Bitcoin Wallet Questions

[Za1n]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

[dothebeats]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

First question, it is advisable to keep your holdings into several offline addresses specially if it is of a large amount, though a single offline address in an offline machine coud also help you in keeping your precious bitcoins.

Second question, what do you mean by private address? Private keys? Kinda confused on this one.

[Za1n]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

First question, it is advisable to keep your holdings into several offline addresses specially if it is of a large amount, though a single offline address in an offline machine coud also help you in keeping your precious bitcoins.

Second question, what do you mean by private address? Private keys? Kinda confused on this one.

Yes, I meant private key I guess. So is it better spreading it out across different public address (private keys) was the question, which I think you answered with the first.

[odolvlobo]

There is no such thing as a "private address" or "public address".

A bitcoin address has a "private key", which is used as its password. There is also a "public key" which people mistakenly use when they mean "bitcoin address".

Regardless of how many addresses you use, the wallet will keep track of them. You generally don't need to worry about individual addresses.

It might be safer to store bitcoins in several wallets, but the number of addresses is not important. Keeping a wallet offline makes it more difficult for hackers to access, but it also makes it more difficult you to use.

[dothebeats]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

First question, it is advisable to keep your holdings into several offline addresses specially if it is of a large amount, though a single offline address in an offline machine coud also help you in keeping your precious bitcoins.

Second question, what do you mean by private address? Private keys? Kinda confused on this one.

Yes, I meant private key I guess. So is it better spreading it out across different public address (private keys) was the question, which I think you answered with the first.

Different wallets aren't that necessary, different addresses may help you achieve what you really wanted to do (keeping your bicoins safe.) The most important thing you must know in keeping large chunks of bitcoins on a certain machine (because I'm really getting confused and it's 5 am here) is that never connect it to the internet. Keeping your coins on a machine that is connected to the internet has higher risks of getting compromised than a machine that is never connected to the internet.

I hope I answered your question already, because I got dizzy by just reading the questions.

[Za1n]

Ok, I guess now I am back to the confusion I had in the beginning. So the number of keys in a wallet does not matter, it is same risk if all credited to one key or spread across 10 keys on the same wallet?

My plan is to re-image an older laptop with an upgraded HD and use it only as a wallet. I would keep my bulk there and keep a smaller amount on my main PC. So my question boils down to is it sufficient to just place it all on one address in that new offline laptop?

[Za1n]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

First question, it is advisable to keep your holdings into several offline addresses specially if it is of a large amount, though a single offline address in an offline machine coud also help you in keeping your precious bitcoins.

Second question, what do you mean by private address? Private keys? Kinda confused on this one.

Yes, I meant private key I guess. So is it better spreading it out across different public address (private keys) was the question, which I think you answered with the first.

Different wallets aren't that necessary, different addresses may help you achieve what you really wanted to do (keeping your bicoins safe.) The most important thing you must know in keeping large chunks of bitcoins on a certain machine (because I'm really getting confused and it's 5 am here) is that never connect it to the internet. Keeping your coins on a machine that is connected to the internet has higher risks of getting compromised than a machine that is never connected to the internet.

I hope I answered your question already, because I got dizzy by just reading the questions.

Thanks for responding. I think you are getting dizzy as I do not know how to correctly ask my question. Just when I think I understand it, I find I don't...

So, do I need to sync up the wallet first or can I just put on a new Windows install on a new HD and install updates, etc. Then install the latest wallet version. unplug the Laptop from the Internet, fire it up, generate a new key (address) and then send money to it? How will I know it is there?

[dothebeats]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

First question, it is advisable to keep your holdings into several offline addresses specially if it is of a large amount, though a single offline address in an offline machine coud also help you in keeping your precious bitcoins.

Second question, what do you mean by private address? Private keys? Kinda confused on this one.

Yes, I meant private key I guess. So is it better spreading it out across different public address (private keys) was the question, which I think you answered with the first.

Different wallets aren't that necessary, different addresses may help you achieve what you really wanted to do (keeping your bicoins safe.) The most important thing you must know in keeping large chunks of bitcoins on a certain machine (because I'm really getting confused and it's 5 am here) is that never connect it to the internet. Keeping your coins on a machine that is connected to the internet has higher risks of getting compromised than a machine that is never connected to the internet.

