Hello, i were using multibit hd and Breadwallet together. I used both of them with 1 wallet opened on both. Suddenly my pc broke and i tried to restore my wallet on new pc. When i restored one btc address with money on it was missing. i tried to generate private addresses from BIP39 mnemonic but i couldnt find that recieving addres in the list of 50000 address. Money is still unspent. Help me to get it back i know wallet words and everything. If someone helps me i will gift him/her a bunch of a beer on btc address :) BOUNTY WILL BE 1000 EUROS. NEED HELP FAST. I HAVE MONEY FOR MY HOUSE AND NEED THAT TOO!!!
I bought my first BTC! What are the steps for getting it onto a USB drive securely?
I got some BTC from LocalBitcoin.com then transferred it from their online wallet to the private one on my computer. Everything flowed as expected. At this point, I'm a little confused, because I'm wanting to move a large portion of the BTC from my POS wallet, and onto a USB thumb drive. What's the best course of action so that I don't leave my wallet vulnerable at some point along the way?
I'm looking to purchase some coins without using my credit card. I've located an ATM in NY that I can have a friend who lives right near it go to for me. The way I understand it is that if you have a bitcoin app on your phone for your wallet, you wave your phone in front of it for the QR code for your account, deposit the cash, and the coins are transferred. Question 1: I installed MultiBit on my PC at the suggestion of a friend, thinking I could print a QR from there for the friend to use at the ATM. It only generates a QR if I fill in an amount. Does this mean if I fill in, say $40 and print that QR, the ATM will "force" me us to insert $40? How could I arbitrarily buy at the ATM? Question 2: Given the Address that the QR is generated from, when I go to pay someone with this, it will go directly to the wallet associated with that address [given that it looks like I can have multiple addresses per wallet] NB: I have not made any "accounts" anywhere, all I've done is install MultiBit. Thanks all. Edit: Thank you all for the info! It's been of help.
A few days ago i attempted to do a deposit from my multibit wallet to Cryptsy, this ended in me losing my money as i later discovered after trying again that the deposit address kept changing on me just after i generated a new one, right before my eyes, i asked Cryptsy to assist they had nothing for me, today i check my cryptsy account and have been cleaned out completely, nothing left.GREAT!! So i move to kraken today deciding no more Cryptsy bullshit. And make my first deposit of bitcoin to kraken using the address generator and SUPRISE! it didnt arrive either, i am really lost as what to do now, is my multibit wallet compromised? and if so how on earth do i fix it? also after checking the trasactions on blockchain.info and that other site i can see that the coins went to two seperate receiving addresses. I haven't had any drama for the last year of using cryptos now i have such drama all in a week. HELP The addresses in question 1QBWsx4ztFciikQFHgFzeoXqaD1JK1osWL this one to Cryptsy 13zejjgy73eNmsGEeAD3QZ91vvgXQcJxuM this one for Kraken
Still trying to get my head around this private key thing... So, If I have 1 wallet in my Multibit client, I have 1 Private Key, right ? If I add another wallet (in the same client), I will get another private key, correct? Each wallet can have multiple addresses - I'm still not clear as to why one would want that though.... So I could 1. Add 2nd wallet to my client 2. Send BTC from wallet1 to wallet2 3. Store wallet 2 offline, and delete it from my client. Is that a correct way to safely store BTC? Thanks!
I'm posting this on behalf of steauacris89 whose English is a bit bad. He opened this thread yesterday, and subsequently an issue was raised on MultiBit's GitHub page. His issue is that MultiBit somehow generated an invalid address "1FYMZEHnszCHKTBdFZ2DLrUuk3dGwYKQxh" and his coins are stuck in limbo. Here is a description of what needs to be done by one of MultiBit's developers, so if you've got the skills to help steauacris89 out, please do so. Naturally, since he'd have to basically give his wallet and password to some stranger, I'd recommend steauacris89 carefully chooses somebody with a positive track record on Reddit or with bitcoin (like Johoe), and not some random recently generated account whose only goal is to steal his coins. If said person wants to help steauacris89 for free, without the $100 bounty, even better.
This is my handout for paranoid people who want a way to store bitcoin safely. It requires a little work, but this is the method I use because it should be resistant to risks associated with:
Bad random number generators
Malicious or flawed software
If you want a method that is less secure but easier, skip to the bottom of this post. The Secure Method
Download bitaddress.org. (Try going to the website and pressing "ctrl+s")
Put the bitaddress.org file on a computer with an operating system that has not interacted with the internet much or at all. The computer should not be hooked up to the internet when you do this. You could put the bitaddress file on a USB stick, and then turn off your computer, unplug the internet, and boot it up using a boot-from-CD copy of linux (Ubuntu or Mint for example). This prevents any mal-ware you may have accumulated from running and capturing your keystrokes. I use an old android smart phone that I have done a factory reset on. It has no sim-card and does not have the password to my home wifi. Also the phone wifi is turned off. If you are using a fresh operating system, and do not have a connection to the internet, then your private key will probably not escape the computer.
