Anatomy of a Bitcoin Wallet

 

A Bitcoin wallet is actually a collection of Bitcoin addresses. A Bitcoin address is essentially an account number. Each Bitcoin address has an associated “private key.” The Bitcoin address can be used to receive bitcoins or see the balance. The private key is needed to spend the bitcoins. see the video about the Bitcoin […]

Installing Bitcoin-QT Wallet Software

Bitcoin-QT is the software associated with the main Bitcoin project (other wallet programs are provided by private entities). This software does more than just being wallet. The Bitcoin blockchain is shared between other Bitcoin users via peer-to-peer software. The software also verifies transactions going through the Bitcoin network. If someone send invalid transactions or tries […]

The Bitcoin Private Key

This is a concept all users should understand. Since Bitcoin has no central authority like a bank everything depends on the security and accessibility of the “Private Key.” Bitcoin is basically a database that is shared via peer-to-peer connections. All the bitcoins are in there but to access them you need the “private key.” The […]

Getting a Bitcoin Address From a Web Wallet

A web wallet is the easiest way to get started using Bitcoin. The web site generally takes care of everything for you, including backing everything up. However, the web site generally has ultimate control over your bitcoins. These sites are generally not insured and there have been losses in the past. These sites usually make […]