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

Overnight said:
So why did those hacks of some of those crypro exchanges matter last year or 2, where lots of cryptos were stolen?
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It's not the cryptos that were stolen! This is a really important piece of knowledge.
The keys were not kept properly, someone got access to them and transferred the cryptos to his account.

If you worry about your BTC, get them off the exchange to your own wallet and keep your keys offline. Problem solved
 
MrMuppet said:
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If you worry about your BTC, get them off the exchange to your own wallet and keep your keys offline. Problem solved
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Well, here's the thing. Folks here compare gold to BTC. Put them in a suitcase, go through a fire, and see which comes out on top...

" will have access to their BTC once they established an uplink to the satelite."...

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.
 
Overnight said:
Well, here's the thing. Folks here compare gold to BTC. Put them in a suitcase, go through a fire, and see which comes out on top...

" will have access to their BTC once they established an uplink to the satelite."...

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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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


If you keep your keys safe (offline, piece of paper, sheet of metal, anything...I mean it's just a string of numbers...), once you get access to the blockchain via satelite, you can use your key again.




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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