Roll a die 62 times and write down the sequence of numbers. This gives you 2160 possible outcomes, which is the maximum that Bitcoin supports.
Run bitaddress.org from your offline computer. Input the sequence of numbers from the die rolls into the "Brain Wallet" tab. By providing your own source of randomness, you do not have to worry that the random number generator used by your computer is too weak. I'm looking at you, NSA ಠ_ಠ
Brain Wallet tab creates a private key and address.
Write down the address and private key by hand or print them on a dumb printer. (Dumb printer means not the one at your office with the hard drive. Maybe not the 4 in 1 printer that scans and faxes and makes waffles.) If you hand copy them you may want to hand copy more than one format. (WIF and HEX). If you are crazy and are storing your life savings in Bitcoin, and you hand copy the private key, do a double-check by typing the private key back into the tool on the "Wallet Details" tab and confirm that it recreates the same public address.
Load your paper wallet by sending your bitcoin to the public address. You can do this as many times as you like.
You can view the current balance of your paper wallet by typing the public address into the search box at blockchain.info
If you are using an old cell phone or tablet do a factory reset when you are finished so that the memory of the private keys is destroyed. If you are using a computer with a boot-from-CD copy of linux, I think you can just power down the computer and the private keys will be gone. (Maybe someone can confirm for me that the private keys would not be able to be cached by bitaddress?)
To spend your paper wallet, you will need to either create an offline transaction, or import the private key into a hot wallet. Creating an offline transaction is dangerous if you don't know what you are doing. Importing to a client side wallet like Bitcoin-Qt, Electrum, MultiBit or Armory is a good idea. You can also import to an online wallet such as Blockchain.info or Coinbase.
Trusting bitaddress.org The only thing you need bitaddress.org to do is to honestly convert the brainwallet passphrase into the corresponding private key and address. You can verify that it is doing this honestly by running several test passphrases through the copy of bitaddress that you plan on using, and several other brainwallet generators. For example, you could use the online version of bitaddress, and brainwallet and safepaperwallet and bitcoinpaperwallet. If you are fancy with the linux command line, you can also try "echo -n my_die_rolls | sha256sum". The linux operating system should reply with the same private key that bitaddress makes. This protects you from a malicious paper wallet generator. Trusting your copy of bitaddress.org Bitaddress publishes the sha1 hash of the bitaddress.org website at this location: https://www.bitaddress.org/pgpsignedmsg.txt The message is signed by the creator, pointbiz. I found his PGP fingerprint here: https://github.com/pointbiz/bitaddress.org/issues/18 "527B 5C82 B1F6 B2DB 72A0 ECBF 8749 7B91 6397 4F5A" With this fingerprint, you can authenticate the signed message, which gives you the hash of the current bitaddress.org file. Then you can hash your copy of the file and authenticate the file. I do not have a way to authenticate the fingerprint itself, sorry. According to the website I linked to, git has cryptographic traceability that would enable a person to do some research and authenticate the fingerprint. If you want to go that far, knock yourself out. I think that the techniques described in this document do not really rely on bitaddress being un-corrupt. Anyway, how do we know pointbiz is a good guy? ;-) There are a lot of skilled eyes watching bitaddress.org and the signed sha1 hash. To gain the most benefit from all of those eyes, it's probably worthwhile to check your copy by hashing it and comparing to the published hash. "But we aren't supposed to use brainwallets" You are not supposed to use brainwallets that have predictable passphrases. People think they are pretty clever about how they pick their passphrases, but a lot of bitcoins have been stolen because people tend to come up with similar ideas. If you let dice generate the passphrase, then it is totally random, and you just need to make sure to roll enough times. How to avoid spending your life rolling dice When I first started doing this, I rolled a die 62 times for each private key. This is not necessary. You can simply roll the die 62 times and keep the sequence of 62 numbers as a "seed". The first paper address you create would use "my die rolls-1" as the passphrase, the second would be "my die rolls-2" and so on. This is safe because SHA256 prevents any computable relationship between the resulting private key family. Of course this has a certain bad security scenario -- if anyone obtains the seed they can reconstruct all of your paper wallets. So this is not for everyone! On the other hand, it also means that if you happen to lose one of your paper wallets, you could reconstruct it so long as you still had the seed. One way to reduce this risk is to add an easy to remember password like this: "my die rolls-password-1". If you prefer, you can use a technique called diceware to convert your die rolls to words that still contain the same quantity of entropy, but which could be easier to work with. I don't use diceware because it's another piece of software that I have to trust, and I'm just copy/pasting my high entropy seed, so I don't care about how ugly it is. Why not input the dice as a Base 6 private key on the Wallet Details tab? Two reasons. First of all, this option requires that you roll the die 99 times, but you do not get meaningful additional protection by rolling more than 62 times. Why roll more times if you don't have to? Second, I use the "high entropy seed" method to generate multiple private keys from the same die rolls. Using the Base 6 option would require rolling 99 times for every private key. I'm a big nerd with exotic dice. How many times to roll? Put this formula in Excel to get the number of times to roll: "=160*LOG(2,f)" where f = number of faces on the die. For example, you would roll a d16 40 times. By the way, somewhat unbelievably casino dice are more fair than ordinary dice The "Change address" problem: You should understand change addresses because some people have accidentally lost money by not understanding it. Imagine your paper wallet is a 10 dollar bill. You use it to buy a candy bar. To do this you give the cashier the entire 10 dollar bill. They keep 1 dollar and give you 9 dollars back as change. With Bitcoin, you have to explicitly say that you want 9 dollars back, and you have to provide an address where it should go to. If you just hand over the 10 dollar bill, and don't say you want 9 dollars back, then the miner who processes the transaction gives 1 dollar to the store and keeps the remainder themselves. Wallet software like Bitcoin-Qt handles this automatically for you. They automatically make "change addresses" and they automatically construct transactions that make the change go to the change address. There are three ways I know of that the change problem can bite you:
You generate a raw transaction by hand, and screw up. If you are generating a transaction "by hand" with a raw transaction editor, you need to be extra careful that your outputs add up to the same number as your inputs. Otherwise, the very lucky miner who puts your transaction in a block will keep the difference.
