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are all bitcoin wallets the same

There are more than 20, different cryptocurrencies in the market. Almost all wallets will support the ubiquitous ones like Bitcoin, Ether. A crypto wallet is a device or program that allows you to transfer and store cryptocurrency. There are different types of crypto wallets. A Bitcoin wallet is a digital wallet that allows you to send and receive Bitcoin. This is similar to having a physical wallet. Haven't added to Monday since. SHA256 CRYPTO CURRENCY

Securing your wallet Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly.

Always remember that it is your responsibility to adopt good practices in order to protect your money. Read more about securing your wallet. Bitcoin price is volatile The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets.

Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency.

Bitcoin payments are irreversible A Bitcoin transaction cannot be reversed, it can only be refunded by the person receiving the funds. This means you should take care to do business with people and organizations you know and trust, or who have an established reputation. Every bitcoin transaction requires a valid signature to be included in the blockchain, which can only be generated with valid digital keys; therefore, anyone with a copy of those keys has control of the bitcoin in that account.

Keys come in pairs consisting of a private secret key and a public key. Think of the public key as similar to a bank account number and the private key as similar to the secret PIN, or signature on a check that provides control over the account. These digital keys are very rarely seen by the users of bitcoin.

For the most part, they are stored inside the wallet file and managed by the bitcoin wallet software. In most cases, a bitcoin address is generated from and corresponds to a public key. However, not all bitcoin addresses represent public keys; they can also represent other beneficiaries such as scripts, as we will see later in this chapter. The bitcoin address is the only representation of the keys that users will routinely see, because this is the part they need to share with the world.

In this chapter we will introduce wallets, which contain cryptographic keys. We will look at how keys are generated, stored, and managed. We will review the various encoding formats used to represent private and public keys, addresses, and script addresses. Finally, we will look at special uses of keys: to sign messages, to prove ownership, and to create vanity addresses and paper wallets.

Public Key Cryptography and Cryptocurrency Public key cryptography was invented in the s and is a mathematical foundation for computer and information security. Since the invention of public key cryptography, several suitable mathematical functions, such as prime number exponentiation and elliptic curve multiplication, have been discovered.

These mathematical functions are practically irreversible, meaning that they are easy to calculate in one direction and infeasible to calculate in the opposite direction. Based on these mathematical functions, cryptography enables the creation of digital secrets and unforgeable digital signatures. Bitcoin uses elliptic curve multiplication as the basis for its public key cryptography. In bitcoin, we use public key cryptography to create a key pair that controls access to bitcoins.

The key pair consists of a private key and—derived from it—a unique public key. The public key is used to receive bitcoins, and the private key is used to sign transactions to spend those bitcoins. There is a mathematical relationship between the public and the private key that allows the private key to be used to generate signatures on messages. This signature can be validated against the public key without revealing the private key. When spending bitcoins, the current bitcoin owner presents her public key and a signature different each time, but created from the same private key in a transaction to spend those bitcoins.

Through the presentation of the public key and signature, everyone in the bitcoin network can verify and accept the transaction as valid, confirming that the person transferring the bitcoins owned them at the time of the transfer. Tip In most wallet implementations, the private and public keys are stored together as a key pair for convenience. However, the public key can be calculated from the private key, so storing only the private key is also possible.

Private and Public Keys A bitcoin wallet contains a collection of key pairs, each consisting of a private key and a public key. The private key k is a number, usually picked at random. From the private key, we use elliptic curve multiplication, a one-way cryptographic function, to generate a public key K. From the public key K , we use a one-way cryptographic hash function to generate a bitcoin address A.

In this section, we will start with generating the private key, look at the elliptic curve math that is used to turn that into a public key, and finally, generate a bitcoin address from the public key. The relationship between private key, public key, and bitcoin address is shown in Figure Figure Private key, public key, and bitcoin address Private Keys A private key is simply a number, picked at random.

Ownership and control over the private key is the root of user control over all funds associated with the corresponding bitcoin address. The private key is used to create signatures that are required to spend bitcoins by proving ownership of funds used in a transaction. The private key must remain secret at all times, because revealing it to third parties is equivalent to giving them control over the bitcoins secured by that key.

