Topic: The private key is the only thing i need to keep safe, correct? (Read 989 times)

No.

First of all, the private key is not actually a string of letters. Rather it is a large 256 bit integer represented as a string of numbers. Represented in decimal it would be ~78 digits long.

Secondly, there is no such object as a Bitcoin. Bitcoin actually uses transaction outputs. Outputs have a value associated with them; that value is the Bitcoin. The private key is what allows you to spend the value from the output. Of course, it is much more complicated than that.

The private key is like a password. It is used to "sign" any output transaction from the address.

So the private key (string of letters) is the bitcoin, and it can be in any denomination?

Thank for the information, I find out that many don't even know what is an online wallet and those that know don't even know how to safeguard it. I have just one wallet with many key, level of email and phone confirmation and I also check my wallet balance every time. People coin are being stoles because of the key that are not strong.

Yes you are Right Bro You Need to Just Keep Safe the Private Key from Others Because if anyone Know your Private key then he have Access to your Bitcoin address and the person can Steal your Bitcoins and Also I Suggest you to note down the Private key on a Paper and Keep it Somewhere Safe......

Change address is another address that you own.
Miner fee is something else entirely, although you control it and should be careful on how you set it.

Well i heart/read that someone "fucked something up" and sent once a huge ammount of BTC from paperwaller to a miner as a fee... This is probably what you are alluding to, correct?

Get it from here:
https://github.com/pointbiz/bitaddress.org


Yes.

You either need to do that, OR you need to understand the technical details of bitcoin transactions so you can safely choose which unspent outputs your transactions spend control where the change ends up.

Thank you all for reply.

2 questions:

1) https://www.bitaddress.org/  how to save it offline to disk, i mean in what format? *.html or some other format?

2) Is it still true, that i i want to withdrawl funds from my paper wallet i need to withdrawl it all at once? (and if i want to withdrawl only portion i still need to withdrawl it completely and create new (2nd) paper wallet?

I think if you install Electrum Desktop wallet then you just need to secure the passphrase to keep safe your wallet with all address. with the passphrase you can reinstall the old wallet anywhere and get access to all address to the wallet associated.

Create a BIP-38 encrypted paper wallet, then keep copies everywhere...

I recommend you go to https://www.bitaddress.org/ and create a BIP38-encrypted wallet - then you don't have to worry so much about hiding the wallet. Just don't forget your password!

This is what I am doing:

Creating and loading the wallet -

1) Save to my HD the bitaddress.org URL for generating BIP-38 encrypted paper wallets.
2) Create a LINUX LiveCD for booting from a flash drive for a fresh, offline OS.
3) Disconnect computer from the internet, boot into LiveCD, and generate my encrypted paper wallet via the bitaddress.ord URL (running standalone).
4) Save the wallet off as a PDF and also print multiple copies. Since it's encrypted, I can have a few copies and keep them multiple places and the PDF will also be available if the paper fades or is destroyed.
5) Reboot regular OS and head out to the exchange.
7) Send my bitcoin to the public key of my paper wallet, starting with a small amount and confirming it got there via blockchain.info.

Getting bitcoin back out of the wallet -

1) Using the block chain app on my android tablet, scan the encrypted private key of the paper wallet (I could also use the bitaddress.org code offline to decrypt it manually also).
2) The app will ask for the key I used to BIP-38 encrypt the private key - type in the password used to encrypt it and the wallet's bitcoin will be accessable.
3) Sweep the wallet into my blockchain online wallet.
4) Send any bitcoin that I don't want to keep online into a new paper wallet, created in the same way I created the first one (might not be necessary - see 3).

That depends on what you are trying to do, where you get that private key from, and how you use it.

In general, yes, all you need to do is maintain exclusive knowledge of the private key.  If you lose it then any bitcoins received with the associated address are lost forever. If someone else gains access to it then they will be able to take and spend any bitcoins received with the associated address.

Some wallets will generate multiple random addresses (and may not tell you about all of the addresses).  In this case, you need to be sure that you are securing ALL of the private keys for ALL of the addresses that the wallet generated.  Each address will have its own private key, and you'll need to be sure that the wallet hasn't generated and used any addresses that you're unaware of.

There are also "Deterministic" and "Hierarchical Deterministic" wallets, where an entire sequence of private keys can be generated from a single seed value.  In that case, you need to maintain exclusive knowledge of the seed value.  If you lose it then any bitcoins received with the associated wallet are lost forever. If someone else gains access to it then they will be able to take and spend any bitcoins received with the associated wallet.

Do not lose the word document or piece of paper. And keep it away from other people.

Correct.

"Newbie" here- a quick basic question-

Private key, that means the string of letters and numbers, like here on right for example:

http://pad1.whstatic.com/images/thumb/0/06/P1-%2C-s5.png/728px-P1-%2C-s5.png

Is essentialy the only thing i need to keep safe, correct?

And it really doesnt matter how i will do it:

I write the string to some word document, or just "remember it" (which of course i wont), or write it on a piece of paper, etc.

In its core, the string of letters and numbers is the only thing i need to "save", correct?