You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the paper wallet. The change is not in the paper wallet. It is in a change address that the wallet software generated. That means that if you lose your wallet.dat file you will lose all the change. The paper wallet is empty.
You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the change address that the wallet software generated. If the transaction did not need to consume all of the "outputs" used to fund the paper wallet, then there could be some unspent outputs still located at the address of the paper wallet. If you destroyed the paper wallet, and destroyed the copy of the private key imported to the wallet software, then you could not access this money. (E.g. if you restored the software wallet from its seed, thinking all of the money was moved to the wallet-generated change addresses.)
For more on this, see here The hot paper wallet problem Your bitcoin in your paper wallet are secure, so long as the piece of paper is secure, until you go to spend it. When you spend it, you put the private key onto a computer that is connected to the internet. At this point you must regard your paper wallet address as hot because the computer you used may have been compromised. It now provides much less protection against theft of your coins. If you need the level of protection that a cold paper wallet provides, you need to create a new one and send your coins to it. Destroying your paper wallet address Do not destroy the only copy of a private key without verifying that there is no money at that address. Your client may have sent change to your paper wallet address without you realizing it. Your client may have not consumed all of the unspent outputs available at the paper wallet address. You can go to blockchain.info and type the public address into the search window to see the current balance. I don't bother destroying my used/empty paper wallet addresses. I just file them away. Encrypting your private key BIP 0038 describes a standardized way to encrypt your paper wallet private key. A normal paper wallet is vulnerable because if anyone sees the private key they can take the coins. The BIP38 protocol is even resistant to brute force attacks because it uses a memory intensive encryption algorithm called scrypt. If you want to encrypt your wallets using BIP38, I recommend that you use bitcoinpaperwallet because they will let you type in your own private key and will encrypt it for you. As with bitaddress, for high security you should only use a local copy of this website on a computer that will never get connected to the internet. Splitting your private key Another option for protecting the private key is to convert it into multiple fragments that must be brought together. This method allows you to store pieces of your key with separate people in separate locations. It can be set up so that you can reconstitute the private key when you have any 2 out of the 3 fragments. This technique is called Shamir's Secret Sharing. I have not tried this technique, but you may find it valuable. You could try using this website http://passguardian.com/ which will help you split up a key. As before, you should do this on an offline computer. Keep in mind if you use this service that you are trusting it to work properly. It would be good to find other independently created tools that could be used to validate the operation of passguardian. Personally, I would be nervous destroying the only copy of a private key and relying entirely on the fragments generated by the website. Looks like Bitaddress has an implementation of Shamir's Secret Sharing now under the "Split Wallet" tab. However it would appear that you cannot provide your own key for this, so you would have to trust bitaddress. Durable Media Pay attention to the media you use to record your paper wallet. Some kinds of ink fade, some kinds of paper disintegrate. Moisture and heat are your enemies. In addition to keeping copies of my paper wallet addresses I did the following:
Order a set of numeric metal stamps. ($10)
Buy a square galvanized steel outlet cover from the hardware store ($1)
Buy a sledgehammer from the hardware store
Write the die rolls on the steel plate using a sharpie
Use the hammer to stamp the metal. Do all the 1's, then all the 2's etc. Please use eye protection, as metal stamp may emit sparks or fly unexpectedly across the garage. :-)
Use nail polish remover to erase the sharpie
Electrum If you trust electrum you might try running it on an offline computer, and having it generate a series of private keys from a seed. I don't have experience with this software, but it sounds like there are some slick possibilities there that could save you time if you are working with a lot of addresses. Message to the downvoters I would appreciate it if you would comment, so that I can learn from your opinion. Thanks! The Easy Method This method is probably suitable for small quantities of bitcoin. I would not trust it for life-altering sums of money.
Download the bitaddress.org website to your hard drive.
Close your browser
Disconnect from the internet
Open the bitaddress.org website from your hard drive.
