where are private keys stored? - page 2.

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Quote from: raslimali on June 05, 2020, 10:10:06 AM

Hello community. Where does the blockchain store private keys for bitcoin addresses? They must really be stored somewhere. If I have for an example an online wallet with a private key, I think my private key is stored somewhere and not in my PC.

When you use an online wallet and a non custodial wallet you will remain tensed and aggregated as you do not have a clue about that wallet. Most of the information provided by blockchain.com is hidden. I went throught the same dilema. In my opinion it is the worst wallet for Bitcoin.

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The Cryptovator

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@OP just keep in mind, privet keys aren't genarated from blockchain. It doesn't make sense that your private keys stored into blockchain, because everything on the blockchain in public. Everyone can see whatever on the blockchain. I don't if you have experience create paper wallet. That means you are able to genarate private key in offline, so how it stored into blockchain?

As others already said, private keys use to sign in the transaction into blockchain to validate transaction. Regarding sign in ehtherdelta with private keys, it will show the associate address with that private keys and that key will be use to sign the transaction. Even you may sign in via random private keys on there if the formate is correct and the address associate with it will be visible there. Overall the private keys used to spend your funds.

The private keys stored only on the wallet software where you may sign the transaction. Even where you genarated from there isn't stored as well (if legit sites and open sources). Actually there isn't any login system with private keys.

bob123

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Your private key is (or better: should be) only stored in your wallet on your PC / mobile / whatever device you are using.
They are not stored on the blockchain at all.

Your private key is used to sign transactions. These signatures can be verified using the corresponding public key.
No one needs access to your private key to verify signatures.

Quote from: raslimali on June 05, 2020, 11:26:59 AM

So in case of etherdelta for example, it is an online wallet, do they have my private key? When you open an account there you are given a private key.

In the case of etherdelta, they don't have your private key. The private key is generated locally in your browser.
You are not given the key from their server.

Quote from: raslimali on June 05, 2020, 11:36:11 AM

I am just wondering if the blockchain has no memory how does it know whether the secret key i entered is correct or not.

You don't ever enter your private key anywhere.
You sign a transaction using your private key. And everyone can verify it by using the public key.

For visualization:
A transaction = "I want to transact X BTC from address 1 to address 2
Then you sign the transaction using the private key of address 1.
Everyone can then verify the signature by using the public key of address 1.

Please note that this visualization is not completely technically correct. But it gives you an idea how it works.

raslimali

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Quote from: NeuroticFish on June 05, 2020, 11:12:25 AM

Quote from: raslimali on June 05, 2020, 11:06:20 AM

But if private keys are not stored on blockchain, how does the block chain know if I entered a wrong or correct password? It must have it somewhere in its memory

Are you confusing by chance Bitcoin's blockchain with a private web service called blockchain.com ?

Blockchain is a database. It doesn't have "its memory".

I am just wondering if the blockchain has no memory how does it know whether the secret key i entered is correct or not.

raslimali

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Quote from: seoincorporation on June 05, 2020, 11:18:06 AM

Quote from: raslimali on June 05, 2020, 10:10:06 AM

Hello community. Where does the blockchain store private keys for bitcoin addresses? They must really be stored somewhere. If I have for an example an online wallet with a private key, I think my private key is stored somewhere and not in my PC.

If you use an online wallet they have to hold your private keys, in that scenario, the service should have a way to encrypt the private key in the database. The risk about this is that someone can access your wallet if they hack your credentials.

The safe way to make your own addys is with vanitygen.

So in case of etherdelta for example, it is an online wallet, do they have my private key? When you open an account there you are given a private key.

raslimali

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Let us take an example of an online wallet which I have and have private keys. It is on ethereum block chain from etherdelta. When you create an account there you get a private key. But is that private key only available or recognized when I use the device through which I created the account? It is definitely not because I can import my account to say a metamask extension to another device .

seoincorporation

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Quote from: raslimali on June 05, 2020, 10:10:06 AM

Hello community. Where does the blockchain store private keys for bitcoin addresses? They must really be stored somewhere. If I have for an example an online wallet with a private key, I think my private key is stored somewhere and not in my PC.

If you use an online wallet they have to hold your private keys, in that scenario, the service should have a way to encrypt the private key in the database. The risk about this is that someone can access your wallet if they hack your credentials.

The safe way to make your own addys is with vanitygen.

NeuroticFish

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Quote from: raslimali on June 05, 2020, 11:06:20 AM

But if private keys are not stored on blockchain, how does the block chain know if I entered a wrong or correct password? It must have it somewhere in its memory

Are you confusing by chance Bitcoin's blockchain with a private web service called blockchain.com ?

Blockchain is a database. It doesn't have "its memory".

raslimali

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Quote from: Maus0728 on June 05, 2020, 10:24:03 AM

Technically, they are not stored in the bitcoin network but rather in your bitcoin wallet, it is the only software who stores your key pair which are your public keys and private keys that allows you sign a transaction in the bitcoin network.

Keep in mind that if it is stored in your PC, you might consider that your private key is now compromised. In your case, if it is an online wallet, then it is more likely that that wallet in not holding your private keys which is not a good indication to store a large amount of BTC.

Thanks everyone for taking time to respond. But if private keys are not stored on blockchain, how does the block chain know if I entered a wrong or correct password? It must have it somewhere in its memory

RapTarX

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If we take an example, for instance, blockchain.com wallet, they create wallet for you which have encrypted private key. According to them, they don't have access to any user's wallet. On the other hand, custodial wallets hold the private key and they have access to it.
Read this for more info- https://bitcointalksearch.org/topic/m.30225995

batang_bitcoin

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I have a different understanding with what you're asking. You have mentioned an online wallet and blockchain, let me ask you if you are pertaining to blockchain.com wallet? Most online wallets will provide you the recovery phrases but if that's the wallet that you'll use in storing most of your bitcoins, choose a better wallet like electrum.

Quote from: raslimali on June 05, 2020, 10:10:06 AM

I think my private key is stored somewhere and not in my PC.

In the first place, you shouldn't keep your private keys in your computer. It's advisable to write it on a paper or make an encrypted backup. Private keys are shown before you create a wallet.

Maus0728

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Technically, they are not stored in the bitcoin network but rather in your bitcoin wallet, it is the only software who stores your key pair which are your public keys and private keys that allows you sign a transaction in the bitcoin network.

Keep in mind that if it is stored in your PC, you might consider that your private key is now compromised. In your case, if it is an online wallet, then it is more likely that that wallet in not holding your private keys which is not a good indication to store a large amount of BTC.

AB de Royse777

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Quote

Private keys are generated by a complex mathematical algorithm outside the blockchain network. The public key and address are then generated from the private key automatically during each transaction. Both keys are stored inside a wallet file and managed by the wallet software.

Rerence is here: https://hackernoon.com/bitcoin-safety-a-guide-on-how-to-keep-your-wallet-and-private-keys-secure-94cf7b7f4a00#:~:text=Private%20keys%20are%20generated%20by,managed%20by%20the%20wallet%20software.

So here the software is your bitcoin core.

Quote

Where does the blockchain store private keys for bitcoin addresses?

Blockchain is not storing any private key information.

raslimali

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Hello community. Where does the blockchain store private keys for bitcoin addresses? They must really be stored somewhere. If I have for an example an online wallet with a private key, I think my private key is stored somewhere and not in my PC.

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