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Author Topic: Is my bitcoin wallet on MY local computer?  (Read 1460 times)
opentoe
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July 19, 2012, 07:22:04 PM
 #1

I want to start to accumulate bitcoin so it is easier for me to transfer/exchange when I need them. I installed bitcoin wallet from bitcoin.org. When and if I tranfer BTC into this wallet are the bitcoin stored locally within this program or this program just captures the transactions and just displays them? I'm just looking for the easiest / quickest way to accumulate and transfer bitcoin. I really do not want to associate anything with a credit card or bank account. I want to be safe, not sorry. Thanks, I really appreciate the info.


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July 19, 2012, 07:26:50 PM
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Yes, the BTC are stored locally on your computer within your wallet.dat file.  But the transaction itself is made public through the blockchain records.

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July 19, 2012, 07:42:36 PM
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If you Hard Drive dies and you don't backup your wallet your coins are gone.

If a hacker get access to you computer, Your wallet could be stolen

Encrypt and Backup  Grin

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July 19, 2012, 07:43:02 PM
 #4

I want to start to accumulate bitcoin so it is easier for me to transfer/exchange when I need them. I installed bitcoin wallet from bitcoin.org. When and if I tranfer BTC into this wallet are the bitcoin stored locally within this program or this program just captures the transactions and just displays them? I'm just looking for the easiest / quickest way to accumulate and transfer bitcoin. I really do not want to associate anything with a credit card or bank account. I want to be safe, not sorry. Thanks, I really appreciate the info.



Think of it that your password to access your bitcoins (and only you) are stored on your computer.

Keep it safe!

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evoorhees
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July 19, 2012, 07:48:29 PM
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If you're a beginner, I recommend entirely avoiding the bitcoin.org downloadable client. Instead, use Blockchain.info/wallet (but you still need to back this up!)

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July 19, 2012, 07:53:47 PM
 #6

Not to confuse you, but technically the bitcoins are not stored on your computer, rather the encryption keys that allow you to spend the coins on the bitcoin network. But for practical purposes you can think of your wallet file containing your coins.
There are myriad ways to keep your bitcoins secure. You should have a plan to backup and hide your wallet.dat file. as mentioned above, if you lose that file you have lost your coins forever. It can be as simple as making a copy of that file and saving it on a few USB sticks. I keep three copies of my larger wallet. One in a safe deposit box, one in a safe at home, and one encrypted and hidden on the internet.

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westkybitcoins
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July 19, 2012, 08:20:30 PM
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If you're a beginner, I recommend entirely avoiding the bitcoin.org downloadable client. Instead, use Blockchain.info/wallet (but you still need to back this up!)

Yeah, this is probably the best way for a beginner to start nowadays.

If you have a smartphone, you can also download Blockchain.info's mobile app.

I'd also recommend a backup app on the off chance Blockchain.info is down for a bit: BitcoinSpinner. It's simpler (only one address) but still quite good. (Some of the other smartphone apps aren't exactly solid, so use caution.)

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
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In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
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ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
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The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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July 19, 2012, 09:10:13 PM
 #8

...and please let us know what you think of Bitcoin after you go through this initial phase.  Too complicated or easier compared to handling and storing cash?  Credit cards?  Bank accounts? 

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July 19, 2012, 09:14:19 PM
 #9

Speaking of...

I set up the Android Bitcoin app on my touch pad and was looking for the file last night. I searched the directory for wallet and found nothing.

Also, if I just write down the PrivKey I should be able to load that up at some point in the future to send BTC right?

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
westkybitcoins
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Firstbits: Compromised. Thanks, Android!


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July 19, 2012, 09:24:14 PM
 #10

Speaking of...

I set up the Android Bitcoin app on my touch pad and was looking for the file last night. I searched the directory for wallet and found nothing.

Also, if I just write down the PrivKey I should be able to load that up at some point in the future to send BTC right?

Which app was it?

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
...
...
In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber
...
...
ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)
...
...
The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
opentoe
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Personal text my ass....


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July 19, 2012, 10:35:02 PM
 #11

Very cool!

I do run a backup server at my home (unraid) with over 22 terabyes of space, and I also use an offline backup service (crashplan) which backs up all my client workstations daily. Of course I can always backup the wallet.dat file manually and also write some kind of script to make sure it gets backed up. There are sooooo many options as to where/how to store your btc. I do like using the local wallet since I'm in control of it and there aren't any fees associated with using it. And it is not "tied" to anything but me, myself and I. I'm going to check out that blockchain wallet also...never place all my eggs in one basket I guess. Hopefully I won't get too addicted to all this.


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July 20, 2012, 01:14:18 AM
 #12

Hopefully I won't get too addicted to all this.

Quote from: Hotel California
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"We are programmed to receive.
You can check-out any time you like,
But you can never leave!"

You've fallen down the rabbit hole, there's no going back! Grin

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July 20, 2012, 01:41:43 AM
 #13

Speaking of...

I set up the Android Bitcoin app on my touch pad and was looking for the file last night. I searched the directory for wallet and found nothing.

Also, if I just write down the PrivKey I should be able to load that up at some point in the future to send BTC right?

Which app was it?


Bitcoin Wallet for Android

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
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