Hello! Welcome to our awesome /Dogecoin community! Here you can find very useful information about Dogecoin, Cryptocurrency and more! Let's start from the beginning. What is cryptocurrency? Probably you know Bitcoin, Litecoin, and Dogecoin they are cryptocurrencies. Cryptocurrency is a blockchain-based digital asset that uses cryptography to secure its transactions. How to start? Here is a list of things:
Wallet Why? You need to store your dogecoins somewhere. Types of wallets:
Paper wallets - Easy setup, secure, you are the owner of the wallet
Light wallet - Easy setup, secure, you are the owner of the wallet, Require PC/servephone, NOT RECOMMENDED
Core wallet - Hard setup, secure, you are the owner of the wallet, Require Good PC/ VPS, you are the owner RECOMMENDED
Cloud wallet - Easy setup, not secure, you aren't the owner of the wallet.
OHCC Exchange Partnership and the fractional exchanges that support it. Your exchange may be counterfeiting cryptocurrency!
OHCC Exchange Partnership OHCC is the behind-the-scenes trading that goes on between the big three chinese exchanges - OKCoin, Huobi, and BTC China. Many of the players in this partnership deal with long/short loan trading and freely join their reserves via a trust agreement. The owners of these exchanges were unsatisfied with the meager income they earn from transaction fees, so they came up with a solution. During this current Chinese National holiday til the 8th of october, all banks are closed, this would be the perfect time to unleash the plan to the market.. They noticed that everytime favorable news came out, huge market moves would happen, so, the exchange owners would create counterfeit fiat on each exchange in order to foster optimism about the future market for the buyers on the exchange. Whenever the markets were to go bad, they would to do the opposite. In order to amplify downwards movement on the exchanges, “war bots” were created that push the markets down in an aggressive manner, causing margin calls and generating profit for their trading partners. http://i.imgur.com/9Q0xTet.png Employing traders with large fractional reserves, OHCC uses these fictitious funds in order to garner more real money deposits via leading recharge code sellers. In order to prevent the loss of the counterfeited currency, collusion between exchange owners must be done at the same moment. BTCChina decided that due to losses of funds in the past caused by bad encryption and bugs in the system, they needed to partner together and now think that the best hope to regain funds is to bring the price down to zero, in order to buy as much coin as possible and refill said reserves. Their counterparties in other exchanges agreed that they will aso use the same means, in order to collude and gain profits on their own reserve accounts. It is made to look that everyone is competing on the surface, but in private there is a mutual understanding within the industry that those who remain silent will receive the benefits of silence. Yesterday's Litecoin crash, combined between all the exchanges had turnovers as high as 20 million coins moved, way more than the sum of all the transactions made within the past week and the day before the transaction currency trading market volume closed at 35 million LTC, while the total LTC in circulation is only 31 million! This means that regardless of how much money you have to buy the dips, many will be put into the bottomless black hole. Public reserve is intended to ensure that the exchanges cannot fake these funds and ensure that that each is at 100 percent reserve, which is to have a completely open Bitcoin wallet address for both the cold and hot wallet, to ensure that they do not create counterfeited currency. Not open exchange reserves Yes, the above story is happening around us. Many players excessive dependence on trading platform, the coins stored in the platform, and trading platform does not fulfill its obligations disclosed reserves. Caused a trading platform for profit making counterfeit money to manipulate the market and malicious trick users into real money. So, how should users involved in this market protect themselves? 1) Do not store in Bitcoin and other platforms! If you're long-term bullish market, then Bitcoin, and Litecoin should be stored in their wallet. Some platforms will be committed borrowing interest, do not because of the platform for the petty and the coins and other bits on the platform, and finally you get the benefits far outweigh the losses! You just put the coins and other bits emerged, the trading platform will mention now facing pressure. Such power can be reduced more or less of them false. OpenBlock MultiBit 2) Use legal weapons to protect themselves, and urge the public to prepare gold trading platform. If you feel your rights have been infringed, the user should actively protect their legitimate rights and interests with legal weapons. False trading trading platform is an offense, the player must zero tolerance. 3) Vote with their feet, leaving no open exchange reserves, to publicly exchange reserves to deal. Now open reserve all transactions: chbtc 796 Futures has a open reserve for both hot and cold wallet as well as all member wallets Peatio No public exchange reserves should be open as soon as possible to prepare gold proved reserves include the number of hosted prove cold wallet address and user renminbi. You must ensure that the trader is not real money in exchange for false then the exchange of digital databases. The method proved reserves See: proof-of-solvency Ending OHCC Exchange http://i.imgur.com/njub1Nr.jpg The largest Bitcoin exchange MTGOX previously collapsed with bankruptcy and no funds for partners seem to be recoverable. With their collapse the crazy behavior of the Willy bot still vivid in our memories. So what will be the final outcome of OHCC exchange? Will OHCC Exchange will become the second MTGOX? To be honest, the editors do not know the fate of the players involved, as it is in their own hands.
I think I just lost 90BTC! Are they stolen?? Help!!!
