RE: BITCOIN Forks! : The Safe Way To Store Your Bitcoins
@joseph, but how can your private key be authenticated from the online Bitcoin blockchain system if a new secret and brand new private key is created and invented and made offline apart from the online Bitcoin blockchain system?
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How can the private keys unlock the Bitcoins if the private keys were not registered online?
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Is the private key stuck in a program or encrypted file that can only be read by the online Bitcoin blockchain system? If the pass phrase or private key or password or whatever is created or generated offline but stored in an encrypted file, then I guess that only the online Bitcoin blockchain could authenticate it, then I think I can understand that maybe. As long as nobody cannot make some kind of virus that looks like an encrypted file with a private key.
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Or I guess you are saying the seed is a code that hides your private key offline. But both cases are a little bit confusing in regards to the authentication process, I mean the verification process.
You have no idea how bitcoin works.
Bitcoin is based on cryptography and it is like a video game or program and miners mine them using computer devices and it is digital currency that can be exchanged and the value is dependent on supply and demand and the digital currency is digital which means it is kept on the online block chain systems and there are private keys for access to your share or whatever of whatever amount that you may have of the pie in the sky.