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Author Topic: Where did wallets store bitcoins ?  (Read 393 times)
supermine
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April 05, 2018, 08:58:08 AM
 #21

Hi everyone! Smiley
I'm new in cryptocurrency, I'm trying to understand it but there still one thing I didn't understand about wallets!

At first, I know there is cold and worm wallet.
The cold is a hardware that store coins in it
And the warm is a software or a site on the internet that store coins on the internet or in the laptop or mobile ( is what I already know right ?)

But what I'm trying to know about soft wallets like Bitpay, Enjin or BitCoin Core wallets, do they store bitcoins on the device or on the internet?

So if l have bitcoins in my mobile wallet and the mobile drop in water and go!, did the coins gone too or I can get them back in a new mobile by the recovery key?

And I'm sorry for my weak English Smiley
From what I know, you can reopen it with another device as long as you know your bitcoin address and private key you still remember.
We recommend that private key to knowing yourself do not share with others and do not write it on your mobile device because if your mobile is lost stolen it will be misused.

You no need to remember the bitcoin address to recover the wallet to other devices,just the private key is enough you can import the bitcoin into other devices by entering your private seeds.But for wallets like Coinbase only needs email ID and the password so you can access your bitcoin from any device.

But OP is asking where it has been stored,all bicoins are store in the blockchain network you need that private key to access your crypto so as long as you know the private key these is no problem if you brick you device or lost it.

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April 05, 2018, 01:15:39 PM
 #22

why i cannot see the sender of those 50BTC?  and last transaction from this address was 18-03-27 12:57:12 ... so someone spend 10 years without spending those bitcoin?
Let's talk about Miner.
Miner's job are to collect unconfirmed transactions, put them into a block, and process it, This is called mining.
Whenever a miners solve a block, they will be rewarded with fresh new generated Bitcoins, this is how miners make most of their money (The other comes from transaction fees that user put on their transactions).
There can only be 21 Million Bitcoins generated, once 21 Million has been reached, there will be no new coins being generated and miners will only rely transactions fees.

At start, for every block solved miners will be rewarded with 50 Bitcoins. But, every 4 years this reward will be halved (Hence why it is called halving).
50 BTC reward are halved to 25 BTC, and then halved again to 12.5 BTC. Next halving will be done by 2020 and bitcoin reward will be reduced to 6.25 BTC
http://www.bitcoinblockhalf.com/
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April 11, 2018, 03:52:16 AM
 #23

actually a lot of purses that store your bitcoin safely, like Blockchain, is a Bitcoin no. 1 is the most widely used worldwide. Blockchain is just as a receiver and delivery Bitcoin, Xapo is a wallet that offers interesting features because it has a service with a debit card. Users can transact with bank ATMs that support Visa, and many others, and you do not have to worry if you save it on your phone, your bitcoin will not disappear, because it is stored in the application not on your device, provided you know the password and your email address
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April 16, 2018, 11:53:39 PM
 #24

Bitcoin is stored on a blockchain, and the phone is connected and controlled. Just save your recovery key (seed) or private key to recover your Bitcoin.

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