who really owns bitcoins in a wallet

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

Quote from: Decoded on February 25, 2017, 04:23:13 AM

I can't believe this. Is this level of intelligence the bitcoin community has? Bitcoin is not a wallet. Bitcoin is used as a currency, but it is so much more than that.

Miners have no access to your bitcoin, they simply use their mining power to transact your money. Think of it like at a call center, there used to be people connecting your call to it's destination manually. The miners do that, but they can't hear your calls.

This is not a contest to see who is intelligent than the other and BTW no one said `Bitcoin is a wallet` and thanks for the call center example sounds more practical to understand.

Thanks everyone now I understand it ,miners act as a proxy to help get our bitcoins to their destination with a commission to be paid in form of a transaction fee. Jumpy I like your humorous explanation.

lol3c

hero member

Activity: 518

Merit: 500

we are the real owner of Bitcoin in our wallet because we are the only one have the private key. Due to this fact, we can access our wallet as long as our address in order to send Bitcoin to somewhere else. Strangers without private keys or our permission can not use our wallet. however, if your computer is hacked, there is the possibility that they can get in your computer and control your wallet. Therefore, you should be careful while surfing the internet

Decoded

legendary

Activity: 1232

Merit: 1030

give me your cryptos

I can't believe this. Is this level of intelligence the bitcoin community has? Bitcoin is not a wallet. Bitcoin is used as a currency, but it is so much more than that.

Miners have no access to your bitcoin, they simply use their mining power to transact your money. Think of it like at a call center, there used to be people connecting your call to it's destination manually. The miners do that, but they can't hear your calls.

Senor.Bla

sr. member

Activity: 280

Merit: 253

Just because nobody said it so far. The Bitcoins belong to the person or people or entities who have the private key. If you have the private key, then the coins in the address are yours. If more people then just you have the private key, then everyone can spend them. So do not give your private keys to other people and do not let them see it. Also a program could hold the private keys to perform a certain task at a certain time without the invention of a human.
Miners offer the service of confirming that you moved your Bitcoins. For that service you pay them. If you do not pay them enough they can refuse to do this service (most likely because they are busy with serving other people who paid them).

FlightyPouch

sr. member

Activity: 1638

Merit: 300

It is your wallet, it is your bitcoin, as simple as that. Miners only permit the transactions of bitcoin but other that, they are nothing. Miners may be the one that get the bitcoin though, when someone sends you a bitcoin, it is yours. They may say it is their property in the past, but now, it is yours. Cheesy

piramida

legendary

Activity: 1176

Merit: 1010

Borsche

miner does not mine bitcoins you own, miner mines transaction which moves that coins someplace else. mining is a process of writing your transactions in eternally unchangeable ledger. so they are yours, relax, just not moved before your tx is mined.

answered because it is such a noobish question it's even entertainy. you already have 292 posts, maybe that time would be better spent reading some entry level bitcoin FAQs.

Jumpy

full member

Activity: 182

Merit: 100

I think you need to stop thinking of it as a wallet. We refer to bitcoin addresses as wallets because it's a simple analogy that helps people understand their practical use (i.e. there is money stored in it that you can spend).

However, your question illuminates the flaw with that nomenclature. It is actually a ledger. The ledger contains all of the addresses and transactions on the bitcoin network. You don't really own the bitcoins as much as you own the unique ability to send them to another address (by controlling the private key).

The tx fee is essentially a bribe to have the miner that wins that block to include your transaction in the new block. They are also awarded the freshly minted bitcoin, but your fees aren't being re-mined; they're just paying for their service to include that transaction in the block.

BitcoinGirl.Club

legendary

Activity: 2800

Merit: 2736

Farewell LEO: o_e_l_e_o

How are my bitcoins in a wallet connected to a miner when I own the bitcoins? And why should a miner mine a transaction I paid for,and for bitcoins that were already mined before? So from all this who really owns the bitcoins myself or the miner? I look at it that if no miner mines your bitcoins then you own a pile of 1s( ones) and 0s(zeros) Roll Eyes

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