I hope I answered your question already, because I got dizzy by just reading the questions.

Thanks for responding. I think you are getting dizzy as I do not know how to correctly ask my question. Just when I think I understand it, I find I don't...

So, do I need to sync up the wallet first or can I just put on a new Windows install on a new HD and install updates, etc. Then install the latest wallet version. unplug the Laptop from the Internet, fire it up, generate a new key (address) and then send money to it? How will I know it is there?

There is an import private key option for every wallet, that could probably help you "sweep" all the balances from one wallet to another.

[jonald_fyookball]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

First question, it is advisable to keep your holdings into several offline addresses specially if it is of a large amount, though a single offline address in an offline machine coud also help you in keeping your precious bitcoins.

Second question, what do you mean by private address? Private keys? Kinda confused on this one.

Yes, I meant private key I guess. So is it better spreading it out across different public address (private keys) was the question, which I think you answered with the first.

Different wallets aren't that necessary, different addresses may help you achieve what you really wanted to do (keeping your bicoins safe.) The most important thing you must know in keeping large chunks of bitcoins on a certain machine (because I'm really getting confused and it's 5 am here) is that never connect it to the internet. Keeping your coins on a machine that is connected to the internet has higher risks of getting compromised than a machine that is never connected to the internet.

I hope I answered your question already, because I got dizzy by just reading the questions.

Thanks for responding. I think you are getting dizzy as I do not know how to correctly ask my question. Just when I think I understand it, I find I don't...

So, do I need to sync up the wallet first or can I just put on a new Windows install on a new HD and install updates, etc. Then install the latest wallet version. unplug the Laptop from the Internet, fire it up, generate a new key (address) and then send money to it? How will I know it is there?

what's your goal? cold storage ?

[Za1n]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

First question, it is advisable to keep your holdings into several offline addresses specially if it is of a large amount, though a single offline address in an offline machine coud also help you in keeping your precious bitcoins.

Second question, what do you mean by private address? Private keys? Kinda confused on this one.

Yes, I meant private key I guess. So is it better spreading it out across different public address (private keys) was the question, which I think you answered with the first.

Different wallets aren't that necessary, different addresses may help you achieve what you really wanted to do (keeping your bicoins safe.) The most important thing you must know in keeping large chunks of bitcoins on a certain machine (because I'm really getting confused and it's 5 am here) is that never connect it to the internet. Keeping your coins on a machine that is connected to the internet has higher risks of getting compromised than a machine that is never connected to the internet.

I hope I answered your question already, because I got dizzy by just reading the questions.

Thanks for responding. I think you are getting dizzy as I do not know how to correctly ask my question. Just when I think I understand it, I find I don't...

So, do I need to sync up the wallet first or can I just put on a new Windows install on a new HD and install updates, etc. Then install the latest wallet version. unplug the Laptop from the Internet, fire it up, generate a new key (address) and then send money to it? How will I know it is there?

what's your goal? cold storage ?

I guess it would be called cold storage. Basically just getting my long term coins off of my everyday computer.

[jonald_fyookball]

well what you described is the right direction, just make sure that new machine is permanently unplugged from the Internet, and there's no other hard drives connected. 

once you move your coins you can simply check the balance of the address with any block explorer like blockchain.info without exposing your private keys.

[ticoti]

in term of safety the only thing that matters it is how you keep safe your wallets no matter how you have distributed that bitcoins

[lottery248]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

1. spread to multiple address, not too many, and not just 2 to 3.
you need to spread because in order to prevent hackers can steal your wallet with all your coins if you only had 1 address.
too many addresses would be very complicated.

2. i guess you should use online wallet and set it up with a strong passwords, so that's it.

[Amph]

Ok, I guess now I am back to the confusion I had in the beginning. So the number of keys in a wallet does not matter, it is same risk if all credited to one key or spread across 10 keys on the same wallet?

