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Title: At its most basics, is a private key the only thing needed to use a wallet? Post by: california_spinning on April 13, 2013, 08:37:10 AM I have a newbie question and would appreciate anyone helping.
I have read up on the basics of bitcoin, and I have learnt that if someone is given a valid 51-character private key: e.g. 5SomeMadeUpSamplePrivateKey.....................123456789 and it is the only thing he knows i.e. no public address, no wallet amount, no computer file etc Is it the only thing he needs to access and use whatever how many bitcoins are at that address? Thanks v much! Title: Re: At its most basics, is a private key the only thing needed to use a wallet? Post by: underthebrdige on April 13, 2013, 09:54:15 AM I have a newbie question and would appreciate anyone helping. I have read up on the basics of bitcoin, and I have learnt that if someone is given a valid 51-character private key: e.g. 5SomeMadeUpSamplePrivateKey.....................123456789 and it is the only thing he knows i.e. no public address, no wallet amount, no computer file etc Is it the only thing he needs to access and use whatever how many bitcoins are at that address? Thanks v much! yes... think of the coins as "stored in the cloud" and the wallet.dat is just your private key recored to disk instead of paper Title: Re: At its most basics, is a private key the only thing needed to use a wallet? Post by: Gabi on April 13, 2013, 09:57:19 AM Yup
Title: Re: At its most basics, is a private key the only thing needed to use a wallet? Post by: california_spinning on April 13, 2013, 09:58:34 AM So say on my death bed if I want to give my 10 BTC to my son, all I have to do is to tell him the private key, and then he will be able to use it?
Thanks for your help! Title: Re: At its most basics, is a private key the only thing needed to use a wallet? Post by: Gabi on April 13, 2013, 10:03:13 AM Yes ;) That is how brain wallets work. But if you use a paperwallet, choose a decent passphrase :D
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