Topic: Some dumb questions (Read 569 times)

The private keys are stored in the wallet. A wallet is basically something that holds your private keys (plus some other stuff). Most wallet programs have the ability to write your private keys to a file. You have to be careful, though. Once the private keys are stored unencrypted, they are available to anyone that gains access to your computer.

That depends on what wallet you are using.

I'd like to add another dumb question.

How do I find out what my private key is? I know my passphrase, but where do I find out what the private key is? Is it the same thing?

Yes.  I suggest localbitcoins.com


I doubt that your bank will sell you bitcoins, but you could use a wire transfer to get money from your bank to a bitcoin exchange such as BitStamp.


That's a very bad idea.


Well, first you have to actually get a bitcoin wallet.  Here are some to look into.  Learn a bit about the benefits and issues with each, then choose the one that best fist your needs:

• Paper Wallet
• Armory
• Bitcoin-Qt
• Electrum
• MultiBit
• blockchain.info/wallet

The wallet will provide you with a list of bitcoin addresses that can be used to transfer bitcoin value to control of the wallet.  A wallet can have one or more addresses.  Each address will also have a private key associated with it which is used to transfer the bitcoin value to some other address when you spend/use it.  Most wallets keep this private key hidden from you stored in a computer file.  It is important to understand how to properly create a backup of the wallet you are using so that the private keys aren't permanently lost in the event of a computer problem.  If the private keys are permanently lost, you permanently lose control of the bitcoins associated with the address.


The wallet will indicate to you how many bitcoins it has control of.  The address is what you give out to people/companies so they can transfer bitcoins to your wallet.  The hidden private key is what the wallet uses to transfer those bitcoins to other addresses when you use/spend them.


That depends on the wallet you choose to use.  In general:

You need to make sure that the private keys are not permanently lost. So be sure you understand how to properly create backups of the wallet, and remember to create those backups as frequently as needed.

You need to make sure that a thief doesn't gain access to the private keys. So be sure that you protect the wallet with a good password, and don't allow a virus or other malware to run on the computer that the wallet is installed on.  Also make sure that the computer can't be hacked into over the internet.

Bitcoin-qt is not necessarily the best wallet for you. Go to bitcoin.org and click on "Get Started with Bitcoin" and it will show you a variety of different wallets to select from.

If you are running bitcoin-qt, you encrypt it by clicking on "Settings" and then clicking on "Encrypt Wallet...". Be sure to back up your wallet before and after encrypting (by clicking on "File" and then on "Backup Wallet...").

Thanks. How do I encrypt it?
I found this blog too which might help me.
http://codinginmysleep.com/bitcoin-in-plain-english/

A wallet is a software or a piece of software on a website that allows you to spend/receive Bitcoins . If you want to get started download the original Bitcoin client here http://bitcoin.org/en/download. You keep your wallet safe by encrypting the wallet.dat file as it is not encrypted by default.

maybe there is a place where simple questions like mine are answered? If so I'd very much appreciate being directed there. I looked on Wikipedia but still didn't quite get it.
I can somehow buy bitcoins. Maybe with my bank or even paypal (though I understand there might be some issues with that).
Then, I get something in my "wallet" whatever that is. Some sort of code, or a string of characters?

Is that string of characters my "bitcoin" or my security? How do i keep my "wallet" safe?

Thanks for anyone who can help.