|
Title: Does a BC exchange have my private key after issuing me BC ? Post by: xcaret on January 19, 2021, 03:44:46 AM So lets say I had the keys on my Ledger nano S, and as a precaution I wrote them down. I loose the Ledger nano ,but still have the private keys written down. Am I still able to cash in the BC without the Ledger? Next question.... When an exchange sells me BC ,and I get my private key , does the exchange ever see the private key they send me ? I don't mean if I leave the BC in trust with an exchange or whatever .I mean if I posses the private key and it's on my ledger wallet ! Title: Re: Does a BC exchange have my private key after issuing me BC ? Post by: figmentofmyass on January 19, 2021, 03:50:36 AM So lets say I had the keys on my Ledger nano S, and as a precaution I wrote them down. I loose the Ledger nano ,but still have the private keys written down. Am I still able to cash in the BC without the Ledger? yes. always make sure to back up your wallet seed so your coins aren't lost if a device malfunctions. Next question.... When an exchange sells me BC ,and I get my private key , does the exchange ever see the private key they send me ? when an exchange sends you a bitcoin withdrawal, they can see your public key/address---that's where they send the coins. once the withdrawal is confirmed on the blockchain, they can no longer move the coins. they can't see your private key. Title: Re: Does a BC exchange have my private key after issuing me BC ? Post by: mk4 on January 19, 2021, 03:54:21 AM Am I still able to cash in the BC without the Ledger? I'm assuming you meant BTC, right?Anyway, as long as you have the addresses of that bitcoin wallet, then yes. When an exchange sells me BC ,and I get my private key , does the exchange ever see the private key they send me ? Exchanges don't send you private keys though, they only send the BTC to your wallet address.I don't mean if I leave the BC in trust with an exchange or whatever .I mean if I posses the private key and it's on my ledger wallet ! Bitcoin public addresses and Bitcoin private keys are 2 very different things. You're probably mixing things up here: https://en.bitcoin.it/wiki/Private_key https://en.bitcoin.it/wiki/Invoice_address Title: Re: Does a BC exchange have my private key after issuing me BC ? Post by: xcaret on January 19, 2021, 03:56:12 AM Thanks figament , that what I hoped to hear.
Title: Re: Does a BC exchange have my private key after issuing me BC ? Post by: xcaret on January 19, 2021, 04:12:03 AM Quote Exchanges don't send you private keys though, they only send the BTC to your wallet address. Bitcoin public addresses and Bitcoin private keys are 2 very different things. You're probably mixing things up here: No ,I know the difference between public and private keys . what had confused me is that I have not used my Ledger for several years when I emptied it . After emptying it . I put a few bucks into an ATM and got a paper wallet .It had my public and private keys on it . I just assumed that When I had the bit coin ( BTC) put into my Ledger, that the exchange would have ,at some point ,access to my public keys. I may be getting a little paranoid , but that can be a good thing when it comes to guarding my BTC . Title: Re: Does a BC exchange have my private key after issuing me BC ? Post by: Fundamentals Of on January 19, 2021, 04:15:20 AM So lets say I had the keys on my Ledger nano S, and as a precaution I wrote them down. I loose the Ledger nano ,but still have the private keys written down. Am I still able to cash in the BC without the Ledger? Yes, you still can. But I just want to emphasize that more than the private keys, you are writing down your 24-word seed phrase. Your seed holds all your private keys and addresses. That's the key to all your cryptocurrencies. Whether your Ledger Nano is lost, destroyed, or stolen, you still have your cryptocurrencies with you safe and intact. Quote Next question.... When an exchange sells me BC ,and I get my private key , does the exchange ever see the private key they send me ? I don't mean if I leave the BC in trust with an exchange or whatever .I mean if I posses the private key and it's on my ledger wallet ! No, they don't know your private keys. By the word itself, it means the keys are private. Even if exchanges or anybody for that matter send you Bitcoin, they know nothing about your private keys. It is yours and yours alone if your wallet is a hardware wallet, unless you willingly share them which you should never ever do. |