I was thinking about a possibility to overcome the 'only stored on one PC' wallet problem! I erase or lose my PC, then I lose all my bitcoins.

Suppose that the wallet, associated with an account number and a strong secret password were backed up on all Bitcoin clients.

What would be the drawbacks/advantages of this solution?

  • Do you mean all clients in the whole network? Or just a set of clients that you control? – Thilo May 26 '13 at 23:18
  • No i mean all clients .. or some clients that you don't control.. Like a de-centralized archive's of crypted wallet. Only who knows password can decrypt and access to his wallet. – stighy May 27 '13 at 11:04

In a way, this is how deterministic wallets work: All keys and addresses are derived from a secret pass phrase. The "wallet" in this case is the description of the algorithm, which is "stored" publicly.

  • Mmmm.. this is not the same what i mean. Suppose i can access to my "wallet" (aka bank account) from any bitcoin client.. simply i insert my "user" and my "password"... because all "bank account" (wallets) are 'replicated' through all clients. This allow you not to loose all coins (money) if you format your pc or get a virus or ... Obviously, there are a risks to have your wallet 'cracked' if you don't use a strong password because anyone can access to all wallets... there are pros and cons to evaluate... – stighy May 27 '13 at 11:09
  • Suppose i can access to my "wallet" (aka bank account) from any bitcoin client, simply i insert my "password": That's exactly what you can do with a deterministic wallet. – Thilo May 28 '13 at 0:39

Blockchain is ment to hold information important to whole network, why would it bear arbitrary load of every Tom's, Dick's and Harry's wallets? Also, transaction addresses ment to come and go, so it is not store once, use forever. Then again, Bitcoin is not thing-in-itself, it relays on many tools and facilities around, so no need to lock it onto itself.

And the killer: you have to keep that strong password somewhere, might aswell keep actual wallet keys there (paper, brain, bytes, whatever)

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