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Author Topic: Need some verification on how the wallet/client work+questions  (Read 300 times)
tincanban
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April 09, 2013, 11:31:14 AM
 #1

When you download and install a BTC client,  a new "wallet.dat" is created.
This file contains your address(that you use to receive and sent payment) and privet keys that are contacted to each of the address.
*every time you create a new a address a new privet key is created.
**you can create address for sending and for receiving bitcoins     

Every time you send and receive payments via different address a new block is being created( A block is a record of some or all of the most recent Bitcoin transactions and not just your one transaction)

this block contains the address number, the privet  key that is connected to it and the amount of bitcoins that were transferred. 

As soon as this block is created it is automatically added to the block chain, which is the entire bitcoin history transaction data base.

because the BTC network is a p2p network your client going to download the entire block-chain history from other BTC users when you first install it and it is going to update every time a new block is created.

Your bitcoin client doesn't contain any coin at all, all it does is compering the privet keys in your "wallet.dat" file to the block-chain data base. as soon as it finds all the blocks with your privet keys it can "build" your bitcoin "balance".

If your "wallet.dat" is destroied the privet keys are lost andso are the founds that are connected to that keys.

Am I getting the idea right?


few questions,
1.can you open the same "Wallet.dat" on more then one computer(logic says yes)?

From what I understand every new block contains an answer to a mathematical puzzle and the solving of this puzzle takes time, after the solution is found the network verifies it and ads the block to the block-chain.

1.Why is this process(mining) made to be so difficult and time consuming?
2.if people stop mining there wont be any records(blocks) of new transactions..how does BTC solves this?
3.from what I understand a regular  BTC client or BTC wallet doesn't do mining at all?
4.Who verifies that the answer is correct?







 
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jerkoff
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April 09, 2013, 12:03:52 PM
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When you download and install a BTC client,  a new "wallet.dat" is created.
This file contains your address(that you use to receive and sent payment) and privet keys that are contacted to each of the address.

Your bitcoin client doesn't contain any coin at all, all it does is compering the privet keys in your "wallet.dat" file to the block-chain data base. as soon as it finds all the blocks with your privet keys it can "build" your bitcoin "balance".

If your "wallet.dat" is destroied the privet keys are lost andso are the founds that are connected to that keys.

Am I getting the idea right?

few questions,
1.can you open the same "Wallet.dat" on more then one computer(logic says yes)?

As far as I know, yes. The wallet only contains those keys, not the coins. It scans the blockchain and reports which funds are claimed by your addresses. If you copy the wallet it'll scan the same blockchain and report the same funds as yours. It's like getting two debit cards for one bank account, each card can spend the funds, but only once, if card A spends $100 then card B will also see the same bank account with $100 less in it.

A copy of a wallet decreases security. If someone steals your wallet while it's empty, and you then put a strong password on it and then fund an existing address, someone can still access it a year later. At any breach or doubt you should create a new wallet and transfer funds to the new address in it.
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April 09, 2013, 12:29:32 PM
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I'm not an expert so don't bet your mortgage on it but here's an answer..

1.Why is this process(mining) made to be so difficult and time consuming?
If it wasn't so darn difficult, anybody would be able to re-calculate the tail of the blockchain and change transactions. If you spend a buck there's a "-1" in your wallet's history. With easy mining you could trace back the blockchain and recalculate with that same buck spent elsewhere. The absolute difficulty is not the thing though. It has to be difficult enough to assume impossible for a single entity to have more than 49.999% of the total network's computing power. That should give you something to chew on.   Grin

2.if people stop mining there wont be any records(blocks) of new transactions..how does BTC solves this?
Not.

3.from what I understand a regular  BTC client or BTC wallet doesn't do mining at all?
For what I know, the client doesn't mine. It only checks mined blocks. You can however use a command-line option to make it mine. Extremely slow.

4.Who verifies that the answer is correct?
All clients. A faulty solution is rejected, not added to the blockchain.
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