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Title: [Solved] Security Question Post by: rbscebu on November 28, 2013, 08:47:16 PM My question relates to loosing a device that contains my Bitcoin wallet. By "loosing", I mean destroyed so that no one has access to that Bitcoin wallet.
If I have previously backuped the privates key(s) of my Bitcoin wallet and save the backup file on another device, am I able to relatively easily retrieve the Bitcoins that were in the wallet on my lost device? I do not (yet) need to know how to do this. I just need to know if it can be done. Title: Re: Security Question Post by: blackfyre175 on November 28, 2013, 09:52:42 PM I'm new to crypto but I think as long as you have a copy of both the bitcoin address and the private key for the address you can access the wallet the bitcoins are stored in. I think you can just write the address and private key down and this is known as a "paper wallet".
Here is a good wiki on securing your wallet that might help you. - https://en.bitcoin.it/wiki/Securing_your_wallet - I'm currently reading it. Title: Re: Security Question Post by: AWSOM on November 28, 2013, 09:54:45 PM Having only the private key is enough, scripts and websites can calculate the private key to a address, but not vice versa (mathematic algorithm).
If you have the private key, you have the address with the balance on it, you don't even need a password ;) Title: Re: Security Question Post by: Er Bitte C̣ine De Noàntri on November 28, 2013, 11:45:19 PM As long as no one knows that the device contains a healthy wallet.dat file, you are safe. To steal something, you must first know that the "something" exists.
Most of the security questions assume that some bitcoin expert fraudster is obsessively watching you for gaining access to it. He will thus dig in your trashcan searching for your old backup USB drive, he will accurately check every night if your local firewall is off, and will think about every possible password combination to open it... and even think: is this his "only" wallet, or does he have some other PC with another wallet in a different location? In other words: some good sense is better than any password. Title: Re: Security Question Post by: rbscebu on November 29, 2013, 03:55:26 AM Thank you to the above members for your replies.
Over the past couple of years, I have accumulated a few Bitcoins that I have spread over a few PC's, tablets and a cell phone. Until this latest value increase, I was not so concerned about loosing some. How things change when your Bitcoins' value increases 10 to 20 fold! |