[Solved] Wallet question - how does the wallet work?
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So when I originally set up my wallet, it was on another computer that does not run 24X7. I haven’t moved it over to my mining rig yet but I do open it daily to update and receive payments from my mining work. What happens to my auto payment from mining when the wallet is not open? Does it float around cyberspace till my wallet connects? How dangerous is that to have your money floating around (if it does that)? Do most people keep their wallet open on their mining rig?
Sorry, lots of Q’s
-Spec
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Hey specter!
About your questions:
It isnt necessary to run your wallet 24/7 and your coins arent ‘floating’ around. Your wallet just holds a privatekey and doesnt hold the ‘coins’. It just shows you the balance of your privatekey, how many coins are ‘stored’ there. So it isnt dangerous at all ;)
Hope that helps.
Regards,
ChekaZ -
Ok, so whats the point of opening the wallet at all once its updated and you have your privet key?
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To see your balance, send coins, review transactions, add new addresses.
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Makes since, so your coins live on the block chain till you tell them to go to another address? Why have the option to backup your wallet or encrypt if its only “reading” what your balance is but not actually storing it? Why go to all the trouble to create a paper wallet?
Sorry for the dumb questions, just learning.
-Spec
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These questions aren’t dumb, and we are all still learning.
1. Paper wallets are handy in case your computer gets hacked, someone else could access your wallet then and transfer coins to themselves.
2. as well as stopping you from spending coins,
3.and as a backup in case your computer blows up.
I love these questions keep them coming.
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So does a hacker need access to the PC or just your wallet ID number? So with a paper wallet do you create a new ID and send coin to it? If all they need is your personal payout address why do I see people post them up for donations?
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hacker obviously needs access to your pc to send the coins to his/her address(hence never download something that you believe/looks suspicious).If you wanna learn more about cryptocurrency just search bitcoins on youtube ,there are quite a few good interactive lessons there 8)
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[quote name=“specter” post=“43991” timestamp=“1386976882”]
So does a hacker need access to the PC or just your wallet ID number? So with a paper wallet do you create a new ID and send coin to it? If all they need is your personal payout address why do I see people post them up for donations?
[/quote]Your public key is the address you see people posting. The private key is what’s required for spending, and must be kept secret or else they can steal your coins.
Paper wallets contain both your public and private key, usually.
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[quote name=“cyborg” post=“44136” timestamp=“1387006272”]
hacker obviously needs access to your pc to send the coins to his/her address(hence never download something that you believe/looks suspicious).If you wanna learn more about cryptocurrency just search bitcoins on youtube ,there are quite a few good interactive lessons there 8)
[/quote]Ya, dumb question, it was obvious I was not thinking clearly (beer) when I phrased it. I guess was I was trying to get at was can a hacker get an ID by other means than getting on your PC. Like monitoring your in/out (like packet sniffing on wifi but on the net) Just trying to learn how secure it all is. Where do I find this private key in my wallet? Its not the send to address is it?
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To retrieve your private key you need to open the console window.
help->debugwindow->console
Then type dumpprivkey
It will return the corresponding private key.
Redo this for all addresses of your wallet shown in the ‘receive coins’ tab
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“wallet” is the closest topic I could find for some very basic questions from someone who is new to cyber currency and also not especially into the tech part…1)how do feathercoins transfer?..I presume from “address to address” but what address is that? I posted an item from sale in the market but could not complete the process because I don’t know what “address” to insert…is it my regular email, my PayPal account, my encrypted wallet, or what? 2.) once some fc have been transferred,then what? can they be transferred easily to other currencies, crypto or fiat, or is that a lot of effort? Some very basic info would be very helpful for very undereducated consumers…
