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Results tagged with encryption
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user 6254
Encryption is the process of encoding information into a ciphertext that only authorized parties can decode. Encryption isn't used in the Bitcoin protocol itself, however it can be used e.g. for encrypting wallet backups or peer-to-peer communications.
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What are the drawbacks (if any) of encrypting your wallet with Bitcoin-Qt?
Basically, is there any reason not to encrypt your wallet? The only drawback I can think of is forgetting your passphrase and losing access to all your bitcoins.
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