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Author Topic: Do Bitcoins Disapear  (Read 1476 times)
Possum
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May 22, 2011, 05:16:32 PM
 #1

Hi

When I send a bitcoin does all of that coin's value travel 1 for 1 or does some of it get used by the system..

Thank you..
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benjamindees
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May 22, 2011, 05:21:53 PM
 #2

In the Bitcoin client, if you click on Settings->Options, you can set the transaction fee you are willing to pay.  Mine is set at zero at the moment.

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May 22, 2011, 05:22:06 PM
 #3

Hi

When I send a bitcoin does all of that coin's value travel 1 for 1 or does some of it get used by the system..

Thank you..
It retains its value - if I send you 1 bitcoin you will receive 1 bitcoin.

There are some exceptions, however. Take a look at this wiki page, but basically very small transactions incur a transaction fee (this is to prevent people "spamming" the network with lots of small transactions) and also you can voluntarily pay a transaction fee as it may make your transaction be processed faster.

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charliesheen
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May 22, 2011, 09:28:04 PM
 #4

i think the intent of the question was more along the lines of "If a wallet is deleted then what happens to the bitcoins stored in it?"

inh
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May 22, 2011, 09:36:31 PM
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i think the intent of the question was more along the lines of "If a wallet is deleted then what happens to the bitcoins stored in it?"

Lost forever
BubbaBitcoin
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May 22, 2011, 10:13:41 PM
 #6

i think the intent of the question was more along the lines of "If a wallet is deleted then what happens to the bitcoins stored in it?"

Lost forever

Hey! Newbie here been lurking for a few months. Are they lost forever if you have a printed out version of the keys. In other words, i've seen people recommend this and assume if you hqve paper backup you could reconstruct wallet.dat

Anybody actually tried this or just a persistent myth?

I know!  What a stupid first post but i figured What the heck.

Edited for first post fail. How embarrasing Angry
CydeWeys
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May 23, 2011, 12:31:36 AM
 #7

Hi

When I send a bitcoin does all of that coin's value travel 1 for 1 or does some of it get used by the system..

Thank you..

The bitcoins aren't used up by the system.  The transaction fees are going to other users of Bitcoin who are running mining software that helps find new blocks.  Think of it as subsidizing their electricity/hardware costs, if you will.  But those coins aren't "vanishing".

ey! Newbie here been lurking for a few months. Are they lost forever if you have a printed out version of the keys. In other words, i've seen people recommend this and assume if you hqve paper backup you could reconstruct wallet.dat

Anybody actually tried this or just a persistent myth?

If you have your wallet.dat then you have your wallet.dat, and you can still get access to the money.  Most people recommend storing an encrypted backup on a USB key though.  I will admit that paper is probably more durable (well, assuming acid-free archival paper anyway), but recovering from that would require a bit more work, either in manual typing or scanning and OCRing, than if you just kept a backup on a USB stick.

If you keep your backup in the same physical location you're still vulnerable to loss by fire and such.  A lot of people recommend strongly encrypting your wallet.dat (I would recommend TrueCrypt for that) and emailing it to yourself.  That way it'll be stored on, say, Google's servers, and it's unlikely that your house will burn down on the same day as Google suffers a catastrophic loss of information, including all of their backups.
Possum
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May 24, 2011, 11:31:04 AM
 #8

Where is the wallet.dat

I looked with a search but could'nt find it
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May 24, 2011, 11:33:05 AM
 #9

Where is the wallet.dat

I looked with a search but could'nt find it

It's a hidden file by default so your cat won't scratch it, er, your possum.

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Possum
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May 24, 2011, 11:34:34 AM
 #10

i think the intent of the question was more along the lines of "If a wallet is deleted then what happens to the bitcoins stored in it?"

Actually that is a good observation. If Bitcoin computer are lost are those coins lost forever. How do lost coins get back into circulation again?

thx
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May 24, 2011, 11:37:05 AM
 #11

i think the intent of the question was more along the lines of "If a wallet is deleted then what happens to the bitcoins stored in it?"

Actually that is a good observation. If Bitcoin computer are lost are those coins lost forever. How do lost coins get back into circulation again?

thx

They don't get back into circulation. Any way to get them back without the keys would be a way to get other people's coins without their keys. At least with Bitcoin you can back up your money.

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