“Bitcoin wallet” allows the user to check, store, or spend their holdings with Bitcoin. Its forms and functions can be either simple or complex with a variety of tools required to run Bitcoin protocol, such as computer clients, mobile client, web services, and special equipment.
You can also just store the private key for Bitcoin media, in the form of a piece of paper, some sign, a U disk, or a file. As long as the private key of the Bitcoin is in your control, you can dispose the Bitcoins if the key corresponds to the address contained in Bitcoin.
The official Bitcoin 0.4.0 version supports file encryption for storage of the wallet. The wallet is encrypted and every time you wish to make a payment you need to enter the password.
But the wallet file (wallet.dat) is backed up and can be used in normal trading. Taking into account the principle of Bitcoins they can be drawn using a master private key that has the right to dispose off the corresponding Bitcoin address, regardless of whether the wallet file (including each address corresponding to the private key) is encrypted or deleted.
Other wallet software usually support cloud storage blocks, and helps prevent users spending a lot of time and disk space to download the old transaction information. Most of these software offer advanced features.
For example, in order to ensure safety, Armory client software supports the wallet file saved offline, the client can access his Bitcoin while online, also use offline wallet signature, and even through online client broadcasts.
In addition to the computer, the Bitcoin can also be run on the clients’ smartphone.
There is hardware that is devoted to Bitcoin wallet smart devices, for example, the installation of raspberry helps send bitcoin to the client through the network. Hardware wallets usually offer more security.
Online wallet service
Online wallet service allows you to use bitcoins on any browser or mobile devices; usually it also provides some additional features making it easier to use Bitcoin. However, you need to be careful while choosing the online wallet service, because the Bitcoin wallet will be managed by the service providers.
Although Blockchain.info is an online wallet service, each user’s private key is encrypted in the user’s web browser, and blockchain.info store uses only encrypted key file. So there is no need for the users to place their trust in Blockchain.info administrator and can use this online wallet.
The core of the bit credits need to be protected by a private key, which is stored in the medium and may also be called purse.
Paper purse is that which is printed on paper and stored in the private key. You may then delete the wallet file on your computer, to isolate the purse in the network. Brain wallet has a hashed password that the user can set, and can also generate the corresponding private key and address. The user needs to just remember this phrase to control the bitcoins.
An address is meant for receiving bitcoins, and is similar to any bank card number. You need not worry if your bitcoins are stolen. The address is usually 27 to 34 characters long, and is represented by a string of characters consisting of letters and numbers from “1” to “3” at the beginning, is case sensitive, does not include the letter “IlOo”, such as “1DwunA9otZZQyhkVvkLJ8DV1tuSwMF7r3v”.
Bitcoin clients can also generate bitcoin offline addresses. Close to 2161 Bitcoin addresses are available. Figuratively speaking, there are far more Bitcoin addresses than all the grains of sand that can be found on earth.
Bitcoin private key is used to identify the owner. A private key is a signature to prove that the publisher of the message is the owner of the address. The private key is equivalent to the corresponding address bits stored inside coins, so the private key must always be kept secret.
A Bitcoin private key is usually represented by 51 or 52 characters, which is encoded in a manner similar to the Bitcoin address. 51 notations begin with the number 5, 52 notations begin either with a “K” or an “L” at the beginning.
Bitcoin address is hash-drawn public; the public key can also be inferred by the private key. So the private key corresponding to the public key can calculate the address (irreversible).
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