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Author Topic: Bitcoin Wallet Question  (Read 508 times)
sc00bysnax
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July 24, 2012, 10:16:52 AM
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Okay, yes, im newbie too bitcoins. Only really been dealing with them for a month or so and was wondering, if you bought bitcoins from any trusted site or bitinstant and you gave them an address that was other than too your bitcoin wallet in the bitcoin software could you possibly not receive them? Like, can you bypass your wallet and not have to worry about not getting your bitcoins as long as you know the place your having them sent too is also a legitimate coin receiver? For example: I want to buy some bitcoins but just want to fund my online account too buy internet goodies without going through my wallet first but im worried that if I dont have the coins sent to my wallet first I might not get them.

Its probably a real simple yes or no question and some people might laugh that I even bothered too ask but you can never be too cautious! Anyways thanks! Have a good day. 
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Stephen Gornick
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July 24, 2012, 12:50:43 PM
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Like, can you bypass your wallet and not have to worry about not getting your bitcoins as long as you know the place your having them sent too is also a legitimate coin receiver? For example: I want to buy some bitcoins but just want to fund my online account too buy internet goodies without going through my wallet first but im worried that if I dont have the coins sent to my wallet first I might not get them.

A bitcoin address is a bitcoin address, whether it is from your own wallet or with some online services hosted (shared) EWallet.

So yes, sending straight from BitInstant to Mt. Gox, for instance, works, you don't need to have it go through our own wallet first.

There is the situation where if both parties use the same hosted (shared) EWallet provider that the transaction will occur internally and the blockchain can't be used to prove that the payment was sent.  Mt. Gox, for instance, has a checkbox on withdraws that says "Open Transaction" which means it will go through the blockchain even if the recipient also happens to be a Mt. Gox user.

There's one other detail ... you can't always assume that you can return coins to the address they came from though.  So let's say BtiInstant sends you coins to your own wallet, you wouldn't just return them to the sender's address.   You instead want the destination to let you know exactly which bitcoin address to use when returning funds.

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