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Title: bitaddress questions Post by: baggage on November 29, 2013, 08:11:03 PM To get this out of the way: I don't know what I'm doing.
I watched a tutorial on how to make a cold storage paper wallet from Bitaddress. Seems pretty simple, but because I'm unsure of many things I was hoping someone can clarify some steps in the creation of a cold storage paper wallet. 1) why is it generating 7 wallets when I just want one? Is this just an option or is it saying I'd be foolish to just have one?? 2) Once I create the offline wallet on Bitaddress, do I now send coins from other wallets to the new Bitaddress? if so, I don't understand how coins can be sent to a wallet that is "offline." What am I missing here? 3) The tutorial says it will generate my private keys for me. Does this mean I don't have to come up with my own password, or is there another step that wasn't explained int the tutorial? 4) On the Bitaddress website it says I can check my balance on the block chain by using my address. So I don't need a password to look at my balance? 5) I heard a rumor that Macs aren't safe to generated wallets on. Is this true? Really appreciate anyone's help with these questions. Thank you! Title: Re: bitaddress questions Post by: Abdussamad on December 01, 2013, 07:45:51 AM I recommend electrum or armory on an offline PC over using bitaddress. But since you've asked:
1. It is just an option 2. Transaction data is stored in the blockchain which is a public transaction ledger. When you send coins you are simply signing off ownership to whoever might possess the private keys behind a particular address. Meaning the address does not have to be online or even exist. When the person who does have the private key wants to spend the coins he simply signs off ownership to another person and sends that transaction to other bitcoin nodes. Miners add that transaction to the blockchain and it is done. 3. What tutorial?? Link please. 4. Transaction data is public information as I mentioned above. 5. Never heard of anything like this. Bitaddress runs in a web browser so having an up to date web browser is more important. It might help if you learned a bit about the underlying technology behind bitcoin. Could save you from losses in the future: https://bitcoinspakistan.com/blog/private-key-public-key-bitcoin-address-and-the-blockchain/ |