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November 21, 2013, 03:16:12 PM |
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I have been taking in info and trying to understand (wrap my brain around it) lol. However, I do not know a lot of the terminology, so it has been quite difficult at times. I think I have a pretty good understanding now of the basics....concept/idea of bitcoin, purpose of private exchanges, securing a wallet, buy and sell process.
A TRULY secure wallet, is one I am trying to educate myself on. I know about backing it up, changing it, and a few other obvious things. However, my understanding is limited!
Newbie to bitcoin, and computers in general as well. So please answer as basic as possible...if my question even makes sense!
Question..... When I obtain a wallet through an exchange (MtGox, Localbitcoins, or even Blockchain.com, etc), and then use it for transactions, is it truly MY secure wallet?? OR is it my "internal" wallet, that has been assigned by that exchange/service? Therefore, giving them some(or all, really) control and ACCESS to my wallet? Perhaps I am thinking in traditional bank practices....when I deposit cash into my bank account, it doesn't actually/physically remain there at the branch. It is used/transferred around etc. With the hopes that when I walk in and want to withdraw the entire balance, it will be available immediately haha.
Is there a way (easy to do/not super technical!!) to create a truly secure wallet that really does BELONG to me? It appears everyone is doing it, and this is the way it is done....through a service! But I cant help feeling that I am giving my power/trust to another party. Therefore, the potential to get screwed exists. Or once government steps in (and Im sure they will!!) the exchanges/services, will be regulated, and I will be forced to comply to whatever they require, whether I choose to or not (if I want access to my bitcoin).
I likely am not articulating properly, what it is I am trying to ask haha But there is just "something" about this process that doesn't smell right to me lol. Am I overthinking it, and just not fully understanding??
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