you import/export a key, is that just your password to another wallet giving you access to all the accounts, or individual keys?
You can set up multiple addresses/accounts in a wallet, right?
Another thought; most of the wallets don't have very detailed info on how everything works. You have to read multiple wikis and blogs. Kind of burdensome.
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