The relationship between private keys and BTC address/wallet

Lamigo

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Quote from: chek2fire on May 01, 2014, 02:35:25 PM

the private key is the password of our wallet.

Not quite the same.
The password is used to encrypt your wallet file, and the wallet file contains your private keys.

Quote from: chek2fire on May 01, 2014, 02:35:25 PM

If i lost my .dat file with the receiving addresses and my secret password can i get back my bitcoins or they are lost forever ?

If you have no backup of your wallet.dat and have no backup of your private keys, there is no way to get your bitcoin back.
Having the bitcoin addresses or the password you used to encrypt the wallet do not help at all.

chek2fire

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the private key is the password of our wallet. We create it and the best way to keep it is in our mind Tongue

. Can i ask something. If i lost my .dat file with the receiving addresses and my secret password can i get back my bitcoins or they are lost forever ?

odolvlobo

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Quote from: BillyBobJoe on May 01, 2014, 10:45:46 AM

I think we have it sorted out. Seems that the "spend" address is sometimes called "private key" or Vice versa.

Let's be absolutely clear here: a private key is not an address.

The private key is labeled "spend" on the wallet because it is necessary in order to send the bitcoins from its corresponding bitcoin address.

MegaHustlr

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Vote 4fryn :)

Quote from: BillyBobJoe on May 01, 2014, 10:45:46 AM

Quote from: Beef Supreme on May 01, 2014, 10:34:31 AM

There must be private keys, otherwise I don't know what the hell kind of paper wallet generator you just used.

Usually there is a QRcode with Load/Verify on the left, starting with a 1.

And there is another QRcode on the right, with Spend and it starts with a 5.

Here is the best way I found to do paper wallets...

1. Boot from ubuntu cd and select trial version. Using a paper wallet generator, generate and print paper wallets, OFFLINE. Make sure you have at least two copies of each paper wallet.
2. Go to Staples and buy those photo laminate thingys that are like 4x6. Laminate your stuff.
3. You can cut the p.wallet in half with the Load on one side, and Spend on the other. Hide/protect the Spends. You can leave the Load anywhere.
4. Load with whatever app floats your boat.
5. Use Mycelium's cold storage app to spend.

I think we have it sorted out. Seems that the "spend" address is sometimes called "private key" or Vice versa.

Yes to spend you need the privatekey

BillyBobJoe

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Activity: 119

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Quote from: Beef Supreme on May 01, 2014, 10:34:31 AM

There must be private keys, otherwise I don't know what the hell kind of paper wallet generator you just used.

Usually there is a QRcode with Load/Verify on the left, starting with a 1.

And there is another QRcode on the right, with Spend and it starts with a 5.

Here is the best way I found to do paper wallets...

1. Boot from ubuntu cd and select trial version. Using a paper wallet generator, generate and print paper wallets, OFFLINE. Make sure you have at least two copies of each paper wallet.
2. Go to Staples and buy those photo laminate thingys that are like 4x6. Laminate your stuff.
3. You can cut the p.wallet in half with the Load on one side, and Spend on the other. Hide/protect the Spends. You can leave the Load anywhere.
4. Load with whatever app floats your boat.
5. Use Mycelium's cold storage app to spend.

I think we have it sorted out. Seems that the "spend" address is sometimes called "private key" or Vice versa.

Beef Supreme

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Activity: 140

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Put your trust in MATH.

Quote from: BillyBobJoe on May 01, 2014, 09:54:11 AM

Recently created a paper wallet as a backup and more importantly a learning experience.

After thinking about it I realized I don't understand, as the subject says, the relationship of private keys to the BTC address and/or the wallet.

Can somebody point me in the right direction to get this figured out?

For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?

What do I need to know about private keys?

Regards,
BBJ

PS: the search feature here sucks. if I need to try a new search I must wait a certain period of time, way too long of a time.

There must be private keys, otherwise I don't know what the hell kind of paper wallet generator you just used.

