Sorry... Bitcoin is not Gold and Litecoin is not Silver

MrMuppet said:
This is a good question.

Imagine BTC to be a public safe with a lot of lockers like the ones you'll find at trainstations sometimes.

Everyone can see the safe as well as the lockers but only the guy with a key can access the locker and use what's in in.

Same with a distributed ledger. Everyone can check it out, all the blocks, all adresses and the Bitcoins attached to it. But only if you have a private key you can actually sign transactions to move BTC to another adress.

So your BTC will always sit on the distributed ledger for everyone to see, but as long as you are the only one with the private key, you alone have the authority to move them around.

Ckeck it out: https://btc.com/

click on a block hash to see all transactions


TL;DR: The private key has all the power. Not your key (because you left BTC on an exchange), not your coin.
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Those who cant try and teach. You get no respect in life obviously
 
Overnight said:

So if you take your BTC off the exchange and into your own wallet, in this case a thumbdrive, what does a satellite have to do with it, especially if your wallet is destroyed in a fire? Keys are useless without a lock.
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here is another important piece of info:

a WALLET is not like the wallet you use for cash. A crypto wallet is just a program that manages your keys to make your life easier. If you lose access to your wallet that manages your keys, you don't have access to your keys...and that's a problem.

BUT: You don't NEED to use a wallet in order to store your keys. You can just write them down.
 
MrMuppet said:
here is another important piece of info:

a WALLET is not like the wallet you use for cash. A crypto wallet is just a program that manages your keys to make your life easier. If you lose access to your wallet that manages your keys, you don't have access to your keys...and that's a problem.

BUT: You don't NEED to use a wallet in order to store your keys. You can just write them down.
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Your wallet is where you write your passcode for tranny porn.
 
MrMuppet said:
here is another important piece of info:

a WALLET is not like the wallet you use for cash. A crypto wallet is just a program that manages your keys to make your life easier. If you lose access to your wallet that manages your keys, you don't have access to your keys...and that's a problem.

BUT: You don't NEED to use a wallet in order to store your keys. You can just write them down.
More...
You have no credibility, real crypto guys dont need to say shit or teach anything.
 
MrMuppet said:
...


TL;DR: The private key has all the power. Not your key (because you left BTC on an exchange), not your coin.
More...

K, that makes more sense. So if your original wallet (thumbdrive) dies in a fire, you could somehow access your BTC from the public ledger, which is stored in the ether, download them to a new wallet (thumbdrive) with your private key, and you are back to where you were before the fire?
 
https://counterparty.io/news/why-proof-of-burn/

If you lose the bitcoin private key to an address that contains an amount of bitcoin, you cannot transfer the bitcoins from that address to another address. The process is to sign the transaction with the corresponding private key and broadcast to the network

Bitcoins are entries on a public ledger called the blockchain. Everyone who runs a full node has a copy of the blockchain. I have a copy as I run a full node wallet, it's over 370GB contains all the transaction history since genesis block 12 years ago. I also run a light wallet called Electrum that relies on public servers.

Most important is the private key. If you have the private key, you can use any bitcoin wallet to either sweep the bitcoins that are on the corresponding address or import the address to your bitcoin wallet.

Here's the private key Kx6UveGfBrpuTgYGNSqveh1NrUSFmjW9ZXPNZ3FziohXzq1GL4YX for this bitcoin address 1L14Y9KG8QHo1EBZ48PtRuHz6VgVTzcVsW Don't worry, it's empty, lol, and don't be sending bitcoins there.

Remember, all you need is the private key to an address. That private key is very hard to memorize, but if you're creative, you can divide in 3 sections, create a fake email account and email first part to it. Create a fake facebook account and save it on your private chat with a friend. Create a fake dropbox account and and save the 3rd part as a text file. Voila, you can put an amount of bitcoins in there and you can go anywhere in the world and as long as you can access those 3 accounts you can recover the bitcoins stored in that address. Imho, it's not a good idea. You'd want to have some kind of backup system, but depends on what you're trying to do.

If your memory is good and able to memorize 12 words you can have many addresses that you can access from anywhere in the world and you trust an online bitcoin wallet, counterparty has been around for a long time. I've stored over 5 bitcoins there in the past when the price of each bitcoin was a few hundred $ only, I would not do it now, in fact, I have dust amounts of bitcoins there now.

https://wallet.counterwallet.io

Play around with scenarios and be imaginative. Bitcoins are extremely secure, there are estimated to be about 1 Million bitcoins that belong to Satoshi that anyone can take and no one has managed to steal them as the private keys are not known to anyone.

https://blockchair.com/bitcoin/address/1L14Y9KG8QHo1EBZ48PtRuHz6VgVTzcVsW
 
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