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donuts
4y

I'm reading online that after I buy bitcoins from Coinbase, I should transfer it to a private wallet that is kept offline.

What would be a private wallet? Does that mean I have to download and keep the entire blockchain on my PC?

Also how would I transfer?

And best way to keep the private wallet secure? and not lose the key, password, etc?

And I guess main reason I ask was bc I saw this. Actually does this basically act like Coinbase? But they keep my wallet?

https://try.blockfi.com/morningbrew...

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  • 0
    4y
    On another note bc I can't post another rant... My dad is trying to hatch store brought eggs in his oven....

    I told him that's not possible and he should learn to use Google sure it's insanely easy to ask it questions now....

    Back in the early days of the internet... You had to be a really good at using quotations and +, -, and keywords to maybe what you wanted...
  • 1
    4y
    Poultry Park - spared no expense...
  • 0
    4y
    @Demolishun ?
  • 1
    4y
    @donuts The eggs thing reminded me of Jurassic Park the movie. They basically hatched dinosaurs.
  • 1
    4y
    The private wallet holds the private key to your money. By having a wallet on removable media means there is an air gap between the computer and the wallet key. It is pretty hard to hack an air gap.

    Any company that you trust to hold your money acts like a bank and uses the currency they have as leverage. You have to trust them with security.
  • 0
    4y
    @irene a key is just a file like public private keys?

    How do I use it to access the wallet though?
  • 0
    4y
    @donuts it has been a while since I used this stuff BTW. The wallet is a whole software bundle and it holds your coins themselves by holding the key to the coins.
  • 1
    4y
    The coins aren’t physical. Coins are just the number assigned to the value of your ownership and you keep the evidence for the proof of ownership to the value. So you don’t move coins you move proof of ownership.
  • 0
    4y
    The same way a banknote is evidence of your ownership of a currency. The banknote itself is actually just a useless object but it represents value because we all have faith that it has value.
  • 0
    4y
    @irene last time I created a wallet, I remember needed to download the bitcoin client and it started downloading the entire blockchain.... So I uh uninstalled it...

    And I think they're why there are now online wallets... They can download and access blockchain on their super machines but that means essentially you have to trust them with your keys/wallet?
  • 0
    4y
    @donuts if I remember correctly, on the bitcoin client there was some setting to just maintain the last few MB or so of blockchain, to save disk space. But I think you still have to make that initial download of hundreds of GB. 😣
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