Usually there is a QRcode with Load/Verify on the left, starting with a 1.

And there is another QRcode on the right, with Spend and it starts with a 5.

Here is the best way I found to do paper wallets...

1. Boot from ubuntu cd and select trial version. Using a paper wallet generator, generate and print paper wallets, OFFLINE. Make sure you have at least two copies of each paper wallet.
2. Go to Staples and buy those photo laminate thingys that are like 4x6. Laminate your stuff.
3. You can cut the p.wallet in half with the Load on one side, and Spend on the other. Hide/protect the Spends. You can leave the Load anywhere.
4. Load with whatever app floats your boat.
5. Use Mycelium's cold storage app to spend.

BitCoinDream

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Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: DeboraMeeks on May 01, 2014, 10:23:50 AM

Quote from: BitCoinDream on May 01, 2014, 10:01:07 AM

Quote from: BillyBobJoe on May 01, 2014, 09:54:11 AM

Recently created a paper wallet as a backup and more importantly a learning experience.

After thinking about it I realized I don't understand, as the subject says, the relationship of private keys to the BTC address and/or the wallet.

Can somebody point me in the right direction to get this figured out?

For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?

What do I need to know about private keys?

Regards,
BBJ

PS: the search feature here sucks. if I need to try a new search I must wait a certain period of time, way too long of a time.

Can u please post your string after changing a few character ? It would be easier for us to understand whether it is an address or the private key itself. Please dont reduce the no. of characters.

WHY would he do this and give you with prv key?!?!

How about making a post after reading it properly rather than just blindly typing to raise your post count ? Sad

I told him to change a few character and then post. Never asked for the private key as it is. Even if someone has that intention, he'll ask it in PM not openly. Grow Up !!!

C.Steven

hero member

Activity: 633

Merit: 500

Quote from: BillyBobJoe on May 01, 2014, 10:05:55 AM

Quote from: C.Steven on May 01, 2014, 09:57:25 AM

Quote from: BillyBobJoe on May 01, 2014, 09:54:11 AM

For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?

1. Are you sure you have no private key on the paper wallet?
It could be in QR code or a long string of characters (51 characters starting with a "5" or 52 characters starting with "L" or "K").

2. The btc address is for you to receive bitcoin, you need the private key to spend the bitcoin.

It has 2 address. One is the spending address, that is to be kept private, and that number does indeed start with a 5.

I am under the impression that the private keys are different from the spending address, and the spending address is derived from the private keys.

Or are we stuck calling the same thing by two different names?

Okay, problem solved now I guess.
The "spending address" on your paper wallet is what we call "private key".
Anyone knowing that will be able to spend your bitcoin, so please put it in a safe place and don't show it to any one.

DeboraMeeks

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Activity: 588

Merit: 500

Quote from: BitCoinDream on May 01, 2014, 10:01:07 AM

Quote from: BillyBobJoe on May 01, 2014, 09:54:11 AM

Recently created a paper wallet as a backup and more importantly a learning experience.

After thinking about it I realized I don't understand, as the subject says, the relationship of private keys to the BTC address and/or the wallet.

Can somebody point me in the right direction to get this figured out?

For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?

What do I need to know about private keys?

Regards,
BBJ

PS: the search feature here sucks. if I need to try a new search I must wait a certain period of time, way too long of a time.

Can u please post your string after changing a few character ? It would be easier for us to understand whether it is an address or the private key itself. Please dont reduce the no. of characters.

WHY would he do this and give you with prv key?!?!

BillyBobJoe

member

Activity: 119

Merit: 10

Quote from: odolvlobo on May 01, 2014, 10:14:09 AM

The person that designed the paper wallet labels the private key "spend" because you need it to spend/send the bitcoins.

In the most basic terms, a wallet contains one or more private keys. A paper wallet is a wallet that is printed on a piece of paper. I assume your wallet has two things:

1. A bitcoin address labeled "load/verify"
2. A private key labeled "spend".

There is no such thing as a "private address". The bitcoin address is derived from the private key.

