Wallet Question | Bitcointalksearch.org

nebulus

hero member

Activity: 490

Merit: 500

... it only gets better...

Quote from: centove on April 05, 2013, 06:46:18 PM

1. The 'wallet' does not contain the actual coins but rather the keys (pointer) to your coins in the block chain.
2. The address is really a public key/private key combo.
3. Wallets are encrypted to protect the private key.

1. The wallet contains your private key and some other information. This key basically makes you a blockchain moderator.
2. I always thought that the address was the public key but you are probably right it is public/private keys hashed.
3. Wallets are not encrypted by default you have to encrypt them.

Hope that helps...

threeip

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Quote from: centove on April 05, 2013, 06:46:18 PM

The machine the key was generated on don't ever need to be connected/synced to the network?

Yes. It doesn't need to sync as there is no need to 'identify' it and no-one else has a chance of generating the same key.

centove

full member

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Merit: 100

Hi,
I want to make sure I understand this stuff.

1. The 'wallet' does not contain the actual coins but rather the keys (pointer) to your coins in the block chain.
2. The address is really a public key/private key combo.
3. Wallets are encrypted to protect the private key.

So if all the above is true, and I have one address I use as the cold storage, (installed bitcoind ran it, got the key, dumped the private key, recorded same, locked same away in firebox). Now I periodically send to that storage key. as long as I know the private key I'll always be able to get at the coins stored at that address and send them somewhere else as needed? The machine the key was generated on don't ever need to be connected/synced to the network?

Topic: Wallet Question (Read 370 times)