I am lost in bitcoin wallet and private key

[CrapMan]

Hello all,

I am very new to bitcoin, please try to consider that when you answer my question, i am not a tech guy, i just double click, open and close but not really bad.

I read and watched videos about bitcoins, I thought I got it, so I purchased some, then I decided to move them to a wallet, I downloaded MultiBit (not sure if it is a good one or not), anyway, there I got lost!
I can't understand all these file extensions.
once i open the MultiBit, I did:  File > new wallet> I chose the destination of where the file go > I named it > save and end of story!

Now I want to see how the wallet address looks like:
the wallet was already in the client, however let's say I closed it, so I did:    File > open wallet > chose the file desination > and opened it
Then the only way to see the wallet address (for me as a non tech guy) is to go to "request" tab, that's where I see the wallet address, I copied it to clip and then pasted on a Microsoft word and saved it, it looked like 30 to 40 figures that started with number 1

Now I wanted to see the how the private key looks like, there is no way to see it, so I decided to export private key to the desktop, so I did:  Tools > export private key > chose the file destination and saved it.
Then I opened the file with Microsoft word (I am not sure which extension opens it), anyway on Microsoft word it looked divided on 3 lines: one long figures line, then 3 figures line and then a little over half line of figures

Now I assume that is the key?


Questions are
1- am I doing things above right?

2- What type of wallet am I using? is it a desktop wallet? that i have to back it always?

3- the QR code in that wallet, I see no way extract out and print it on paper!

4- let's give an example here: if I have the wallet address written down, and I have the private key written down. Then somehow for some reasons my computer crash and is done and I lost my wallet, then I buy a new computer. Can I get a new wallet, then type in the private key and get my coins back in the new wallet?
I know i look stupid, I am sorry, but if I still can get back my coins as long as I have the private key in the example above, can I just type it? or I always have to export a file?

Please be patient with me, I am very noob and I am sorry.


I thank you a lot in advance for helping me and I appreciate every input as long as it is easy to understand and to the point.

[hilariousandco]

Hello all,

I am very new to bitcoin, please try to consider that when you answer my question, i am not a tech guy, i just double click, open and close but not really bad.

I read and watched videos about bitcoins, I thought I got it, so I purchased some, then I decided to move them to a wallet, I downloaded MultiBit (not sure if it is a good one or not), anyway, there I got lost!
I can't understand all these file extensions.
once i open the MultiBit, I did:  File > new wallet> I chose the destination of where the file go > I named it > save and end of story!

Now I want to see how the wallet address looks like:
the wallet was already in the client, however let's say I closed it, so I did:    File > open wallet > chose the file desination > and opened it
Then the only way to see the wallet address (for me as a non tech guy) is to go to "request" tab, that's where I see the wallet address, I copied it to clip and then pasted on a Microsoft word and saved it, it looked like 30 to 40 figures that started with number 1

Now I wanted to see the how the private key looks like, there is no way to see it, so I decided to export private key to the desktop, so I did:  Tools > export private key > chose the file destination and saved it.
Then I opened the file with Microsoft word (I am not sure which extension opens it), anyway on Microsoft word it looked divided on 3 lines: one long figures line, then 3 figures line and then a little over half line of figures

Now I assume that is the key?


Questions are
1- am I doing things above right?

2- What type of wallet am I using? is it a desktop wallet? that i have to back it always?

3- the QR code in that wallet, I see no way extract out and print it on paper!

4- let's give an example here: if I have the wallet address written down, and I have the private key written down. Then somehow for some reasons my computer crash and is done and I lost my wallet, then I buy a new computer. Can I get a new wallet, then type in the private key and get my coins back in the new wallet?
I know i look stupid, I am sorry, but if I still can get back my coins as long as I have the private key in the example above, can I just type it? or I always have to export a file?

Please be patient with me, I am very noob and I am sorry.


I thank you a lot in advance for helping me and I appreciate every input as long as it is easy to understand and to the point.

2) You're using a desktop wallet and you should always have several back ups of the wallet.dat or private keys. Make sure your wallet is password protected too.

