How Bitcoin Wallets Work (Public & Private Key Explained)
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- Äas pĆidĂĄn 19. 07. 2024
- Wallets in cryptocurrency work in a weird way. They also have some weird properties like: they can be created offline and be used directly. Whut? Let's see how it all works, Simply Explained!
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So refreshing to hear a simple and clear explanation. You explained a lot of things in a very efficient way. Great vid
Finally, this is the video that I am looking for, to get general understanding of bitcoin in overall. So many bitcoin videos and no one explain clearly like this. Thank you.
*Ronaldhacks01_ on ||âąÏsta* his indeed a life changer cos he provided me an active private key software.
When talking about legit Private key expert *Ronaldhacks01_ on ||°Ïsta* will always be the best. He can help you...
Wow, I understand crypto currency now, thanks! This is probably the simplest explanation of the concept I've ever seen.
Glad you understood it with this video!
Thanks a lot for these explainer videos. Getting a lot out of them. Cheers!
2:50 this is really funny... so technically it means that when someone creates a new wallet, that person will always have and infinitesimally small chance of creating a wallet with the matching number to one of those that were used for coin burning, and so it can be filled with a huge amount of cryptocoins! xD
Of course, that probability is so small you'd probably have a higher chance of writing the exact number of particles in the universe on your first try with your eyes closed... but still, not completely 0%! xD
1st video.
subscribed!!
Very well explained
This hit the spot! Exactly what i was looking for quick and clear. Well done. Can you do HD wallet explanation?
Awesome explaination! Finally found someone to explain things more simplified so I can understand.
*Ronaldhacks01_ on ||âąÏsta* his indeed a life changer cos he provided me an active private key software,.
Help my channel from Africa
Outstanding, you talked about private key during the whole video without showing any concrete examples on a wallet app!
Still have one question, I have a paper wallet how do I send coins from my paper wallet. I have my private.
@Simply Explained Great video! Finally a simple explanation of this!
Over the last weeks i've been educating myself on blockchain and cryptocurrency concepts, trying to figure out how the whole puzzle fits together. This video actually felt like the last piece of the puzzle for my mental picture on how the whole thing works!
Your videos are amazing!
Also, i must say i have an MSc degree in Computer Engineering and never actually bothered to soak in these security-related concepts in my classes (e.g., cryptography concepts, symmetric/asymmetric encryption) because it all just seemed so boring. You present it in a simple and to-the-point way, which is just wonderful!
*Ronaldhacks01_ on ||Ïsta* got me an active private key đ software. He's a pro
I got an active private key to my wallet successfully with the help of *Ronaldhacks01_ on |||Ïsta* he's a pro...
I got an active private key to my wallet successfully with the help of *Ronaldhacks01_ on |||Ïsta* he's a pro....
Wow! Iâve been drowning in the deep end that is cryptocurrency.... your video presentation is perfect! I canât understand why you havenât got millions of views! Thank you so much âșïž
Glad it was helpful!
fantastic explanation. Can't wait to check out more of your videos
good video. I have two questions: recovery seed phrase contains wallet private key and wallet address? if someone sends bitcoins to non existing wallets address but this wallets is accidentally create a few years later the bitcoins will be there, right?
The best, most complete and simplest explanation. Good jobđ
Something is wrong here. If I guess any private key so that means I can derive public key out of it? Wouldnt that be a non secured wallet and I can have access to it?
Great content. But a question. I know mathematically it is much > than winning the lottery but it seems like you could have a computer program auto generating wallets using a 12 word recovery phase and checking the balance. If zero move on. Why am I concerned about a near mathematical improbability?
Truly so simple.. thanks a lot !
Thank you for explaining that in basic terms.
This video says about cryptocurrency which explains about two keys one public another one private key.public key likes bank account and Private keys like ownership which very excellent teaching, for I like it.
it was Tonyhacks01 on !nsta that helped me out...what a genius
Best and clearest explanation ever. Thank you!
Ronaldhacks01_ on ||âąÏsta* can help you with Private key.
