Re: Physical backup of bitcoin

#2
rominakash wrote:
February 2nd, 2018, 4:17 pm
Does anyone know what the physical backup of bitcoin is? :shock:
Bitcoin does not have any physical backup.
It means that it is not backed by precious metals or international agreements. However, it has all the characteristics of money like:
Uniformity - All Bitcoins are the same. No one can distinguish one Bitcoin from another. Each BTC has the same value and price.
Severability - Each Bitcoin can be divided into smaller parts.
Portability - Individuals are able to carry money with them and easily transfer it to other people.
Longevity - After the issue, Bitcoin will exist indefinitely in the system. It will not disappear at some point.
Recognition - Everyone can easily distinguish Bitcoin from other cryptocurrencies.
Security - Bitcoin is protected against counterfeiting, theft and changes in transaction information.
The main difference between BTC and real world currencies is that all the above features are guaranteed by methods, algorithms and protocols tested by mathematics.
1 x

Re: Physical backup of bitcoin

#3
josehernandez wrote:
February 2nd, 2018, 4:42 pm
rominakash wrote:
February 2nd, 2018, 4:17 pm
Does anyone know what the physical backup of bitcoin is? :shock:
Bitcoin does not have any physical backup.
It means that it is not backed by precious metals or international agreements. However, it has all the characteristics of money like:
Uniformity - All Bitcoins are the same. No one can distinguish one Bitcoin from another. Each BTC has the same value and price.
Severability - Each Bitcoin can be divided into smaller parts.
Portability - Individuals are able to carry money with them and easily transfer it to other people.
Longevity - After the issue, Bitcoin will exist indefinitely in the system. It will not disappear at some point.
Recognition - Everyone can easily distinguish Bitcoin from other cryptocurrencies.
Security - Bitcoin is protected against counterfeiting, theft and changes in transaction information.
The main difference between BTC and real world currencies is that all the above features are guaranteed by methods, algorithms and protocols tested by mathematics.
thank so much :D
0 x

Re: Physical backup of bitcoin

#4
rominakash wrote:
February 2nd, 2018, 4:17 pm
Does anyone know what the physical backup of bitcoin is? :shock:
You can backup the access to your Bitcoin address.
Bitcoin address consists of 2 items:
- public key (example: 1ArTkm1GHREMNArmxDb5YinHRTnRxiYXCt) - used to accept BTC - you can share it to get money.
- private key (example: L3tvgQbZFpEABkjWMK41rf1zPzZ4TNozUDZtfdJ4MvDs9Sia3fiW) - used to send BTC - one should keep it private.

So, technically, you can simply print those two scary strings and use it later to restore access to BTC in any Bitcoin wallet 😁
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Re: Physical backup of bitcoin

#5
alexanderisora wrote:
February 2nd, 2018, 7:16 pm
rominakash wrote:
February 2nd, 2018, 4:17 pm
Does anyone know what the physical backup of bitcoin is? :shock:
You can backup the access to your Bitcoin address.
Bitcoin address consists of 2 items:
- public key (example: 1ArTkm1GHREMNArmxDb5YinHRTnRxiYXCt) - used to accept BTC - you can share it to get money.
- private key (example: L3tvgQbZFpEABkjWMK41rf1zPzZ4TNozUDZtfdJ4MvDs9Sia3fiW) - used to send BTC - one should keep it private.

So, technically, you can simply print those two scary strings and use it later to restore access to BTC in any Bitcoin wallet 😁
waoo, thank you very much. :mrgreen:
0 x

Re: Physical backup of bitcoin

#6
alexanderisora wrote:
February 2nd, 2018, 7:16 pm
rominakash wrote:
February 2nd, 2018, 4:17 pm
Does anyone know what the physical backup of bitcoin is? :shock:
You can backup the access to your Bitcoin address.
Bitcoin address consists of 2 items:
- public key (example: 1ArTkm1GHREMNArmxDb5YinHRTnRxiYXCt) - used to accept BTC - you can share it to get money.
- private key (example: L3tvgQbZFpEABkjWMK41rf1zPzZ4TNozUDZtfdJ4MvDs9Sia3fiW) - used to send BTC - one should keep it private.

So, technically, you can simply print those two scary strings and use it later to restore access to BTC in any Bitcoin wallet 😁
thanks
0 x
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