Here's my wallet: https://blockchain.info/address/1781pfQvte9o9NsHwtgiwXjq6RegSKRAr5 It's a brain wallet with a pretty darn good passphrase Why is my transfer grouped with another transfer of 87.999BTC?? I used a Xubuntu Live CD and generated the privkey from my passphrase using a downloaded html from bitaddress.org. I used MultiBit and exported my wallet to a file, then modified the file to contain my priv key, then I transferred 12BTC to my blockchain wallet. Then I deleted the wallet, closed MultiBit and shut down the PC. Are my bitcoins lost forever??? edit: still struggling. I've done a "cat /dev/sdb > usbstick.bin" and copied the casper-rw file directly. mounting the casper-rw file works and I browsed to ~/MultiBit. There's one wallet there that looks interesting, but I cannot read or copy it in any way... $ ls ls: cannot access multibit-20130321171949.wallet: Input/output error log multibit-20130321232736.info multibit.blockchain multibit.properties multibit-20130321171949.wallet multibit-20130331160220.wallet multibit.info multibit.wallet searching for org.bitcoin.production through the casper-rw gives me 3 hits. I also extracted this from the casper-rw: multiBit.info,1 walletVersion,2 receive,1BndiDjH6eLsGajv5mzenNTx1z33hf9udT, property,walletDescription,Your%20wallet%20description property,walletFileLastModified,1363908467000 property,walletInfoFileLastModified,1363908467000 property,sendPerformPasteNow,false property,receiveLabel, property,walletBackupFile,%2Fhome%2Fxubuntu%2FMultiBit%2Fmultibit-20130321232754.wallet property,walletInfoFileSize,492 property,receiveAddress,1BndiDjH6eLsGajv5mzenNTx1z33hf9udT property,walletFileSize,104 edit2: when trying to read the wallet file from casper-rw, dmesg says: [ 7994.345782] EXT2-fs (loop1): error: ext2_lookup: deleted inode referenced: 64322 edit3: MultiBit is using bitcoinj, which stores the wallets in a protobuf format. I downloaded protobuf and the bitcoinj source, extracted the wallet.proto stucture and wrote a small C++ program that searches in the USB stick bin file for the string "\x0A\x16org.bitcoin.production", and tries to parse it as a protobuf wallet of size 8-50000 bytes. I found a couple of wallets, but only empty ones and my brainwallet. The structure with a header and reversed bytes that 4461462665 is refering to seems to conform with what I've read about how protobuf serializes data. I really think the wallet is lost. I'm going to quickly set up a sandbox that selected hackers can have a stab at. If anyone manages to recover the bitcoins, they are free to keep 30%. edit4: TLDR; The story: I used a fresh MultiBit client, imported my brainwallet private key, made a 12btc transaction and then deleted the wallet. Turns out MultiBit picked up a 100BTC "input" and transferred the "change" (88btc) to the first key in my wallet (one generated by MultiBit before importing my own key). I have searched (hard!) for the key. I'm giving up, and will let the hackers of the internets take a stab. edit5: I really think the bitcoins are lost. Looking at .wallet files from MultiBit, they all seem to store the private key in plain hex, prefixed with the string 1A 6E 08 01 12 20. I have searched for this string but all I could find was the wrong private key.
Am I understanding the Bitcoin system correctly? Any corrections/clarification/advice would be appreciated.
So weeks (or months?) ago I started researching Bitcoin because I want to get a VPN subscription that takes payment in BTC, and because I just have a general interest in it and may buy 1 or 2 BTC as a long-term investment. It has been a confusing and somewhat daunting thing to grasp so far, and I've been reluctant to jump in until I feel fairly confident that I understand what I want to do and why. It seems that some websites/videos either focus on oversimplifying BTC to the point that they basically aren't saying anything, or they focus on the complex (to me) math and programming that drives BTC. I looked through the newest 500 or so posts in this subreddit which yielded some insight as well, but I want to just lay out my current understanding of BTC and if anyone has any corrections or advice I'd be happy to hear it. This isn't meant to be a guide. It is just me organizing my thoughts so I can better understand how BTC really works. So I'm sure I'll get some things wrong, and when I do please let me know. THE BITCOIN PROTOCOL/SYSTEM I understand Bitcoin as a protocol or single system that all users must interact with to buy and sell bitcoin. It is basically a giant ledger that tracks and records all BTC transactions that have ever happened on the blockchain. It started with a Genesis block which created the initial supply of BTC. After that all new BTC have to be mined in a resource-intensive process that solves a very large/difficult equation to a certain standard, in a manner that is designed to find a new solution every 10 minutes or so on average. Aside from mining BTC and receiving the reward for solving a block the only way to obtain BTC now is to receive it in a transaction, either by buying it from a seller or by receiving it as a payment/gift. I'm not too concerned ATM with how mining works in detail, as I care more about how transactions work, or how I can use BTC. A bitcoin essentially doesn't exist as a physical object or as an ID number, rather the Bitcoin system merely tracks "who" holds BTC, or more accurately "where" BTC resides. This is accomplished via a private/public key system that uses cryptography and authentication to securely transmit and verify transactions. This is one spot where I had trouble understanding the difference between public keys, addresses, private keys, recovery seeds, wallets, etc... I think I have a better understanding of it now so hopefully the next part makes sense. KEYS, ADDRESSES, SEEDS, WALLETS, WTF, FML To join the Bitcoin "network" you must first have a wallet. There are a number of different types of wallet programs, services, or devices, but in the end they all accomplish the same goal, providing and