This is very helping thank you bro
Hi. Bitcoin addresses changes every time you receive a transaction. But for other crypto assets (Ethereum, etc.) the address stays the same. how do we can change the addresses for other crypto to stay with privacy like in bticoin? thanks
Excellent vid. Thanks mate
I have a follow-up question: if coin burning (2:53 in video) is transferring money to a wallet that doesn't exist, and the blockchain does not have a list over existing wallets, how is this money "burned"? You mentioned that this is done in crypto projects to reduce the current supply, but how is the supply effectively reduced if the money is "waiting" in a wallet that has not been made by anyone? The blockchain does not know, as you point out, that this wallet has not been made yet, so it has no idea whether some guy, e.g. you, will show up in the future to claim the money or not. So, I just don't see why the money is gone, using your previous logic! It must be something I'm missing here =) Thank you so much for explaining
Finally!!!! A cristal clear explaination đđđ
Very cool, I didnât know that was how it worked. Excellent explanation, as always. Thanks for sharing!
Glad you liked it!
*Ronaldhacks01_ on ||âąÏsta* his indeed a life changer cos he provided me an active private key software..
Can you do a video on Tronlink wallets
I have a question that needs to be clarified.
I created a wallet, but no purchases, sales or purchases were made.
Is it possible to have cryptocurrencies from an address without having made any purchases/sales?
thanks.
How
do you fix a wallet when you tryna transfer the coins and it say unrecognized key format ?
I can recommend you
Excellent explanation. Thank you for your efforts. I have a question. Given that the wallet algorithm generate keys "randomly", and the algorithm do not check exisiting wallet keys, how they ensure that same keys are not used more than once?
It makes sure that the probability that a collision happens is astronomically small. Itâs not impossible though!
@@simplyexplained - that sounds like a potentially serious problem. not for the average person, but for the people/organizations whose financial assets get transferred to an account that someone else can access and transact from. yes? no?
@@JonathonNevilleyes, but I think saying the probability of that happening is astronomical, is an understatement
Great video! Subbed
Would you like to make a video of explaining the wallets on market nowâŠ
Hi there, what is your take on Ledger Nano X Hardware Wallet, my concern with it is, of what use is it if the Ledger Live platform is removed from the system at anytime, how do you then access your bitcoins, because the hardware wallet itself acts as a Safe to store your pincode that gives you access to the Ledger Live Platform where you can see your balance and transact if you need to. I may be short sighted and hope not, but it seems to me, there is no difference in using your phone to interact with a Software platform or Exchange and even adding Google Authenticator for futher security. Please Help, I would love to get your opinion on it.
Since the wallet addresses are created without any input from the blockchain, how are they maintaining uniqueness across the blockchain?
Ronaldhacks01_ on ||âąÏsta* can help you with Private key.
What if accidently two user will generate same public-private key pair because it is offline so we cannot check that if someone is assigned with that public key before second user
Great share as always Xavier.
Thanks a lot!
This videos is saved to my crypto collection , for ones who want to learn about crypto like me. thanks!
If blockchain didn't know the wallet address till someone do some transaction with it. Then can it happen that someone else creates the wallet with the same private key???? or what is the criteria for creating private keys for the wallets if it's not on the network how the validate that it's a wallet with unique private key.
I spent about 8 hours confusing myself about this. Still so much confusion, Iâm a coder so maybe Iâm trying to go way way way too technical with it too fast
Help me understand something. If we can just create wallets then can we not both create the same keys? Then because our public keys are the same, I would also have your private key?
Thanks buddy well explained
So if your computer by chance creates an address that has been used to burn coins, it will have those funds right from the beginning?
Can I return my coin if the wallet server closed . Mean can I use private key in another wallet to send money
one of the best explanation, thank you
Btw,,, what if people attach my private key in their another wallet? For example we wrong transfer to random key, then if i attach first in my wallet, can people also attach it in their wallet?
Really appreciate this explanation. Very simple and straightforward!
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Very helpful, thank you
Begin with the end in mind, Thanks great job done.
Ronaldhacks01_ on ||âąÏsta* can help you with Private key.
Private Key how do you get it for Google\Chrome?
Ronaldhacks01_ on ||âąÏsta* can help you with Private key.
Hello please Inform sent BTC to a friends BTC wallet iD instead of his wallet address and it's still showing pending. Any remedy please.
Such a smart guy, thank you very much for these videos
How can I do buy and selle with my Bitcoin wallet ?, and how can I withdraw or transfer money from my wallet,
Thanks for your kind attention,
God bless you
How does the algorithm make sure that an address is not generated twice? And what happens to the crypto burnt tokens, if someone or the algorithms regenerates that address? Thanks
*Ronaldhacks_01 on |Ïsta^* will help you quickly get in touch with him.....
"You need a wallet to store your virtual coins" this is not the case. You don't 'store' anything in the wallet except the keys. Isn't it?
