Bitcoin Forum

I want to start to accumulate bitcoin so it is easier for me to transfer/exchange when I need them. I installed bitcoin wallet from bitcoin.org. When and if I tranfer BTC into this wallet are the bitcoin stored locally within this program or this program just captures the transactions and just displays them? I'm just looking for the easiest / quickest way to accumulate and transfer bitcoin. I really do not want to associate anything with a credit card or bank account. I want to be safe, not sorry. Thanks, I really appreciate the info.

Yes, the BTC are stored locally on your computer within your wallet.dat file.  But the transaction itself is made public through the blockchain records.

If you Hard Drive dies and you don't backup your wallet your coins are gone.

If a hacker get access to you computer, Your wallet could be stolen

Encrypt and Backup  ;D

Think of it that your password to access your bitcoins (and only you) are stored on your computer.

Keep it safe!

If you're a beginner, I recommend entirely avoiding the bitcoin.org downloadable client. Instead, use Blockchain.info/wallet  (http://Blockchain.info/wallet) (but you still need to back this up!)

Not to confuse you, but technically the bitcoins are not stored on your computer, rather the encryption keys that allow you to spend the coins on the bitcoin network. But for practical purposes you can think of your wallet file containing your coins.
There are myriad ways to keep your bitcoins secure. You should have a plan to backup and hide your wallet.dat file. as mentioned above, if you lose that file you have lost your coins forever. It can be as simple as making a copy of that file and saving it on a few USB sticks. I keep three copies of my larger wallet. One in a safe deposit box, one in a safe at home, and one encrypted and hidden on the internet.

Yeah, this is probably the best way for a beginner to start nowadays.

If you have a smartphone, you can also download Blockchain.info's mobile app.

I'd also recommend a backup app on the off chance Blockchain.info is down for a bit: BitcoinSpinner. It's simpler (only one address) but still quite good. (Some of the other smartphone apps aren't exactly solid, so use caution.)

...and please let us know what you think of Bitcoin after you go through this initial phase.  Too complicated or easier compared to handling and storing cash?  Credit cards?  Bank accounts? 

Speaking of...

I set up the Android Bitcoin app on my touch pad and was looking for the file last night. I searched the directory for wallet and found nothing.

Also, if I just write down the PrivKey I should be able to load that up at some point in the future to send BTC right?

Which app was it?

Very cool!

I do run a backup server at my home (unraid) with over 22 terabyes of space, and I also use an offline backup service (crashplan) which backs up all my client workstations daily. Of course I can always backup the wallet.dat file manually and also write some kind of script to make sure it gets backed up. There are sooooo many options as to where/how to store your btc. I do like using the local wallet since I'm in control of it and there aren't any fees associated with using it. And it is not "tied" to anything but me, myself and I. I'm going to check out that blockchain wallet also...never place all my eggs in one basket I guess. Hopefully I won't get too addicted to all this.

You've fallen down the rabbit hole, there's no going back! ;D

Bitcoin Wallet for Android