Chapter 6 Blockchain Industry Chain Midstream - Storage
Q38: What does a bitcoin wallet do?
Bitcoin is a peer-to-peer electronic cash system that has no physical form and can be stored in a bitcoin wallet. The bitcoin wallet stores your bitcoin information, including the bitcoin address, similar to your bank card account number, and the private key, similar to your bank card PIN. Just like a physical wallet can hold multiple bank cards, a bitcoin wallet can also store multiple bitcoin addresses and a separate private key corresponding to each bitcoin address. The core function of a bitcoin wallet is to protect your private key, and if the wallet is lost, you will lose that bitcoin forever. Bitcoin wallets come in many forms, such as PC or mobile wallet clients, online web wallets, or even small paper wallets with bitcoin private keys recorded, or brain brain wallets, you can choose the wallet that suits your needs. As the saying goes, don't put your eggs in one basket, and using multiple ways to diversify your storage is also an effective way to reduce risk.
Q39: Cold wallet, hot wallet
Bitcoin wallets can be divided into two types of cold wallets hot wallets according to how the private key is stored. Cold wallets are wallets where the network cannot access your private key, cold wallets often rely on cold devices to ensure the security of your bitcoin private key, such as a computer phone that is not connected to the internet, a small book with the address of your private key written on it, etc. Cold wallets avoid the risk of having your private key stolen by hackers, but may face physical security risks, such as a lost and damaged computer. A hot wallet is a wallet where the internet has access to your private key. Hot wallets are often in the form of online wallets, and it's best to set different passwords on different platforms when using a hot wallet, and to turn on secondary authentication to ensure your assets are safe. Whether you use a cold wallet or a hot wallet, as long as other people know your bitcoin private key, they can transfer your bitcoins, remember: whoever has the private key in hand is the real owner of bitcoins.
Q40: Full node wallets, light wallets
We have learned that wallets come in many forms and are actually "private keys, addresses and blockchain data management tools". The full-node wallet is represented by the bitcoin-core core wallet, which requires synchronization of all blockchain data and takes up a lot of memory, but can be fully decentralized. Light wallets rely on other full nodes on the bitcoin network and only synchronize data related to themselves, which basically allows decentralization. Centralized wallets do not rely on the bitcoin network and all data is obtained from their own centralized servers, but transactions are efficient and can arrive in real time. The account you register with centralized trading platforms such as coinee coinyee is a centralized wallet.
The digital asset trading platform used by the CoinLord team
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