Topic: Question About Wallet (Read 534 times)

#1 and #2: I don't think there are commonly accepted definitions for "online" vs. "offline" wallets. Some people use "online" vs. "offline" to mean connected vs. not connected to the internet. Some people use "online" vs. "offline" to mean run by a website vs. run locally. Others "online" vs. "offline" to distinguish between who holds the private keys.

Connected vs. not connected

Online: all websites, bitcoin-qt, multibit, electrum, armory (online), blockchain.info, hot wallets
Offline: paper wallets and other "cold storage", armory (offline)

Website vs. local

Online: all exchanges, blockchain.info, coinbase, inputs.io, etc.
Offline: bitcoin-qt, multibit, electrum, armory, etc.

Their wallet vs. my wallet

Online: all exchanges, coinbase, inputs.io, etc.
Offline: bitcoin-qt, multibit, electrum, armory, blockchain.info, etc.


#3: You can send bitcoins to any address. It doesn't matter what wallet it resides in. It doesn't even have to be in a wallet.

#4: A wallet contains one or more addresses (it actually contains the private keys for those addresses). It does not contain any bitcoins. Different wallets may work slightly differently but this is their basic function.

#5: The safest way to store bitcoins is in a paper wallet, or some other form of cold storage that is never connected to the internet and whose private key has never been on a device that will ever connect to the internet. Backups of the wallet increase the safety from loss.

Hi, my first post.

Regarding wallets and addresses, I want to ask:

1) they recommend creating a new address for each time you receive a payment. Does this also apply to the sending address, I mean, should I use a new different address each time I send btc from one wallet to the other?

2) After several days studying and practicing, still trying to wrap my mind around the concept of a wallet and security. A wallet contains a collection of addresses, which can be increased infinitely, ok got that. Now, regarding passwords:
- Each address can have a password assigned to it?
- Each wallet can have a password assigned to it ? Pretty sure it's yes.
- What is the master public key? Is it a unique identifier for each wallet? If so, does that mean that another way in which I could reconstruct from scratch a wallet is if only I had that master public key (like written on a piece of paper to remember for example) ?

Appreciate any comments, thanks.

desktop wallet is safest. truly offline -- no internet connection -- is safest. with good encryption

Thank you for all the answers. Your answers really help me a lot.

1. Yes, it's an online wallet.
2. No, offline is cold storage such as paper wallets or if you keep your wallet.dat file on a usb etc
3. Yes, you can send BTC from your blockchain to your computer wallet.
4. Wallets can have multiple addresses. Just create a new one.
5. The safety depends on how safe you are. You can lose both your accounts to key loggers if they get your passwords. On blockchain.info you can set up 2 factor authentication which adds an extra layer of security. Make sure to encrypt your wallet and make several back ups.

Spend some time reading up on the different ways you can safely store your money before diving straight in. Better to be safe than sorry.

Hope that helps.

1. yes
2. no, it is called Bitcoin client
3. yes
4. yes
5. bitcoin-qt client is safer I would say

I'm not quite sure about the answer for 1-2 myself, so I will be watching this thread for someone else to answer it. ^^

Anyway:
3. Yes, press "Send Money" at blockchain.info and paste one of the addresses from your Bitcoin-Qt.
4. Yes, a wallet can have unlimited addresses. It is recommended to use many different addresses since otherwise you can't really track where your money comes from. Also, it could potentially make you more anonymous.
5. Provided you have good security on your computer, I'd say your bitcoin software is safer. Although, it still won't be the safest method. The safest method would be to use "Paper wallets" where you print the wallet information, and then store the paper somewhere safe, for example at a bank or in a safe.

1. I have a wallet on blockchain.info, i think it is the wallet called "online wallet"?
2. I have installed "bitcoin-qt" software, i think it is the wallet called "offline wallet"?
3. Can i send BTC from my blockchain.info wallet to my "bitcoin-qt"?
4. Does 1 wallet can have multiple addresses? (on bitcoin wallet software i can create some addresses).
5. which one is the safest way to store BTC : blockchain.info / my bitcoin software?

Thank you.