Understanding Bitcoin wallets
Understanding Bitcoin wallets I want to make sure I'm understanding a few basic concepts clearly: A Bitcoin wallet itself is nothing more than a "record" that is stored on the Bitcoin blockchain. It's an identifier that will be used in a person's Bitcoin transactions. A Bitcoin wallet app is simply a software tool to create transactions that are written on the Bitcoin blockchain I think some Bitcoin wallet providers -- not sure if "provider" is the right term -- may keep some information about the user's wallet/transaction information on their own system. The value added by those who provide Bitcoin services are simply providing user-friendly tools to read/write information from the Bitcoin blockchain. They may also be providing a method of converting real currency into cryptocurrency and vice versa (e.g., trading or purchasing of Bitcoin) Am I getting this right so far? http://ift.tt/2DjgxYT