You are viewing a single comment's thread from:
RE: Bitcoin Wallets - Create, Backup and Synchronize
This might just confuse beginners even more. "Wallet" is really a bad metaphor. A Bitcoin "wallet" is not a wallet at all. It's more like a key chain that contains the keys to access all of your Bitcoin addresses. "Address" is also confusing. A Bitcoin address is really more like an account identifier. You need a private key to access each of your "accounts," which are stored on a public ledger called the "blockchain."
Thanks for reply
Usually these programs are said to be "wallets", even MyCelium or Electrum call their programs by this word.
In addition, I think that especially for beginners we should use terms that they will understand. I think the wallet is the right term.
https://wallet.mycelium.com/
The term is misleading. People may think that they have bitcoins on their computers when the bitcoins are actually stored in a public ledger.
Of course. Conversely, "mtgox" or other cases show that it is better to teach people how to handle Mycelium than they would do on the stock market themselves.