My plan is to re-image an older laptop with an upgraded HD and use it only as a wallet. I would keep my bulk there and keep a smaller amount on my main PC. So my question boils down to is it sufficient to just place it all on one address in that new offline laptop?

yes it is sufficient, the point of the cold storage is that they should not be connected to the web ever, unless you know that your desktop is safe, you can knwo this by holding a small amount on it

[turvarya]

So as I understand it, each public address that I see in my wallet is actually just way to credit coins to a private address. So if I had a wallet with a hypothetical 100 BTC in it, is it safer to store it all in 1 address or break it up into different addresses? Do I need different wallets or is just having several addresses more important?

I understand if my computer gets hacked, etc., I could lose it all, so it is safest to store on PC that is not used for other things. My question concerns more if the private address is compromised, would someone get all my coins or just what was on that private address?

1. spread to multiple address, not too many, and not just 2 to 3.
you need to spread because in order to prevent hackers can steal your wallet with all your coins if you only had 1 address.
too many addresses would be very complicated.

2. i guess you should use online wallet and set it up with a strong passwords, so that's it.

Don't listen to ^this guy.

You are going in the right direction.
I don't really see the point in using different addresses if they are all on the same computer.
How do you know, they are there? I have my Bitcoin mainly in paper wallets and I wrote a little widget, that shows the balance of these addresses using the blockchain.info-API(nearly got an heart attack once, when blockchain.info was down and it showed 0 BTC )

I am also wondering if Windows is the right choice as an OS, but since I use Paper wallets(I made using TAILS) I don't really know, what would be better.

[S4VV4S]

I guess it would be called cold storage. Basically just getting my long term coins off of my everyday computer.

Yeah, you got it.
Keep your long term coins offline - preferably a paper wallet - which you can check occasionally if you wish through blockchain.info.

[Za1n]

Thanks for the input. I know Windows probably isn't the safest option, but I do not know Linux well enough and would probably be more at risk do to my lack of knowledge with it.

I have had no trouble so far with my main desktop, I just want to be more cautious as my balance grows. I kind of look at it as my real $$ wallet has never been stolen off my nightstand, but that doesn't mean I would keep $1,000's of dollar in there, I would put larger sums in a safe or bank.

I am not sure about paper wallets, but for now I am thinking the dedicated laptop will be fine. I do not plan to use it other than when I would need to transfer the coins. It is old but functional, and I plan to buy a new SSD, so everything should be clean from the start.

[turvarya]

Thanks for the input. I know Windows probably isn't the safest option, but I do not know Linux well enough and would probably be more at risk do to my lack of knowledge with it.

I have had no trouble so far with my main desktop, I just want to be more cautious as my balance grows. I kind of look at it as my real $$ wallet has never been stolen off my nightstand, but that doesn't mean I would keep $1,000's of dollar in there, I would put larger sums in a safe or bank.

I am not sure about paper wallets, but for now I am thinking the dedicated laptop will be fine. I do not plan to use it other than when I would need to transfer the coins. It is old but functional, and I plan to buy a new SSD, so everything should be clean from the start.

You don't need a SSD for such a dedicated device. There is also the question of a backup since there is still a probability of a Hard Disk failure.
But again, there are other people, who can answer that question better than me.

[Za1n]

Thanks for the input. I know Windows probably isn't the safest option, but I do not know Linux well enough and would probably be more at risk do to my lack of knowledge with it.

I have had no trouble so far with my main desktop, I just want to be more cautious as my balance grows. I kind of look at it as my real $$ wallet has never been stolen off my nightstand, but that doesn't mean I would keep $1,000's of dollar in there, I would put larger sums in a safe or bank.

I am not sure about paper wallets, but for now I am thinking the dedicated laptop will be fine. I do not plan to use it other than when I would need to transfer the coins. It is old but functional, and I plan to buy a new SSD, so everything should be clean from the start.

You don't need a SSD for such a dedicated device. There is also the question of a backup since there is still a probability of a Hard Disk failure.
But again, there are other people, who can answer that question better than me.

The main reason for a new SSD, other than to be sure it is clean (no virus, root kit, etc), is because the current HD is an older spinning disk and is very slow. Its space is also very limited. I can get a new 256 GB for around $100 so I am not too concerned. Plus this way it should be a bit more reliable going forward.

You bring up a good point about backup. Can I just back the wallet up to a USB stick, or maybe a couple? What are the best options and recommendations?

Thanks!