4). Yes. You don't need the wallet address, just the private keys or the wallet.dat file and then you can get your balance back.

I'd suggest starting with an online Blockchain.info wallet first until you know what you're doing.

[CrapMan]

thank you very much for your reply.

I followed your advice and opened a new wallet on blockchain.info, I moved the coins from the exchange website to the new blockchain wallet, I do have an identifier which there was a convenient way to back it up to my email, i was able to find my address easily, I just got my coins and things look good.

here are couple questions:

1- what type of files I need to back up from there and how?

2- how do I get my private key and store it somewhere else just in case?


Thanks a lot in advance.

[hilariousandco]

thank you very much for your reply.

I followed your advice and opened a new wallet on blockchain.info, I moved the coins from the exchange website to the new blockchain wallet, I do have an identifier which there was a convenient way to back it up to my email, i was able to find my address easily, I just got my coins and things look good.

here are couple questions:

1- what type of files I need to back up from there and how?

2- how do I get my private key and store it somewhere else just in case?


Thanks a lot in advance.

You just need to back up the wallet.dat file really. Just make sure you have it safe on a usb and/or CD-r etc.

Make sure you set up 2 factor auth and a second password on your BC account. Then you'll be pretty safe.

[CrapMan]

Dear Hilariousandco,

Now you made me happy, I kinda understand what's going and what to do and how to back it up without even being a tech guy, I want thank you very much very very very much for your help.

I made an email back up, a also backed it up in my desktop, I only need to back it up on usb and I will be good to go.


I don't know how to thank you, but you saved me a lot of trouble and helped me so much.


Thank you again.

[CrapMan]

One more thing:

It seems to me that the private key is not required to finish a transaction, once you log on to the wallet then put in the (merchant) wallet address then you can simply make a transaction, am I correct?

and if the above is true, then the only need for the private key is to recover your wallet in case you lost it, based on the idea that the wallet address is generated from the private key its self, am I correct?

and if both of the above is correct, then no one can steal my wallet unless:
Either 1- someone get my log on info and log onto my wallet and transfer my coins to his/her address.
Or 2- someone steal my private key, now in this case if they steal my wallet private key, they can't actually recover my wallet, but they can only use the private key to move the money to another wallet address. which means that the process is not actually "recover" the original wallet rather than using the private key to transfer the money to another wallet with different address, which also means this is a faster way rob someone since all someone needs is the private key (no username or password), am I correct?


Again sorry, but I am just trying to learn all this in simple words.


Thank you again for all the help.

[CrapMan]

or may be I am wrong,
may be the private key can generate the same wallet again even if it on different eWallet provider?

I am little confused.

[hilariousandco]

or may be I am wrong,
may be the private key can generate the same wallet again even if it on different eWallet provider?

I am little confused.

Yes, you can upload the wallet.dat into any other client and the balance will be there.

[CrapMan]

or may be I am wrong,
may be the private key can generate the same wallet again even if it on different eWallet provider?

I am little confused.

Yes, you can upload the wallet.dat into any other client and the balance will be there.

I do understand that, the question is:

let's say I opened an account with "John company" my original wallet
address was: 12345
private key  : ABCDE
bitcoin balance is: 10 coins

now I lost the wallet with address: 12345
but I still have the private key that is: ABCDE


I moved to a different company "Sam corp" and made a new account.
I uploaded "imported" my private key "ABCDE" to the account.
I do understand I will get back the balance: 10 coins
Now the questions is: the wallet address on "Sam corp" will it also be: 12345 ?? or I will get a new wallet address "98765" with new private Key "GHIJK" only thing it will have the original balance "10 Coins" ??
and the old private key "ABCDE" will be not needed anymore?



In other words, will the private key help recover the balance only? or both the wallet address and the balance?

[fatguyyyyy]

You need the private key or you wont be able to access the wallet. The wallet dat file should back up the balance at the same time loading

[hilariousandco]

You need the private key or you wont be able to access the wallet. The wallet dat file should back up the balance at the same time loading

Your private keys are in the wallet. You need your password or you won't be able to access the wallet.