So if I buy Bitcoin and store in a wallet without transactions will the address be visible?
hi..what is good safe offline wallet for windows computer?for save cryptocoin?thank
you know windows has a NSA backdoor? Windows itself is not secure. Use a hardware wallet like trezor, or make HD wallet somewhere secure and write down your seeds words.
Can you make a video explaining further how to make and use a paper wallet?
Kleencleff0102 on IG...was the man that changed my life after he unlock my non spendable bitcon...he's a professional
I strongly recommend you talk to davidhack00 on !n5ta
He's a pro
How do I access my private key wallet ? blockchain ? Thankyou,
Wow, the best explanation hands down!
Too much knowledge in one video.
âCrypto burningâ sounds like the exact type of thing we are trying to avoid with fiat currency⊠and intensity creating or destroying amd asset at its will to inflate/deflate the priceâŠ
Does anyone know how to unpair a wallet? Also if I want to pair again will it use the same code it did the first time?
All thanks to *LUNAPRY05_ on lnstagram.* He unlock my non spendable btc to spendable with an active private key. Heâs an expert.
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How is all this information free? dude this channel has given me the easiest explanation of blockchain. thank you
Ahhh, it's called an internet. Free info!!!!
Well, if you feel so compelled then send him some money.
Thank you đ€
Since each wallet is a set of letters and numbers, how do you avoid generating exact same number/letter combinations as someone else's wallet? Surely there must be some code in ethereum network to keep those checks, thus I would presume that internet connection is needed in that case, !?
Nope, no internet is required. They are relying on the fact that there are too many possible combinations. The chances of you generating a keypair that is already in use is very very low.
The same principle is used in asymmetric encryption as well (things like PGP or SSH keys). Everyone can generate their own key locally.
@@simplyexplained â @Simply Explained But still that is a risk. Is the ethereum built so that it anticipates if the two identical addresses show up, and lets other users know of the occurrence, and prompts for the change of those addresses, or something in that sense?
Is a bitcoin paper wallet that was made several years ago still a good way to store bitcoin or should it be transferred to a trezor or type device? Thank you for your videos!
I heard paper doesn't like fractions of coins so paper can be risky.
wow, nicely done m8! clear and sound explanation. :)
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?
@@jessicawiley3136 From the name I can't tell. Only if you have something to do with programming or Romania :)
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â@@jessicawiley3136 Help my channel from Africa
Nicely said
Thank you, it was interesting to watch. A little off-topic question, but I hope someone can help. How to transfer USDT from OKX wallet to Binance using the initial phrase: head isolate sound end kit industry choice festival limit stable dolphin derive. For some reason it doesnât work for me, the address is not accepted.
What happens (theoretically), if someone creating offline a Public+Private key combo, and someone else also creating a wallet with the same public but different private key. And then a third person sends money to this public key. Can person 1 and person 2 spend out the same money? I mean not both of them only one of them.
@@cjoshy sure you can
You give the algorithm a 'seed' and get a private and public key - neither the blockchain nor the algorithm nows about the wallet numbers already in use
The odds of this happening are unfathomably small
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But waite if you can create a wallet offline how dose the blockchain know that that same private key hasent been generated befor
It doesn't :)
All thanks to *LUNAPRY05_ on lnstagram.* He unlock my non spendable btc to spendable with an active private key. Heâs an expert.
So do the coins in my wallet stay the same price as when I put them in there? Or does it change depending on the market? Idk Iâm confused lol
The amount of coins will remain the same. The value will fluctuate. Just like Euros and Dollars do.
So there are publicKey and privateKey, you can generate publicKey from privateKey, but you CAN NOT generate privateKey from publicKey.
1. BTCAddress = RIPEMD160(SHA-256(publicKey)) , and you have to keep your privateKey secretly,
2. Someone sent you some coins to the address in #1
3. Now you want to send some coins to Alex , you have to provide your address , your privateKey and Alex's address
4. BTC Node will use your privateKey regenerate a new address , then compare the new address with the one you provided from #1. If it is valid, then check for the amount and submit a transaction at the end.
How to make sure the manufacturer will not keep a copy of the private key before they deliver the hard wallet to the buyer?
Hello Savjee! Are you Frenchman? Maybe belgian?
I'm french, living in Amsterdam, and i discovered your javascript/blockchain tutorial
Belgian ;) Hope you liked my content. Also: how's Amsterdam? Been wanting to visit for a while!
great video!