managing public and private keys. A wallet is not one address, it is not one private key/public key pair, it is not a file or folder that holds any of that information. A wallet as I understand it is what I have heard some call a "master private key", or a very long string of letters and numbers that is randomly generated by the protocol that drives Bitcoin. This "Master" is then hashed or something to give you a smaller, more manageable number that is your recovery seed. The recovery seed can be further hashed? to give you a list of 12, 16, or 24 words, which is your mnemonic recovery seed. This unique Master (or at least very, very likely unique number due to the magnitudes of randomness) is used to generate public/private key pairs when needed, and often(or always?) does so in a deterministic manner. This means that the Master would always give the same key pairs in a specific random order. So if you lose a computer or forget a password at any time, if you wrote down your recovery seed or mnemonic recovery seed you can "recover" your wallet or Master. ?1? What I don't understand ATM is how the seed knows whether you already used a key pair. Meaning if I used the first 3 key pairs of my original Mastewallet and my computer was destroyed or I lost access to my wallet software account, then say a month later I found my recovery seed written down(or someone else did) and I used the seed to set up a new account in a different wallet software and/or on a new computer, would the first 3 key pairs I request from the resurrected Master (we'll call it Jesus) MATCH the first 3 key pairs I used months ago? Or does Jesus know that those first 3 pairs were already used and immediately know to give me the 4th key pair when I use Jesus for the first time? Does the seed check the blockchain to see if its first 3 pairs have been used already before it spits out the next available pair? I assume in wallet software/hardware wallets that the wallet.dat? file is what remembers your preferences and previous address/key usage, but the seed has to somehow work on its own, independent of a saved file correct? What prevents a wallet set up from the recovery seed from reusing addresses/keys? ?1? Once you get your Master and write down your recovery seed, you are basically ready to receive BTC. You can buy BTC from an exchange which will require lots of ID verification and linking to your bank account. This is the cheapest way to buy BTC but is also the least private and most time-consuming(setting up and providing documentation). Also an exchange keeps your purchased BTC within its own wallets until you request that they send them to another address (one you control). You could buy from an individual and pay cash, which is quicker and normally requires little to no identification, but it is normally the most expensive. The individual sends BTC to an address you control after you pay. When you buy BTC in order to receive it a transaction has to take place. You use your wallet to create your key pair, which gives you your public key/address. You give the sender your address, which is basically a hash of your public key in your selected key pair. The sender then initiates the transfer in Bitcoin software by "signing" the transaction with his private key and publishing his public key so everyone in the system knows which addresses are involved in the transaction. The BTC software checks that the sender's private key corresponds to his provided public key/address, and notes that your public key/address is the destination. If you want to send your BTC to another address the process is the same. You get the recipient's address/public key, initiate the transaction and sign it with your private key (the private key that corresponds to the public key/address you used to receive the BTC originally), and the BTC software checks everything. You don't actually have to know or type your private key, as the BTC software does it for you. The only typing or input you provide is the recipient's receiving address/public key and your own "sending" address/public key. And sometimes if you have an online wallet or certain wallet software it will automatically select your public key(s)/address(es) that contain enough BTC to cover the transaction. Once a transaction has been submitted to the BTC system, it has to be confirmed by miners to be finalized and added to the blockchain. This can take minutes or hours depending on what transaction fee you pay (higher fee means higher priority and more likely to confirm fast). Once your transaction is in a block on the blockchain it is best to wait until it has 5 or 6 new blocks ahead of it on the chain to make sure it is really final, which normally takes an hour or so. If you need to receive more BTC in the future you can use the same address as before but you SHOULDN'T since your private key was used already. You should request a new key pair from your wallet/Master and provide that new address/public key to receive new BTC. So over time you will have a history of used key pairs that you don't want to reuse, but this won't be a problem since one Master can provide an almost unlimited number of key pairs. ANONYMITY/PRIVACY The biggest advantage or benefit of Bitcoin is the fact that is exists and operates outside of the control of any bank, company, nation, or government. It is only a program or protocol, so to take part in it you don't need anyone's permission, you just need the technical capability to interact with the system and create a wallet. The caveat of course is that you need software that works with BTC, and if you are joining the system for the first time you need someone to send you some BTC. The Bitcoin system itself is merely a chain of transactions, identified by the address/public key. So Bitcoin itself doesn't identify any person or company on the blockchain. In this way it is KIND OF anonymous, however every transaction must be forever public and visible on the blockchain, so you could follow any recent transaction back to any number of previous