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Some newbie questions about Trezor device and bitcoin wallets
Greetings I have never owned bitcoin before, but I studied how it works, so I think I have some understanding. I also studied options and it seems hardware wallet is the way to go for safety reasons. So, question number One, am I correct that: Unlike a bank account, where you keep one account usually, with bitcoin you keep generating new addresses, so if you own 1 bitcoin, you don't store it on one address, rather, you own many addresses, each containing part of your bitcoin, and when you spend, you just expend some of the addresses and throw them away, and when you receive, you generate new addresses for every transaction, so you accumulate these addresses that each are like a banknote of sorts, each having their own nominal value, and then you spend those banknotes and never use those addresses again. Right? Question number Two, am I correct that: All the addresses are generated from a certain big number, "master key" of sorts, which is private to me, which can be written in a form of "seed" which is what the device will give me when initialized, which is what I can use to recover my master key if I lose or break the device? Question number Three, who does the address generation for bitcoin wallets for new incoming transactions? I assume it's the online wallet Trezor uses, right? So the device does not store any addresses of bitcoin wallets, right? It only stores my master key? Assuming all are correct, can you please explain, in simpliest terms, how do I restore these addresses themselves, should Trezor online wallet be unavailable? I mean, it's hardly a possibility, but assume I have my seed, or even my Trezor device, but Trezor online wallet is unavailable. Assume I made hundreds of bitcoin transactions and my bitcoin is stored in hundreds of small pieces on different addresses. How do I recover all those? How do I know when to stop, when I have recovered them all? Assuming I don't know the amount I totally own by heart, so I cannot know when to stop (When I found all my bitcoin)? I mean, it's unlimited, right, the amount of bitcoin addresses that can be generated from my "master key" of my Trezor? So how do I know which of them contain bitcoin? Like, say I have used 200 of them and 100 of them still contain bitcoins, and I lose the device, and have to restore from seed, how does it know that it has to generate only those 200, like, how does it know it doesnt have to generate more addresses, maybe those other addresses contain some bitcoin on them too? Or does it, generate them always in the same order, so if it sees only blank unused addresses, it assumes it's time to stop? Like, if address 0-200 are all used but 200-300 are all unused still, it assumes it's fine to stop checking? Also, on an unrelated note, how can I be sure I made no mistake in recording the seed? Can I just wipe the device and restore it from seed right after initializing it and receiving a small bitcoin transaction, to test it and be sure that I can recover my bitcoin in case I lose it? Is the device unlimited in terms of how many times it can be wiped and restored? Thanks in advance!
I have electrum built into tails and I access it on a different ip and MAC address each time. If I created an address on my electrum wallet would there be any way to trace bitcoin transactions to my real ip/identity? -I will create “standard wallet”
Hello everyone, I found a very old (circa 2014) bitcoin wallet backup. It's called "wallet backup" with no extension. I was mining on Linux at one point but left bitcoin alone for a bit. It looks like a text file with 900+ lines of random text and over 69,000 random characters. Any idea how to access it? No, I won't copy and paste it. Thanks in advance for any genuine help. Edit: the exact filename is bitcoin-wallet-backup
Hi, so I'm very new to BTC and only need to use it to buy things with BTC. Preferably a very low minimum deposit (like $10) and once again preferably a desktop wallet (iOS works too). The simpler and easier the better. (Note: I need to buy bitcoin aswell as trade it.) Thanks for any help!
Hello! I'm looking for a entry level wallet to store Bitcoin. I won't be doing trades very often and would just like somewhere to store Bitcoin safely for the long term. I'm currently deciding between Trezor and Ledger Nano S but I'm open to suggestions! Also, what would be the best way to obtain one? e.g. If I were to get a Trezor, should I buy from the official distributor for Trezor (https://pennywise.sg/) or buy it from Lazada (~$20 cheaper)? Thanks!
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