Bitcoin Wallet or not ??

[Charlycop]

Hi everybody,

Something I don't understand with Bitcoin wallet.

On this website, I can create (even offline if I want) one Bitcoin account address : https://www.bitaddress.org/

So, if I understand, once someone will put money in this account, I will see it on blockchain website. So, why do I need a wallet like electrum for example ?! And why people said I should backup my electrum wallet, because I will lost everything?? In my opinion, if I keep safely the private and public key, everything is in blockchain anyway, no ???

Thanks for your help.

[subcypher]

BitAddress.org gives you the ability to create offline paper wallets. Yes, you can create wallets. Yes you can store Bitcoin in them. But you can't send, receive, spend, or use it in any meaningful way other than storing it. Wallet software like electrum creates those addresses and keys. The software manages them for you. You can then send, receive, spend, and use that Bitcoin.

I have a few tutorials that can teach you about Bitcoin addresses, private keys, wallets, sending, receiving, and all that. Check out my website, Incorporating Bitcoin, for more information.

[Charlycop]

Thank you very much for your fast and accurate answer.

And what if I create my address on this website offline, receive fund inside, install electrum, import this account, then uninstall electrum, and reinstall it another day, import again with my private key, will my fund still inside ? If yes, why people said it is so important to backup electrum wallet (or the others) ? Maybe they actually speak about the private key ?

Ps : anyway I will go to see your website too, thanks, but I have some trouble to access it from China

[subcypher]

The thing to remember is that the Bitcoin isn't *in* your wallet. Bitcoin is only ever on the blockchain out there on the nodes that record Bitcoin transactions. It's not a piece of data that moves from computer to computer. It's not a file or anything that is transferred. What is in your wallet is the Bitcoin addresses and the private keys. When you backup Electrum or any other wallet, you're backing up which private keys you own. If you ever lose them you're never getting them back without a backup. What the private keys allow you to do is say the Bitcoin at a specific address needs to move to another address. That's it. That's all you're ever doing with it. You're either holding it or moving it.

So, if you create an address on BitAddress.org you can send funds to the address on it. If you use the private key and import that address to Electrum you will be able to access those funds with Electrum. You would be more secure to sweep it. Once your private key has been accessed on a computer with Internet access, reusing it is no longer safe. Reusing addresses is frowned upon. And, since addresses are free, just make a new one.

[Charlycop]

Ok Great, so it is exactly what I thought, nothing to backup more than the private key and public actually. And I keep you tip to always use a new key for each movement, thanks a lot. Your website is pretty accurate too, thanks !


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[Charlycop]

Because you seems too good, I cannot resist what is the best way to "wash" bitcoins ? Does it really work ? Hidden or clear service for that matter ? Thanks.


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[subcypher]

I never understood the need to "wash" my Bitcoin. I've never understood the need for a tumbler. Let me first be clear, I'm a proponent for privacy. But I'm not going to risk my Bitcoin going through another service of any kind without some kind of need. There must be some kind of risk I'm trying to mitigate if I'm risking my money. That being said, if I were buying questionable things off the dark web, then maybe. If I were trying to do something illegal like launder money or avoid taxes, then maybe. But since I'm not, I don't see the need to tumble or wash my Bitcoin. It would be nice if Bitcoin included this by default, though.

[bitkilo]

The thing to remember is that the Bitcoin isn't *in* your wallet. Bitcoin is only ever on the blockchain out there on the nodes that record Bitcoin transactions. It's not a piece of data that moves from computer to computer. It's not a file or anything that is transferred. What is in your wallet is the Bitcoin addresses and the private keys. When you backup Electrum or any other wallet, you're backing up which private keys you own. If you ever lose them you're never getting them back without a backup. What the private keys allow you to do is say the Bitcoin at a specific address needs to move to another address. That's it. That's all you're ever doing with it. You're either holding it or moving it.

So, if you create an address on BitAddress.org you can send funds to the address on it. If you use the private key and import that address to Electrum you will be able to access those funds with Electrum. You would be more secure to sweep it. Once your private key has been accessed on a computer with Internet access, reusing it is no longer safe. Reusing addresses is frowned upon. And, since addresses are free, just make a new one.

Just be careful creating a paper wallet on bitaddress, this should only be done by someone who completly understands creating 100% safe offline paper wallets.

Your public key does not have to remain private at all and does not even need to be backed up, the private key is what matters.

Look into setting up 2fa on any online wallet you may use.

[Charlycop]

I never understood the need to "wash" my Bitcoin. I've never understood the need for a tumbler. Let me first be clear, I'm a proponent for privacy. But I'm not going to risk my Bitcoin going through another service of any kind without some kind of need. There must be some kind of risk I'm trying to mitigate if I'm risking my money. That being said, if I were buying questionable things off the dark web, then maybe. If I were trying to do something illegal like launder money or avoid taxes, then maybe. But since I'm not, I don't see the need to tumble or wash my Bitcoin. It would be nice if Bitcoin included this by default, though.

Hi subcypher, I'm asking you about washing money, I'm not asking you to do it, or to plan to do it. Actually, I really don't care if you do it or not. In my daily life, I often give advice to people of things I never did, or I don't do anymore relax, speaking about illegal things, doesn't make you doing it.

[BitcoinNewsMagazine]

Because you seems too good, I cannot resist what is the best way to "wash" bitcoins ? Does it really work ? Hidden or clear service for that matter ? Thanks.

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If you want to anonymize your bitcoin you can use a mixing service, there are several good ones on Tor and Clearnet. Just do a search on reddit for bitcoin mixing services. Bitmixer.io seems to have a good reputation. This post on reddit outlines another way by changing your bitcoin into Monero and back. Hope this helps.

[Charlycop]

Because you seems too good, I cannot resist what is the best way to "wash" bitcoins ? Does it really work ? Hidden or clear service for that matter ? Thanks.

Envoyé de mon iPad en utilisant Tapatalk

If you want to anonymize your bitcoin you can use a mixing service, there are several good ones on Tor and Clearnet. Just do a search on reddit for bitcoin mixing services. Bitmixer.io seems to have a good reputation. This post on reddit outlines another way by changing your bitcoin into Monero and back. Hope this helps.

Changing Bitcoin to real cash in real life, isn't the safest way to stay anonymous ??

[BitcoinNewsMagazine]

Because you seems too good, I cannot resist what is the best way to "wash" bitcoins ? Does it really work ? Hidden or clear service for that matter ? Thanks.

Envoyé de mon iPad en utilisant Tapatalk

If you want to anonymize your bitcoin you can use a mixing service, there are several good ones on Tor and Clearnet. Just do a search on reddit for bitcoin mixing services. Bitmixer.io seems to have a good reputation. This post on reddit outlines another way by changing your bitcoin into Monero and back. Hope this helps.

Changing Bitcoin to real cash in real life, isn't the safest way to stay anonymous ??

Mixing services are used if you need to break the audit trail of bitcoin you change into cash at a service like Coinbase. There have been many complaints from people who use bitcoin gambling sites that sending bitcoin directly from the site to Coinbase will get your account closed.

That is the catch 22 to bitcoin, when changing into cash you normally use a service or exchange that requires your identity to comply with local law and they have software that can trace the history of bitcoin you change to cash. I think you should use your bitcoin to buy products from sellers who offer bitcoin as a payment option. If you need to convert a small amount of bitcoin to cash you can just sell locally using localbitcoins.

[Charlycop]

About privacy, my internet researches shows that changing to monero then to Bitcoin seems the best to cut any trail in the block chain with some services like shapeshift, what do you think about this guys ?