transactions. So if someone was able to identify YOU as the owner of a particular address, they could say that YOU sent BTC to a specific address at a specific time in a specific amount. I'm still a little fuzzy on this stuff but I have some things basically down I think. With online or hot wallets and probably most others you would generally install a program to your PC or phone, and/or create an account through a website. I imagine that most require an email in the least in order to sign up, although there may be some that require no personal info, and some I'm sure require more info. There is also the issue of your IP address being visible or connectable to a particular wallet website/service, and if your PC is insecure then outside entities could intercept your info. If you buy from an exchange you will normally have to fully identify yourself, often in excessive amounts, and link your bank account in order to pay. Obviously this means that exchange service will know that you bought this amount of BTC on this date. I don't think they HAVE to tell anyone else that you bought from them, but in the case of a government investigating a person or a BTC transaction they often will probably comply I'm guessing. If you buy from an individual they normally won't need any info from you, especially if you are paying in person with cash or via cash deposit into their bank account. This seems to be the most anonymous method to buy BTC to me. ?2? From what I've read there are many wallet services that cycle or mix BTC within their system, I think it is called shared addresses or something? Basically once you receive BTC to your address within their wallet service, they will hold it. But if it sits there long enough they may transfer it internally among their own addresses in order to keep the majority of their users' BTC safely stored on a few addresses in cold storage. They would digitally credit you with that amount of BTC, then when you want to send some of 'your' BTC they would move the amount that you want to send back to an address under your specific wallet, then you would use that address to make the transaction. So the BTC you received initially probably won't be the BTC you actually send later on. Or more accurately the receiving address you initially got the BTC on won't be the sending address you use to send that BTC later? I know that there are also mixing services that cycle addresses to obscure the trail of transactions for a fee. ?2? Regarding your IP address, I believe many wallet services support using Tor to access their website, which should help with anonymity. So if you had to buy from an exchange, you could potentially send the BTC to a personal wallet that has shared addresses, wait a while to let it cycle, then send to another personal wallet in another program/service, and potentially your the trail from you buying from the exchange to eventually holding the BTC in your personal wallet would be obscured? MY PERSONAL PLAN I haven't created a wallet or bought BTC yet personally, but want to soon. See if this scenario makes any sense.
Create a mobile wallet in say MyCelium, in order to receive my first BTC.
Buy some BTC via an individual willing to do cash deposit into their bank account. (If I do this will the bank ask for ID from me, or as long as I just fill out the deposit slip with the person's acct number and hand it to them with the cash will they just take it?)
Once they confirm I paid and send BTC to me I confirm that the transaction is on the blockchain an hour or two later.
If MyCelium doesn't do the shared addresses thing where they essentially act as a mixer, I could either send by BTC to a mixing service or to another wallet that I create in say Electrum or Multibit HD(assuming one of those do the shared mixing thing).
Then once I feel confident that everything has been mixed I can send my BTC to another wallet, maybe Electrum/Multibit HD (whichever one I didn't use already) to act as my final BTC wallet.
After that I could send all or part of my BTC to a hardware wallet like KeepKey in order to safely hold my BTC for extended periods.
?3? At what points in the above scenario should I use Tor to obscure my IP address, assuming each of those wallets support it? Also, am I going completely overboard if I will be buying from an individual via cash deposit? I figure this process would be better applied if I bought via an exchange, but if I buy local is this all pointless? All I'm planning to buy is a VPN service, and possibly buy more BTC to hold as an investment. It's not like I'm buying drugs or doing other dark web stuff. I'm mostly just interested in increasing my privacy in relation to my ISP and advertisements, especially in light of the new ISP/internet laws that have been passed/repealed. (I'm in the USA). ?3? TLDR: My main questions revolve around how wallet addresses/seeds work in practice, and how I can maximize my privacy/anonymity when using BTC. Thanks for any comments
Two questions for practical use and a really dumb one.
My first question is: I have my Multibit wallet. How do I figure out my public and private key? You can generate a text file of those if I understand correctly? But if I send bitcoin through my wallet I don't have to enter my private key right, just my password. So does Multibit have my private key? My second is about a paper wallet. I should probably just try this out myself but if I understand correctly you make an address and send bitcoin to it. Then if you want to spend it you would use an app like blockchain? This is on android, but is there a windows phone "spend app" for example? Then about generation of wallets. Do the wallet generators use a logic to make sure no wallets are generated twice? Is it impossible to generate a wallet and already find funds on it (or that someone is already using) or just very very very unlikely? I've had these noob questions for a while now and figured this is the subreddit for them. I waited for moronic monday, but I can't find it this week. Thanks in advance for your answers!
