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I have seen people say that you just need the private key and "some software" to recover your bitcoin. What does this actually mean in the real world? Can someone give an example? What it means is that your funds are secured cryptographically, and not on a server somewhere. If you lose your private key(s) there's no customer service rep that can ...


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If the computer that stores the bitcoin is destroyed, how does someone access their bitcoin? Buy a new computer, download and install almost any wallet program, then either restore a backup of their wallet data file or key in their secret number or key in a phrase of typically 12 or 24 words that is turned into their secret number. I have seen people say ...


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When Alice pays Bob, she creates a Bitcoin transaction. Her payment to Bob is defined in an output of the transaction. This output is encumbered with a cryptographic challenge tied to Bob's public key. You can think of this as the funds getting stored in a lockbox addressed to Bob. When Alice's transaction gets confirmed, it gets recorded in the Bitcoin ...


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