Tip The bitcoin private key is just a number. You can pick your private keys randomly using just a coin, pencil, and paper: toss a coin times and you have the binary digits of a random private key you can use in a bitcoin wallet. The public key can then be generated from the private key. Generating a private key from a random number The first and most important step in generating keys is to find a secure source of entropy, or randomness. Usually, the OS random number generator is initialized by a human source of randomness, which is why you may be asked to wiggle your mouse around for a few seconds.

For the truly paranoid, nothing beats dice, pencil, and paper. To create such a key, we randomly pick a bit number and check that it is less than n - 1. In programming terms, this is usually achieved by feeding a larger string of random bits, collected from a cryptographically secure source of randomness, into the SHA hash algorithm that will conveniently produce a bit number.

If the result is less than n - 1, we have a suitable private key. Otherwise, we simply try again with another random number. Study the documentation of the random number generator library you choose to make sure it is cryptographically secure. It is approximately in decimal. The visible universe is estimated to contain atoms. To generate a new key with the Bitcoin Core client see Chapter 3 , use the getnewaddress command. For security reasons it displays the public key only, not the private key.

To ask bitcoind to expose the private key, use the dumpprivkey command. The dumpprivkey command shows the private key in a Base58 checksum-encoded format called the Wallet Import Format WIF , which we will examine in more detail in Private key formats. It is not otherwise possible for bitcoind to know the private key from the public key, unless they are both stored in the wallet. Tip The dumpprivkey command is not generating a private key from a public key, as this is impossible.

The command simply reveals the private key that is already known to the wallet and which was generated by the getnewaddress command. Elliptic Curve Cryptography Explained Elliptic curve cryptography is a type of asymmetric or public-key cryptography based on the discrete logarithm problem as expressed by addition and multiplication on the points of an elliptic curve.

Figure is an example of an elliptic curve, similar to that used by bitcoin. An elliptic curve Bitcoin uses a specific elliptic curve and set of mathematical constants, as defined in a standard called secpk1, established by the National Institute of Standards and Technology NIST. Because this curve is defined over a finite field of prime order instead of over the real numbers, it looks like a pattern of dots scattered in two dimensions, which makes it difficult to visualize.

However, the math is identical as that of an elliptic curve over the real numbers.

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Why Your Bitcoin Wallet Address Changes Every Time?


These private keys are the mathematical proof that you indeed own a certain amount of Bitcoin. Think of these private keys as secret codes that allow you to spend that Bitcoin. The blockchain is a record of all these transactions. These private keys are very important.

If someone steals your private keys—say, if they had malware running on your computer—they could spend your Bitcoin. For example, they could use your private keys to send your Bitcoin to their own Bitcoin address. There are some websites that accept cryptocurrency payments , however, Bitcoin is largely being used for speculative investing at the moment. In addition to typical software Bitcoin wallets you might run on a PC or phone, there are hardware-based Bitcoin wallets like the Trezor or Ledger.

You could also use a paper Bitcoin wallet, which has a public Bitcoin address and private key printed on it. This is effectively an offline Bitcoin wallet, and you could store it in a safe or other secure location without worrying that it could be compromised by malware running on your PC.

Of course, anyone who acquired the piece of paper would have the ability to spend your Bitcoin. These websites also let you convert that Bitcoin back to US dollars or your fiat currency of choice. In other words, exchanges buy and sell Bitcoin at the current market rate. Exchanges simplify this process, providing a single place you can purchase or sell Bitcoin at the current market rate using your bank account.

Think of this as a sort of web-based Bitcoin wallet. What can I do? If I set too low fee, will my transaction go through? Of course, your transaction will go through eventually, but it might take a long time.

The size of the fees in a network determine your priority for the miners. The higher the fee, the faster your transaction will be carried out. What does it mean if my transaction did not arrive? What I can recommend is checking the block explorer and checking the status of your transaction. Usually it just has not received the necessary number of confirmations before it is considered valid.

About Bitcoin As it is widely known, Bitcoin is the foundation on top of which the whole crypto sphere evolved into what it is today. Bitcoin is the undisputed goliath securing its number one spot in both market cap and transaction volumes as well as being the most famous digital currency in history.

It is also famous for its violent shifts in price also called volatility dipping down and shooting up in price somewhat regularly literally multiplying its market cap in the process.

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How Bitcoin Wallets Work (Public \u0026 Private Key Explained)

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