Pool Payment , Wallet offline

[peat]

So hey, newbie question 

Whats happens if your wallet programme isn't running when a pool that you're mining with makes a payment to your address. Is it held or lost forever?
So is it necessary to run the wallet all the time or what? Seems to do a lot of talking even when its been synchronised...

Cheers for comments
PS Litecoin with OZcoin.net



Good mining, may your hashrates be high

[CaptainBeck]

Shouldnt be,

It will be stored in the block chain, so when you start you wallet again and it downloads all the block chain it will update itself.

[peat]

Thanks Capn, I assume you know what you're talking about - given you are still a newbie too lol
it sounds reasonable hahah.

cheers
peat


Good mining, may your hashrates be high

[infinitybo]

@Peat It's more interesting to secure your wallet anyways you are not forced to run it all the time.

[yatsey87]

So hey, newbie question 

Whats happens if your wallet programme isn't running when a pool that you're mining with makes a payment to your address. Is it held or lost forever?
So is it necessary to run the wallet all the time or what? Seems to do a lot of talking even when its been synchronised...

It will be there when your wallet re-syncs, don't worry.

[torusJKL]

Bitcoins are not really stored in your wallet but in the blockchain.
What is stored in your wallet is the private key that gives you access to the bitcoins.

If you use the bitcoin-qt client encrypt your wallet and backup the wallet.dat file on multiple locations.
If it would get lost or corrupt you will never be able to use your bitcoins anymore.

For new users I also always recommend to use a lightweight bitcoin client like Electrum.
You don't need to download the blockchain so you can use it instantly and as long you remember the seed used to create the wallet you can always recover all your addresses (deterministic).

With bitcoin-qt you need to backup the wallet.dat file at least every 100 new addresses that where created otherwise your old backup will not know the new addresses.

[peat]

I'm using
Litecoin version v0.8.6.1-beta
Litecoin-QT

I've backed up the wallet but I haven't encrypted it. Its not enough value to be even remotely significant to me tbh. But yeh point taken I should do that.

I've been buying Litecoins on a trading platform but due to daily expiry (and a $1 spread) was costing me $20 a day just to hold the a 20 Litecoin long position so am looking for a way to purchase them outright and I guess store them in the wallet.

cheers
peat


Good Mining , may your hashrates be high