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    [Solved] Wallet Questions? Where are coins stored? what's a wallet? Tracked?

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    • B
      BikerGSX Regular Member last edited by wrapper

      Hi guys,
      It’s the Village Idiot back again, and I am just trying to get my bird brain around these dam wallet updates. Now the coins are not kept in my wallet right? They are kept in the block chain right?
      So when I delete my old wallet (that thought gives me heart palpitations) right I’ve got my breath back now, how does the New Wallet know the coins belong to me. Now my bird brain is guessing it’s not using my IP address correct? , or coins could be traced right? So does the new wallet “talk” to the saved file? As you can tell that’s not clear in my tiny brain.
      Can someone explain please, many thanks the Village Idiot/ Ginny pig on a bike.
      PS: while waiting for an answer, I am off to do some inbreeding!!!

      1 Reply Last reply Reply Quote 0
      • Wellenreiter
        Wellenreiter Moderators last edited by

        Your wallet has two functions.

        1. the important one
        • it contains at least one pair of private/public key
          the public key is known as the Feathercoin address or wallet address
          the private key is stored hidden in the wallet.dat file. Both keys are needed to retrieve
          the corresponding tansactions from the blockchain = get a list of your coins.
        1. the second one
          download a copy of the blockchain to your local system, extract all your transactions
          and summing up the coins.

        If you just delete the wallet .dat file you also delete the private key and have no chance to get your coins back!!!
        If you need to delete the wallet.dat file you need to extract the private key before doing.
        In order to do that go to help->debug and open the console window
        in that window you type 'dumpprivkey ’
        copy/paste or write down the key string shown.
        Repeat that for all feathercoin addresses you may have

        If you have deleted wallet. dat and start a feathercoin wallet, it will create a new walelt.dat and a new feathercoin address (= public key) together with a private key.
        Then it will start to sync with the blockchain.
        In the meantime you can got to Help->Debug and open the console window.
        Enter 'importprivkey ’
        it takes some seconds to import the key.
        repeat the step for all keys you have noted.

        Done. Your new Wallet knows your old feathercoin addresses and can calculate your coins.

        Just a remark,

        normally the new version of the Wallet should convert the old addresses/keys to the new format automatically, but as a security measure it’s always a good idea to have a copy of your private keys in a secure location.

        [color=red][b]Be aware: [/b]Who ever gets to know your private Key(s) has full access to your coins in the blockchain!!!

        [/color]

        Feathercoin development donation address: 6p8u3wtct7uxRGmvWr2xvPxqRzbpbcd82A
        Openpgp key: 0x385C34E77F0D74D7 (at keyserver.ubuntu.com)/fingerprint: C7B4 E9EA 17E1 3D12 07AB 1FDB 385C 34E7 7F0D 74D7

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        • B
          bobtaco last edited by

          [quote]If you just delete the wallet .dat file you also delete the private key and have no chance to get your coins back!!!
          If you need to delete the wallet.dat file you need to extract the private key before doing.
          In order to do that go to help->debug and open the console window
          in that window you type 'dumpprivkey ’
          copy/paste or write down the key string shown.
          Repeat that for all feathercoin addresses you may have[/quote]

          Is it best practice to use multiple addresses in the wallet for each transaction, or just use one primary address? It seems like it would be painful to have to track multiple "dumpprivkey"s.

          I’m trying to set up my wallet now, which is why I am asking.

          Thanks!

          1 Reply Last reply Reply Quote 0
          • K
            Kevlar Spammer last edited by

            [quote name=“bobtaco” post=“47885” timestamp=“1388177886”]
            [quote]If you just delete the wallet .dat file you also delete the private key and have no chance to get your coins back!!!
            If you need to delete the wallet.dat file you need to extract the private key before doing.
            In order to do that go to help->debug and open the console window
            in that window you type 'dumpprivkey ’
            copy/paste or write down the key string shown.
            Repeat that for all feathercoin addresses you may have[/quote]

            Is it best practice to use multiple addresses in the wallet for each transaction, or just use one primary address? It seems like it would be painful to have to track multiple "dumpprivkey"s.

            I’m trying to set up my wallet now, which is why I am asking.

            Thanks!
            [/quote]

            It is best practice.

            And it is painful.

            That’s why HD Wallets are superior. Ask your local QT wallet developer to implement them today!

            1 Reply Last reply Reply Quote 0
            • B
              bobtaco last edited by

              [quote name=“Kevlar” post=“47903” timestamp=“1388180353”]

              It is best practice.

              And it is painful.

              That’s why HD Wallets are superior. Ask your local QT wallet developer to implement them today!
              [/quote]

              Hi Kevlar, do any Feather Coin BIP 0032 HD wallets currently exist? Doing a quick Google search I don’t see any.

              I know you are working on Link, but is this something you plan to develop as well? Thanks!

              1 Reply Last reply Reply Quote 0
              • K
                Kevlar Spammer last edited by

                [quote name=“bobtaco” post=“47939” timestamp=“1388185931”]
                [quote author=Kevlar link=topic=6242.msg47903#msg47903 date=1388180353]

                It is best practice.

                And it is painful.

                That’s why HD Wallets are superior. Ask your local QT wallet developer to implement them today!
                [/quote]

                Hi Kevlar, do any Feather Coin BIP 0032 HD wallets currently exist? Doing a quick Google search I don’t see any.

                I know you are working on Link, but is this something you plan to develop as well? Thanks!
                [/quote]

                Unfortunately, not that I know of.

                Anything is possible. At the moment I’m a bit overcommited. Link has about 10 features that need attention, and the Twitter Tip Bot is about to get underway, and then there’s FLUX… let’s see what the next 2 months hold for me and ask me again then.

                1 Reply Last reply Reply Quote 0
                • B
                  BikerGSX Regular Member last edited by

                  [quote][/qUnfortunately, not that I know of.

                  Anything is possible. At the moment I’m a bit overcommited. Link has about 10 features that need attention, and the Twitter Tip Bot is about to get underway, and then there’s FLUX… let’s see what the next 2 months hold for me and ask me again thenuote]

                  Kevlar, that date is now noted in my dairy. :)

                  1 Reply Last reply Reply Quote 0
                  • B
                    bobtaco last edited by

                    On last quick question regarding wallets.

                    If my wallet has been encrypted, do I have any reason to fear writing down the dumpprivkey information, or putting back up copies of my wallet.dat file on a service such as DropBox?

                    Obviously nothing is 100%, but shouldn’t the encryption make it extremely difficult for any malicious activity?

                    Thanks again all!

                    1 Reply Last reply Reply Quote 0
                    • K
                      Kevlar Spammer last edited by

                      [quote name=“bobtaco” post=“48106” timestamp=“1388265263”]
                      On last quick question regarding wallets.

                      If my wallet has been encrypted, do I have any reason to fear writing down the dumpprivkey information, or putting back up copies of my wallet.dat file on a service such as DropBox?

                      Obviously nothing is 100%, but shouldn’t the encryption make it extremely difficult for any malicious activity?

                      Thanks again all!
                      [/quote]

                      I believe dumpprivkey requires you to decrypt your wallet first, and it outputs it unencrypted.

                      But I may be wrong. It should be obvious when you test your restore procedures with your key (WHICH YOU SHOULD DO ANYWAY). If it asks for your password when you import it, then it’s not encrypted.

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