RE: BITCOIN Forks! : The Safe Way To Store Your Bitcoins
I'm confused. You said you can export the 12 words pass phrase for BTC with an Electrum BTC wallet on your computer but without the internet. I mean, after downloading the wallet and after having the BTC on your wallet so to speak. Then you said you can go offline to export the wallet with the BTC in it to a thumb drive or somewhere safe and offline.... and you can write out the pass phrase too on real paper with a pen....
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So, if that is what you said, and then you delete the wallet.... then how do you import your BTC back to a wallet or to an exchange or whatever?
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If you create a new password or I mean pass phrase from a wallet not online, and if BTC must be mined or approved or verified through the online BTC blockchain system, then how can BTC know that your pass phrase is correct if your wallet was not online when it creates the pass phrase? I mean like, if your wallet is not online and it never tells the BTC blockchain about the passphrase, the 12 random words, then how can the BTC blockchain know what those 12 random words would be in order for you to withdraw the BTC from the blockchain later on?
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Am I incorrect about the procedure & the steps? I am confused about how a passphrase can be created offline and later verified online. Maybe, I am missing some details on how it all works.
Your seed is never verified online. Actually nothing is ever verified online unless you broadcast a signed transaction.
Your seed is good even when created offline. It's just a representation of your private key which can be generated offline as well.
@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.