A few days ago i attempted to do a deposit from my multibit wallet to Cryptsy, this ended in me losing my money as i later discovered after trying again that the deposit address kept changing on me just after i generated a new one, right before my eyes, i asked Cryptsy to assist they had nothing for me, today i check my cryptsy account and have been cleaned out completely, nothing left.GREAT!! So i move to kraken today deciding no more Cryptsy bullshit. And make my first deposit of bitcoin to kraken using the address generator and SUPRISE! it didnt arrive either, i am really lost as what to do now, is my multibit wallet compromised? and if so how on earth do i fix it? also after checking the trasactions on blockchain.info and that other site i can see that the coins went to two seperate receiving addresses. I haven't had any drama for the last year of using cryptos now i have such drama all in a week. HELP
Hi- looking for some pointers if possible please! Bought some bitcoin about 3 years back, and I moved them to a multibit classic wallet. Left them... 3 years later and I'm trying to move the coins back from that old laptop onto an exchange. In the exchange (kraken), I have generated a deposit address. In multibit classic- I am then trying to send to that address (copying address details into notepad and moving from machines using a USB stick). I keep getting an error though- "the address is not a valid bitcoin address". I have double checked the address on block chain.info - and it looks fine, so I don't think it's a copy paste issue. Trying to send 0.08 so not a huge amount, but ample enough to cover transaction cost. Any suggestions of what I could check?? Thanks in advance
What's the best way to sync my wallet between computers? I started using Dogecoin Core on my desktop and Multidoge on my laptop, with the same private key and one address, but with all the change addresses Dogecoin core generates, that's got out of sync. Is there anything like Multibit, which keeps my (m)bitcoins synced due to using the same wallet words? What if I used the same wallet, then synced wallet.dat over an (encrypted) file syncing service? Any great ideas from you other Shibes? Much sync, much thanks! I also have a server, is there any wallet I can put on there, then just access the same wallet from the two computer, i.e; a command line wallet I can access anywhere over ssh?
Transferring to hardware (ledger) wallet and I am having issues
Hi everyone. I have run into an issue transferring to a hardware wallet and I really need some help. Here is the sequence of events up until now I set up the Nano and sent a small amount of bitcoin to it as a trial using Multibit (old I know). The transaction was visible almost instantly on the Hardware ledger. I wiped the nano and restored it using my seed to be sure the process worked and that I still had the bitcoin I had sent to it. During this process it created a new address I then sent all of the BTC on my multibit wallet to the new address for the nano. I checked the address was correct several times. At this point my multibit wallet said 0 balance but NOTHING posted to the hardware ledger. It still only has the first small transaction on it. I am trying not to panic as a blockchain search of my original wallet still shows the bitcoin there and no pending transactions, so I think the coin is still there. I have since taken my PC offline and generated a private key for the wallet and stored it off the computer. I also rebuilt the block in multibit but after doing that it shows a strange balance in the wallet that makes no sense given the transactions I made. other info I was not able to set a fee for either transaction. The multibit wallet simply told me what the fee would be. It was around 2.00 for the first and 7 for the second, however the second transaction was MUCH larger than the first ( 1000 times larger) I would really appreciate any insight into what has happened. I have been considering downloading another wallet and using the key I generated to access the BTC. I want to hold off on that as to not complicate this more. Thank you for any help you can give.
Doing something a little different today - I'm doing a pair of posts, one more general (over on /dogecoin at https://www.reddit.com/dogecoin/comments/32bsvv/dev_wallets/), one more technical (this). Something that comes up at a lot is people wanting to get involved and not knowing where to start. The reference client can be more than a little intimidating to get involved with, but there's a number of libraries for various languages that make programming with cryptocurrencies easier. I'd love to see more projects using these libraries, and/or getting involved with their development:
Java - dogecoinj, which powers the Android client and Multidoge
I need to set up linux server for web service that could generate bitcoin addresses and check the balance on them, etc (basically, receive payments in BTC). And I do not want to use third-party online wallets and services. Original bitcoind client is too large now, you need almost 30 GB just to store blockchain files, and that'd be pretty expensive even for VPS. Are there any thin command-line (or with API, JSON or other) linux clients for this purpose? Electrum is GUI-based, Multibit too.
Brainwallet Generator. If you have trust issues with third-party services (BTC.com, Blockchain.com, BitGo.com, Coinbase.com, etc) securing your Bitcoin, Altcoin, or other Cryptocurrency, you will want a Brainwallet – the most affordable and secure solution today. Bitcoin Address Generator is the ultimate tool for generating single and bulk bitcoin addresses, generate mnemonic seed phrase, check private keys with corresponding bitcoin addresses, view details and derived addresses from bip39. The other is public and a version of it dubbed a Bitcoin address is given to other people so they can send you bitcoins. A paper wallet is basically a doc that has ... Bitcoin Generated address generator online, secure, easy, fast and free. Generate your Bitcoin address online. What is a Generated Address? It's a normal bitcoin address that starts with some string of characters that appeals to you. In some way it is a bit like having a personalised number plate on your car. What is Paper Wallet? A paper wallet is a mechanism for storing bitcoins offline as a ... Warpwallet - Deterministic Bitcoin Wallet Generator. WarpWallet can use your email address as extra seed data to make your wallet stronger. If you're unsure, please do it. If you want to know more, read how we "salt" in the footer of this page. [ Ok ] Private key QR Code (Wallet Import Format) WarpWallet is a deterministic bitcoin address generator. You never have to save or store your private ... This article may be too technical for some users. The more basic article on Bitcoin Addresses may be more appropriate.. A Bitcoin address is a 160-bit hash of the public portion of a public/private ECDSA keypair. Using public-key cryptography, you can "sign" data with your private key and anyone who knows your public key can verify that the signature is valid.
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