Thanks for the video, this means that cold wallets such as ledger generates, in fact, several pairs of private/public keys, for each crypto... As a beginner I thought that it only had 'one private key", but from what I've read and understood, there is indeed a single key generated from the 24 words, we can call this key "root key", from this one private/public keys are generated for your cryptos, correct?
So a private key needs transactions first on the web address associated first
I really liked your video. My question is how do I generate a wallet while offline in order to go paper wallet ?
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?
amaizing video brother
Truly simply explained
So how do i add money
An exchange can receive fiat money to fund wallets
â@BenetatosGeorgian the exchange I use is wealthsimple, it's the most beginner friendly
i have eth on rainbow wallet and i have not idea how to sell them, how do i tranfer my cryptos bought on rainbow to another wallet that allows me to sell. help please :(
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?
But the thing is you cant trust net. I cant even find a wallet in the playstore.
I kinda feel like I get the idea but I still don't understand how it correlates... ie: does my Binance wallet have a private key? Where do I see it?
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Is the private key the same the recovery phrase. I have a Wallet don't see anything about keys.
Itâs different
Thank you
So, let's say that i randomly found a provate key to an address. If i wanted to use the bitcoins inside of it. What do i do with the key? Where do i "put" it to owk the crypto?
I've got such issues exactly but *ANDRESCODING1 OÎ IÎ STAGRAM* helped me.
I got an active private key to my wallet successfully with the help of *Ronaldhacks01_ on |||Ïsta* he's a pro...
I got an active private key to my wallet successfully with the help of *Ronaldhacks01_ on |||Ïsta* he's a pro,,.
Finally i understood it! Thank you!
*Ronaldhacks01_ on ||âąÏsta* later got me an active private key đ software. He's a pro
All thanks to *LUNAPRY05_ on lnstagram.* He unlock my non spendable btc to spendable with an active private key. Heâs an expert.
I got an active private key to my wallet successfully with the help of *Ronaldhacks01_ on |||Ïsta* he's a pro..
I got an active private key to my wallet successfully with the help of *Ronaldhacks01_ on |||Ïsta* he's a pro...
So grateful to thechinahacks for the help .Thanks to em i paid my debts .
Hey, can you please help me answer this questions, or perhaps make a video on it and share it with the world.
Whats the difference between a Crypto Wallet? and crypto Exchange? What roles and tasks belongs to each one of them? I ask this because these days, lines are becoming blurry b/w wallets and exchange providers
I recommend Ronaldhacks_01 on [Ïsta] to you for help.
A pro and a genius
+15419463018
I recommend hackrodge for you if you need a private key for your bitcoin wallet, he helped me as well
Your first statement is wrong! Your wallet does not "store your virtual coins"...
But then you also have an owner key , linked to your nongungable nft asset/token đ€
If I out crypto in a wallet the value still fluctuates with the market right? Sorry if this is dumb question.
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?
hmm. why doesn't the paper-wallet generator give you a 24-word phrase, but instead gives you a private key only?
So, one would still need to show their private keys in order to spend, even if it's just a portion of their coins in that wallet putting the remaining coins at risk?...
You don't have to "show" your private key. It is only used to put a digital signature on your transaction. This signature allows people to verify that it came from the person with the correct private key. BUT it can't be used to recreate your private key.
you broadcast your digital signature. Not your private key.
Simple Smart and to the point , Thank you
Sorry for writing you, just out of curiosity your page come up on my suggestion friend list so I was just wondering if I knew you from somewhere?
Help my channel from Africa
When you deposit bitcoin in a wallet why does that address change after receiving bitcoin?
Most explanation here aren't consider really as well concise.... Mikehackson_11 on !G ...got me the key đïžđïžđïž
Ronaldhacks_01 on „Ïsta will find a solution to every problem you've on Blockchain
That last part of the video - generating a wallet while being offline.
...
How do we do that?
Great video. You just reminded me of what someone once saidâ„ïž. The richest people in the world build networks; everyone else is trained to look for work. "There is a difference between being poor and being broke. I Only attended this seminar once and ever since then I've been waxing strong financially and I most confess that one big difference between the poor and the rich is "Knowledge".
More people are buying into Bitcoin. Becoming a decentralised, global currency. One tailwind, in particular, is the acceptance of Bitcoin by several high-profile individuals and businesses.
My thought before I came across this video
1. All private and public keys are created by the blockchain e.g. Bitcoin blockchain
2. Wallet was optional
I have a question, is it possible for two or more type of wallet to blockchain to generate same asymmetric of keys?
Help my channel from Africa