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March 14, 2014, 07:03:17 PM |
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If you want to securely store a wallet in an insecure location (such as cloud storage), then yes, the method you described is safe as long as you use a good password.
The private key is a string of numbers and letters that allows you to spend the bitcoins in an address. If you want to export a private key, use "dumpprivkey" in the Bitcoin console. This is normally useless though, because even if you export the private keys for all your addresses, almost all your bitcoins are stored in addresses you can't see, called change addresses, so most/all of your coins will be lost.
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