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1  Other / Beginners & Help / Understanding Bitcoin security on: February 02, 2014, 01:25:13 PM
echo "Hello World"  Grin  (first post)

Got into Bitcoin just recently. Been reading a lot about it, but I am convinced that I'm only seeing the tip of the iceberg right now. So much to learn.
I would like to understand everything about it, step by step. And even if I am no crypto expert right now, to say something, I would like to understand it all.

So to get there I have some questions/doubts/statements you guys can help me with. I am no noob wannabe hacker, I just want to understand it, and FEEL SAFE

1: If I would have your private key, I could just import them to my wallet and steal your funds

2: Password protection of a desktop, mobile or paper wallet is only to protect the computer, phone, or piece of paper. The actual private key is never password protected

3: If I would be able (I know it's not possible) to import all the private keys in SHA256 to my multibit client, or whatever, I would have access to everyones wallet

4: What happens if 2 people create the same brain wallet? Are you expected to check blockchain to see if the account has 0 transactions?

5: Making money with bitcoin, mining bitcoins, is nothing more than joining a mining pool and helping to bundle/verify transactions into a block and securing it. If your pool has won, you get a small fee wich is how new bitcoins are created.


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