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Topic: Where did wallets store bitcoins ? - page 2. (Read 521 times)

hero member
Activity: 714
Merit: 528
March 09, 2018, 05:09:57 PM
#4
Quote
At first , I know there is cold and worm wallet.
The cold is a hardware that store coins in it
And the warm is a software or a site on internet that store coins on internet or in the laptop or mobile ( is what I already know right ?)
Close but a little bit wrong.
A cold storage is a method to keep your Bitcoin offline from the internet, usually used when you are holding a large sum of bitcoins as a security measure.
Bitcoin based company such as Bitpay, Coinbase, etc. Usually has Both Cold and Hot wallet, Hot wallet will be used for their daily transactions while Cold Wallet will be used as their collateral and reserves in case their website got hacked and all of their Hot wallet get stolen.
https://en.bitcoin.it/wiki/Cold_storage
https://en.bitcoin.it/wiki/Hot_wallet <<< For reference.

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But what I'm trying to know about soft wallets like Bitpay, Enjin or BitCoin Core wallets , do they store bitcoins on the device or on internet ?
Bitpay uses Both Cold and Hot Wallet, as I've said above.
I don't know anything about Enjin.
Bitcoin Core wallet needs to be connected to Internet to be used, so it is a Hot wallet, although you can save your Wallet file to be used as Cold Storage.

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So if l have bitcoins in my mobile wallet and the mobile drop in water and gone!, did the coins gone too or I can get them back in a new mobile by the recovery key?
As long as you have either the Wallet file or Seed/Mnemonic Phrase Backed up somewhere you are safe.

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And I'm sorry for my weak English
I've seen worse Roll Eyes
full member
Activity: 478
Merit: 113
March 09, 2018, 04:30:07 PM
#3
Hi every one ! Smiley
I'm new in cryptocurrency, I'm trying to understand it but there still one thing I didn't understand about wallets!

At first , I know there is cold and worm wallet.
The cold is a hardware that store coins in it
And the warm is a software or a site on internet that store coins on internet or in the laptop or mobile ( is what I already know right ?)

But what I'm trying to know about soft wallets like Bitpay, Enjin or BitCoin Core wallets , do they store bitcoins on the device or on internet ?

So if l have bitcoins in my mobile wallet and the mobile drop in water and gone!, did the coins gone too or I can get them back in a new mobile by the recovery key?

And I'm sorry for my weak English  Roll Eyes

As it has been explained well by the previous post the coins are NOT saved locally, but on the blockchain. Please ensure that you keep a copy of the private key, it is essential for BOTH recovering your coins and also to access from another wallet/device.
full member
Activity: 210
Merit: 119
March 09, 2018, 03:29:29 PM
#2
what I'm trying to know about soft wallets like Bitpay, Enjin or BitCoin Core wallets , do they store bitcoins on the device or on internet ?
Your bitcoins are stored on the blockchain, which is publicly available to every bitcoin node. Anyone who knows your bitcoin address can see the balance of that address. But those bitcoins can only be spent by knowing your private key. So as long as you have your private key, you can spend your bitcoins from any device.
newbie
Activity: 23
Merit: 0
March 09, 2018, 02:44:00 PM
#1
Hi every one ! Smiley
I'm new in cryptocurrency, I'm trying to understand it but there still one thing I didn't understand about wallets!

At first , I know there is cold and worm wallet.
The cold is a hardware that store coins in it
And the warm is a software or a site on internet that store coins on internet or in the laptop or mobile ( is what I already know right ?)

But what I'm trying to know about soft wallets like Bitpay, Enjin or BitCoin Core wallets , do they store bitcoins on the device or on internet ?

So if l have bitcoins in my mobile wallet and the mobile drop in water and gone!, did the coins gone too or I can get them back in a new mobile by the recovery key?

And I'm sorry for my weak English  Roll Eyes
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