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Showing posts with the label Backing up Bitcoin using only private keys?

Backing up Bitcoin using only private keys?

Backing up Bitcoin using only private keys? So I'm really new to Bitcoin and cryptocurrencies, and I don't truly understand realtion between Bitcoin private and public key, and address! I understand that for every private key, there is a public key, and that public key can be made and is made from a private key. So for every transaction you would have one private key and corresponding public key. What I can't understand is how to backup Bitcoin wallet using private key! Everyone says you just need to backup your private keys, but do I need to backup every private key, or just the first one, or i just need one private key to access my wallet? Lets say i would like to backup my Bitcoin wallet by writing private keys on a piece of paper and storing that somewhere safe: Do I need to save only first ever created private key to have access to all bitcoins I own, even i added them through multiple transactions? Do I need to save every single private key generated, from every...