If you’ve everzwijn used SSH keys before, it’s similar.

If you’ve used bitcoin wallets and backed them up yourself, they work te the same way, so if you’re coming from that background, you most likely don’t need to read this article. This is for people that are learning about Ethereum spil their very first cryptocurrency and want to understand a little more about how to decently store their coins with spil little technical detail to get lost te spil possible.

Spil someone downright fresh to blockchains, you might not know how your ether is actually stored. I myself spil someone that didn’t know anything about bitcoin before I began learning about Ethereum know how this feels. You might think you have actual digital coins stored on your pc. You may have heard that you need to back up your wallet – does that mean I’m duplicating coins? You might think that your password is enough to get back your coins. That’s not how it works.

To understand how your coins are stored and accessed, you need to understand a little bit about public/private key encryption. If you’ve everzwijn used SSH keys before, it’s similar. You have a pair of keys that are randomly generated (usually by your wallet application). The public key te ethereum is the address you give to other people to send money to your account. The private key is hidden away behind password encryption, and is the key that proves to the network you are who you say you are. The ‘wallet’ that you are storing is actually just the private key and spil long spil you have that, you can access your coins. The reason why it is password protected is so if someone manages to get access to your private key, they still need to crack your password to get access to your account.

The way that Ethereum stores coins, is on the blockchain, it has a record of how much ether is stored at each address. This means if there wasn’t any public/private keys, anyone could just use your address and withdraw coins from your account. You don’t actually store any coins on your laptop, you just hold the key that unlocks the coins on the network and permit you to use them. It’s how you prove to Ethereum that you are the possessor of those coins. If someone else has your private key, they can essentially pretend to be you, and bye bye ether.

So to ‘backup’ your wallet, all you need to do is copy that key and waterput it somewhere else such spil USB drive, a lump of paper or on another server. If you’re not a programmer, and even if you are, you are most likely using the official Ethereum Wallet. When you very first open the application and create a fresh account, it will create a public/private keypair for you and store it te one of thesis locations:

/.ethereum/keystore

  • Windows: %APPDATA%/Ethereum/keystore
  • Even if you don’t use Ethereum wallet, every wallet app will store your keys here. Each verkeersopstopping ter this folder represents one public/private keypair and each key pair is equal to an account. Once you’ve stored this verkeersopstopping somewhere else, you can securely chuck your rekentuig out the window, and your ether is still safe. Your private key is then encrypted and can only be decrypted with your password. There is no ‘left behind password’ feature so don’t leave behind it or you demolished your pc for nothing!

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