If the blockchain records all transactions, how does losing your wallet imply that you lose your Bitcoin?


My understanding is that the blockchain records every transaction that has ever occurred, and that, when we say there are x amount of coins at address y, what we really mean is that the blockchain records transactions in which the difference between the total amount of Bitcoin going to that address and leaving that address is x. In other words, it doesn't store the amount of Bitcoin at an address per se, but instead determines this by looking at transactions.

If my understanding of this is correct, then I don't understand how you are at risk of losing your Bitcoin if, for example, your hard drive crashes. The blockchain would still be able to tell how much coin was at that address, so all you would need to be able to do is prove that that address belonged to you.

If the problem is that the address goes away with the client and (most likely) the user didn't have their address memorized, then why not just add the ability to access the same address with more than one...

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The number of transactions on the Bitcoin network has steadily increased over the years. This means more blocks are filling up. And as not all transactions can be included in the blockchain straight away, backlogs form in miners’ “mempools” (a sort of “transaction queue.”)

Miners typically pick the transactions that pay the most fees and include these in their blocks first. Transactions that include lower fees are “outbid” on the so called “fee market,” and remain in miners’ mempools until a new block is found. If the transaction is outbid again, it has to wait until the next block.

This can lead to a suboptimal user experience. Transactions with too low a fee can take hours or even days to confirm, and sometimes never confirm at all.

But here is what you can do today to keep your own transaction from getting stuck.

Before You Send It

For the first years of Bitcoin’s existence, most wallets added fixed fees to outgoing transactions: typically, 0.1...

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If you have sent a bitcoin payment in the last couple of weeks, you may have noticed that your transactions are taking much longer than expected to confirm.

We have received your emails.

Since, like the Bitcoin network, we are currently working through a backlog, we want to thank you for your patience. With the high volume of questions we're getting about delayed payments, we decided it would be best to write a short explanation about what's happening with many bitcoin transactions right now.

Transactions on the Bitcoin network itself aren't controlled or confirmed by BitPay, but by the bitcoin miners which group transactions into "blocks" and add those blocks to the Bitcoin "blockchain" – the shared historical record of all transactions. When a transaction has been added to a block six blocks ago, it's considered a done deal.

Currently, bitcoin network traffic is unusually high due to increasing demand for transactions per block. Block sizes are...

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Pamela Morgan is an entrepreneur, attorney, educator and CEO of Third Key Solutions, a key consulting and management company that is the culmination of her work advising bitcoin startups on security and estate planning.

In this CoinDesk 2016 in Review special feature, Morgan gives a high level overview of the best practices bitcoin owners, users and investors can use to secure their digital wealth in 2017.

2017 is almost here and the bitcoin price is surging!

Are you surprised by how much your bitcoin is worth? Don't let that surprise turn to dismay by losing it. Now is the perfect time to take a few basic precautions to keep your cryptocurrency secure.

Here are 8 do-it-yourself tips to help you improve your security:

1. Backup today

You can never say it enough: back up your wallet. If you haven’t yet backed up your wallet, do it now.

Most hardware and software wallets use an industry standard backup protocol called BIP 39...

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Let’s face it, at times learning the ins and outs of Bitcoin when you’re a beginner can be daunting. Bitcoin at its core can be technical in nature (think of how technical it is to understand how the Internet works too) and for the layman, understanding its intricacies may prove difficult. Seeing the Blockchain address and transaction page for the first time may also be confusing. To make it easier to understand, we wanted to provide users with a breakdown of the Bitcoin addresses page, to help you understand exactly what it is you’re seeing and how to use it.

We’ll start top to bottom

We are using a random Bitcoin address pulled from a recent transaction in the blockchain as an example. Here is the URL: https://blockchain.info/address/134ZnmvWpGDGSwU6AnkgSEqP3kZ2cKqruh

On the upper left of the page, you will see the Summary section, which looks like this:

The Address is the Bitcoin public address. It is safe to share this with others. Never share...
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your wallet & its master seed

When you create your Blockchain Wallet, a unique master seed is created. This master seed is the nucleus of your specific wallet, and is used to derive every individual bitcoin address that you'll use to send and request bitcoin.

Quick tip: Learn more about HD wallets here


We do not store your bitcoins, we only provide you with the software you need to store them yourself. Your wallet is encrypted on your device with your personal password. Your password acts as your decryption key to both lock and unlock your wallet — your wallet cannot be accessed without it. Because we don’t know or store your password (we can’t even reset it), only you are able to unlock and decrypt your wallet.

we've got your back(up)

Your encrypted wallet is automatically backed up to our servers. To safely store your wallet, we add another layer of security by encrypting your wallet a second...
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If you’re reading this post I assume that like many others, you sent a bitcoin transaction and was kind of confused as to why it’s still listed as “unconfirmed” or “pending” after a few hours or so.

I mean Bitcoin transactions are supposed to be instant right?

In this post I want to try and explain in a very basic way how a Bitcoin transaction works and why the fee that you attach to each transaction has a crucial role in how long it will take the transaction to go through the network.

Here’s what happens when you send Bitcoins to someone

Whenever you send someone Bitcoins, the transaction goes through different computers running the Bitcoin protocol around the world that make sure the transaction is valid. Once the transaction is verified it then “waits” inside the Mempool (i.e. in some sort of a “limbo” state).

It’s basically waiting to be picked up by a Bitcoin miner and entered into a block of transaction on the Blockchain. Until it is picked...

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Locating Bitcoin's data directory

The data directory is the location where Bitcoin's data files are stored, including the wallet data file.


By default Bitcoin will put its data here:


You need to do a "ls -a" to see directories that start with a dot.

If that's not it, you can do a search like this:

find / -name wallet.dat -print 2>/dev/null

To change the directory Bitcoin stores its data in:

Run in terminal or script: ./bitcoin-qt -datadir=./[Directory_Name]


By default Bitcoin will put its data here:

~/Library/Application Support/Bitcoin/


Go to Start -> Run (or press WinKey+R) and run this:

explorer %APPDATA%\Bitcoin

Bitcoin's data folder will open. For most users, this is one of the following locations:

C:\Documents and Settings\YourUserName\Application data\Bitcoin (Windows XP) C:\Users\YourUserName\Appdata\Roaming\Bitcoin (Windows Vista and 7)

If you have...

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The primary Bitcoin wallets were coordinated with a kind of distributed system that conversed with each other to achieve an accord on exchanges that had occurred. This particular consensus was named “blockchain”. Every transaction is registered in the blockchain, demonstrating from whose authority was utilized to transfer that bitcoin value and who the new authority that controls it is.

It being distributed instead of being controlled centrally, the nodes can hear about the exchanges via conventional gossip afterwhich they do note comparing, taking after a premeditated algorithm to settle disparities. If more nodes gone to an accord about an exchange’s legitimacy, it turns out to be all the more permanently registered in the blockchain.

Because the blockchain has held the whole recorded history of each transfer being made of each Bitcoin that really existed, it grows continually, therefore streamline wallets was fashioned to decide which keep Bitcoin codes,...

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Verify transactions and other scripts

Enter the raw transaction, redeem script, pubkey, hd address or wif key to convert it into a readable format that can be verified manually.

Redeem Script

The above redeem script has been decoded

Transaction Script

The above script has been decoded


Transaction Size:

Lock time:

WIF key

The above wif key has been decoded


Public key:

Private key:

Is compressed:

Public key

The above public key has been encoded to its address


Unable to decode

Sign Transaction once a transaction has been verified

Once you have verified a transaction you can sign and then broadcast it into the network.

Advanced Options

There is a problem with one or more of your inputs, please check and try again

The above transaction has been...

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