Yes, it has both a "load/verify" and a "spend".

What I think I am hearing, is that the "spend" and "private key" are one in the same. If that is indeed true it would help to clear things up for me.

odolvlobo

legendary

Activity: 4466

Merit: 3391

The person that designed the paper wallet labels the private key "spend" because you need it to spend/send the bitcoins.

In the most basic terms, a wallet contains one or more private keys. A paper wallet is a wallet that is printed on a piece of paper. I assume your wallet has two things:

1. A bitcoin address labeled "load/verify". Use this to receive bitcoins.
2. A private key labeled "spend". Use this to send bitcoins.

There is no such thing as a "private address". The bitcoin address is derived from the private key. More precisely, the public key is derived from the private key and the bitcoin address is derived from the public key.

private key ---> public key ---> bitcoin address

BillyBobJoe

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Activity: 119

Merit: 10

Quote from: C.Steven on May 01, 2014, 09:57:25 AM

Quote from: BillyBobJoe on May 01, 2014, 09:54:11 AM

For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?

1. Are you sure you have no private key on the paper wallet?
It could be in QR code or a long string of characters (51 characters starting with a "5" or 52 characters starting with "L" or "K").

2. The btc address is for you to receive bitcoin, you need the private key to spend the bitcoin.

It has 2 address. One is the spending address, that is to be kept private, and that number does indeed start with a 5.

I am under the impression that the private keys are different from the spending address, and the spending address is derived from the private keys.

Or are we stuck calling the same thing by two different names?

cuddaloreappu

hero member

Activity: 756

Merit: 502

the private key is longer than your bitcoin address and you must not let anyone see your private key..if some one gets your private key they may take all your bitcoins away.

public key- your bitcoin address and can add bitcoins/

private key- your secret key and used to spend/withdraw bitcoins.

C.Steven

hero member

Activity: 633

Merit: 500

Quote from: BillyBobJoe on May 01, 2014, 09:54:11 AM

PS: the search feature here sucks. if I need to try a new search I must wait a certain period of time, way too long of a time.

You got a 360seconds limit for searching, sending PM and making post, before you reach 15 activity.
You can add "site:bitcoin.org" to your search query on google though.

BitCoinDream

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Activity: 2394

Merit: 1216

The revolution will be digital

Quote from: BillyBobJoe on May 01, 2014, 09:54:11 AM

Recently created a paper wallet as a backup and more importantly a learning experience.

After thinking about it I realized I don't understand, as the subject says, the relationship of private keys to the BTC address and/or the wallet.

Can somebody point me in the right direction to get this figured out?

For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?

What do I need to know about private keys?

Regards,
BBJ

PS: the search feature here sucks. if I need to try a new search I must wait a certain period of time, way too long of a time.

Can u please post your string after changing a few character ? It would be easier for us to understand whether it is an address or the private key itself. Please dont reduce the no. of characters.

C.Steven

hero member

Activity: 633

Merit: 500

Quote from: BillyBobJoe on May 01, 2014, 09:54:11 AM

For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?

1. Are you sure you have no private key on the paper wallet?
It could be in QR code or a long string of characters (51 characters starting with a "5" or 52 characters starting with "L" or "K").

2. The btc address is for you to receive bitcoin, you need the private key to spend the bitcoin.

BillyBobJoe

member

Activity: 119

Merit: 10

Recently created a paper wallet as a backup and more importantly a learning experience.

After thinking about it I realized I don't understand, as the subject says, the relationship of private keys to the BTC address and/or the wallet.

Can somebody point me in the right direction to get this figured out?

For example, the paper wallet has a BTC address for spending, but no private keys. Why no private keys?

What do I need to know about private keys?

Regards,
BBJ

PS: the search feature here sucks. if I need to try a new search I must wait a certain period of time, way too long of a time.

Topic: The relationship between private keys and BTC address/wallet (Read 699 times)