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So when I set up coinbase to automatically sell $200 worth of bitcoins once a month, and it does it without me logging in, how exactly is it doing this?
No I haven't configured it to do this, but I can.
I don't know how all the web wallets work, but with coinbase only the coins you have in their so-called "vault" require some type of pass phrase to unlock. The normal account, the private keys are not tied to your login password or a passphrase.
I don't use their vault, I use cold addresses instead for similar purpose, so all my currency at coinbase (which I keep small) could be spent by someone who got into my account - though large amounts or several small amounts trigger 2FA but single small amounts don't (mainly because I don't need it to, I keep less than 1 BTC there)
So when I set up coinbase to automatically sell $200 worth of bitcoins once a month, and it does it without me logging in, how exactly is it doing this?
No I haven't configured it to do this, but I can.
I don't know how all the web wallets work, but with coinbase only the coins you have in their so-called "vault" require some type of pass phrase to unlock. The normal account, the private keys are not tied to your login password or a passphrase.
I don't use their vault, I use cold addresses instead for similar purpose, so all my currency at coinbase (which I keep small) could be spent by someone who got into my account - though large amounts or several small amounts trigger 2FA but single small amounts don't (mainly because I don't need it to, I keep less than 1 BTC there)
web wallets are different from each other. a service like coinbase is something like what you said. (I don't know if they have the auto pay option) but assuming you set such option they deduct the amount from your "account" not bitcoin address. in wallets like coinbase AFAIK you don't have access to a single bitcoin address/private key they have all the access and you only have an account.
but other web wallets like Blockchain.info is different. they don't have any access to your funds/private keys the wallet is created in your browser, encrypted in your browser, decrypted in there too and they are only keeping an encrypted version of it on their servers with no access to your funds whatsoever.
this is what people usually don't know about these services.
The OP never said they were taken from a private address he controlled.
To clear some of this up.. It was not a web wallet
is it a "brain wallet"
tell us what program it is..
core-qt? electrum?
perhaps you downloaded it from a phishing site.. not all wallets are legit and you should only download them from the source.
It's called MultipBit HD. Downloaded from the official site