[CrapMan]

You need the private key or you wont be able to access the wallet. The wallet dat file should back up the balance at the same time loading

Your private keys are in the wallet. You need your password or you won't be able to access the wallet.

I promise, I do understand that, I got that part.

I will give another example to explain my question better, please follow the example before answering:
1- Let's say I created an online wallet with "blockchain.info" and I have a balance of 10 coins, my wallet ID (or address) was : ABCDE
2- I got a paper wallet that has my private key or the QR or whatever I need to back up my 10 coins or I have a wallet.dat back up or whatever.
3- for some reasons, "blockchain.info" domain is gone, God bless (let's say the owner died) and he didn't renew his domain, or his host company filed bankruptcy and they lost all the domains before moving them or or or, anyway the domain is gone and with it the website is gone and with it all the online wallets are gone!!!, just an example please bear with me.
4- then I decided to go to coinbase.com and open a new wallet there, I got the new wallet and the new address is : JKJKJK
5- Now I decided to import my private key that was one wallet.dat that I previously backed from blockchain.info before they go down
6- when I import the private key (that I got from blockchain.info before they go down) into the new wallet on basecoin.com will it: a- deposit 10 coins into the new wallet on basecoin.com WITH THE NEW ADDRESS OF: JKJKJK ?  or b- recover the whole old new wallet with the address : ABCDE  and deposit 10 coins in it???


Again, simply the question is: will the private key recover : a- balance only? or  b- balance and address both?

[WetSeals]

DO NOT USE MULTIBIT UNTIL THE DEV FIXES A KNOWN BUG IN THE NEW UPDATE....


Occasionally, multibit creates a new change address when you send bitcoins...not a big deal, right?

WRONG, because multibit occasionally for some reason, DOES NOT LET YOU EXPORT THE PRIVATE KEY TO THE NEW CHANGE ADDRESS.  IT ALSO DOESNT SAVE IT FOR SOME REASON.  SO YOU CAN SEE YOUR BALANCE, BUT CANNOT SEND IT, OR EXPORT THE PRIV KEY AND IMPORT IT ANYWHERE.

I LOST ABOUT .5 BTC, AND THE DEV JUST IGNORED ME.  HAD MULTIPLE PEOPLE LOOK AT THIS.....ITS TRUE.

[5ick3uffalo]

DO NOT USE MULTIBIT UNTIL THE DEV FIXES A KNOWN BUG IN THE NEW UPDATE....

Thanks for that Info.

I´ll stick to orginal QT-Wallet, needs lot of time for sync but better safe than sorry!

[hilariousandco]

DO NOT USE MULTIBIT UNTIL THE DEV FIXES A KNOWN BUG IN THE NEW UPDATE....

Thanks for that Info.

I´ll stick to orginal QT-Wallet, needs lot of time for sync but better safe than sorry!

Use another like Electrum instead.

[5ick3uffalo]

I made an email back up, a also backed it up in my desktop, I only need to back it up on usb and I will be good to go.

Make sure you encrypt the Backup of your wallet.dat file.

(I use 7zip for that)

[CrapMan]

guys, you are taking the the discussion away from the original topic, which is alright, but I still need help answering the question.

when you lose your wallet, does your private key recover 1- balance only?  or 2- both balance and wallet address?

I am trying to find out what happens to the address of the lost wallet.

[WetSeals]

If you have the private key, it restores the balance and the address. 

If you do not have the private key, there is no way for you to recover either, unless you randomly generate the same address again, which is like hitting the powerball ten thousands times in a row.

[CrapMan]

If you have the private key, it restores the balance and the address. 

If you do not have the private key, there is no way for you to recover either, unless you randomly generate the same address again, which is like hitting the powerball ten thousands times in a row.

Thank you very much for the answer, however will I recover the address too even if I take the private key to another host (a different wallet website then the original one)?

[WetSeals]

If you have the private key, it restores the balance and the address. 

If you do not have the private key, there is no way for you to recover either, unless you randomly generate the same address again, which is like hitting the powerball ten thousands times in a row.

Thank you very much for the answer, however will I recover the address too even if I take the private key to another host (a different wallet website then the original one)?

yes, the private key corresponds to the address.  They are forever linked.