- snip -
Some clients allow that.
Some clients allow that.
I think I hear an echo in here.
Topic: Wallets : backup, security and change (Read 2487 times)
I think I hear an echo in here.
Oh yeah, and the whole "change" thing i wasnt aware of 'til now. That will be a big stumbling block for newcomers i think. Will there ever be a time where security advances to the point where 1 address can be used constantly to receive and send bitcoins ?
It is already doable, but the bitcoin-qt client and some other don't have an option to do that 
Some clients allow that. Oh yeah, and the whole "change" thing i wasnt aware of 'til now. That will be a big stumbling block for newcomers i think. Will there ever be a time where security advances to the point where 1 address can be used constantly to receive and send bitcoins ?
It already has. There are several wallets/clients that will allow you to send the change back to the same address and use only a single address if you'd like.
Some people just prefer the added security and anonymity that they get from using a new address for every transaction.
Oh yeah, and the whole "change" thing i wasnt aware of 'til now. That will be a big stumbling block for newcomers i think. Will there ever be a time where security advances to the point where 1 address can be used constantly to receive and send bitcoins ?
Great thread for clueless noobs like myself. I understand a little bit more thanks to Danny's heroic explanations. I'm still quite lost, but it's a good baby step foward.
Yeah blockchain.info is pretty good, I actually was looking for something similar but as a software and not as a web application
I've been pretty happy with the blockchain.info web application. As far as I can tell it is just about as secure as Electrum and MultiBit.
Which is also true of Electrum and MultiBit. So as I said: "it is just about as secure as Electrum and MultiBit"
Yeah blockchain.info is pretty good, I actually was looking for something similar but as a software and not as a web application
I've been pretty happy with the blockchain.info web application. As far as I can tell it is just about as secure as Electrum and MultiBit.
Ho and just one silly question, when a new address is generated, how to be sure it is unique ? Is it time based ? And what happens if 2 addresses are generated at the exact same time ?
It depends on how you generate the bitcoin address. If you are using the current version of Bitcoin-Qt, then the address is generated from a random number. Because the size of the number pool is so large, the odds of generating the same random number as someone else is astronomically small. So small that it is for all practical purposes impossible.Ok, and what about addresses generated over bitaddress.org script ?
Ho and just one silly question, when a new address is generated, how to be sure it is unique ? Is it time based ? And what happens if 2 addresses are generated at the exact same time ?
It depends on how you generate the bitcoin address. If you are using the current version of Bitcoin-Qt, then the address is generated from a random number. Because the size of the number pool is so large, the odds of generating the same random number as someone else is astronomically small. So small that it is for all practical purposes impossible.
Ho and just one silly question, when a new address is generated, how to be sure it is unique ? Is it time based ? And what happens if 2 addresses are generated at the exact same time ?
Yeah blockchain.info is pretty good, I actually was looking for something similar but as a software and not as a web application
I've been pretty happy with the blockchain.info web application. As far as I can tell it is just about as secure as Electrum and MultiBit.
Yes I think I will keep using blockchain.info, I like the mobile app and the provided API so ^^
Thank you DannyHamilton for your explanation, it was crystal clear!
Yeah blockchain.info is pretty good, I actually was looking for something similar but as a software and not as a web application
I've been pretty happy with the blockchain.info web application. As far as I can tell it is just about as secure as Electrum and MultiBit.
Yeah blockchain.info is pretty good, I actually was looking for something similar but as a software and not as a web application
Very informative thread, thanks everyone 
Can you please explain what do you mean by paper wallet?
A paper wallet is a way to have an address that bitcoins can be sent to without the private key of that address ever having been accessible from a computer connected to the internet. It provides ultra secure long term storage of bitcoins, but it is very difficult to spend any bitcoins that are received at that address.
https://en.bitcoin.it/wiki/Paper_wallet
i use bitcoin-qt, so if I spend (send) some BTC's to someone, the program will create a new wallet?
No, the program is the wallet. A wallet can have many bitcoin addresses, the wallet program will create a new address to store the change.
(private key) to store the change? is this correct?
Yes, every bitcoin address has a different private key associated with it. These private keys are hidden from you by most wallet programs. Without these private keys, you can not spend the bitcoins, so when you back up a wallet, it is these private keys you are backing up.
You will find that it's difficult to create a paper wallet with Bitcoin-Qt (and difficult to spend bitcoins from a paper wallet using Bitcoin-Qt as well). So while Bitcoin-Qt does send change to a brand new unused address, it would require advanced techniques to use it with a paper wallet and if you are using those advanced techniques, you really should make sure you understand what you are doing first.
Which client is the best for you to use paper wallet and to be able to decide where the change is sent back ?
And by the way, I think this topic should be highlighted, it contains many many useful information I think newbies should be aware about.
The web hosted wallet at blockchain.info makes it pretty easy to control which address your change gets sent to.
I'm not sure about Electrum or Armory. You can look into those yourself, or maybe someone will stop by and let you know.
Hello
I am one! (newbie!)
Can you please explain what do you mean by paper wallet?
i use bitcoin-qt, so if I spend (send) some BTC's to someone, the program will create a new wallet? (private key) to store the change? is this correct? I read the entire post but I quite don't get those two things
thanks
indkt.
I am one! (newbie!)
Can you please explain what do you mean by paper wallet?
i use bitcoin-qt, so if I spend (send) some BTC's to someone, the program will create a new wallet? (private key) to store the change? is this correct? I read the entire post but I quite don't get those two things
thanks
indkt.
You will find that it's difficult to create a paper wallet with Bitcoin-Qt (and difficult to spend bitcoins from a paper wallet using Bitcoin-Qt as well). So while Bitcoin-Qt does send change to a brand new unused address, it would require advanced techniques to use it with a paper wallet and if you are using those advanced techniques, you really should make sure you understand what you are doing first.
Which client is the best for you to use paper wallet and to be able to decide where the change is sent back ?
And by the way, I think this topic should be highlighted, it contains many many useful information I think newbies should be aware about.
Fair enough.
Jump to: