wallet encryption


#1

I am new to wallet encryption. Can someone please explain what this does for me if I choose to encrypt my wallet?

What I think it is: you basically cannot access (open) your wallet without a password, correct?


#2

I’m no pro on this subject, but I’ll give you the general idea:

Encryption, within the QT Client app, does not prevent someone from accessing (viewing) your wallet. Anyone can still open the application just fine and view your balance and transaction history.

However, you cannot process a transaction, or unlock the wallet for staking, without first unlocking via the encryption password.

Encryption is pretty much a must-have because it secures the all-crucial wallet.dat file. Meaning if your computer is infected with malware that steals your wallet.dat file… the perpetrator could not actually remove the coins from the wallet without first decrypting (unlocking via password).

It is highly recommended to make an offsite backup of your wallet.dat file, in the event it is lost. So long as it is encrypted, where you store it, needn’t be as secure. Dropbox, etc. is fine. You can have as many offsite backups as you like… as the wallet.dat is mostly just your personal key to the blockchain. Coins aren’t actually “stored” in the wallet.dat file. Which is how cold-storage or paper wallets work. These are just printed records of your public address and private key, which is exactly what you need to retrieve coins, whether it be an online coin bank, or a wallet app. Obviously, safeguard your public address and private key… as whoever has those, has access to your coins. But if you are not interested in offline or cold-storage, then don’t worry about the public/private keys. Those are inherently part of the wallet.dat file, and encrypting that file, is all you need.

If you want further encryption of that wallet.dat file on your offsite backups, so that it could not even be opened by someone else, you’ll want to encrypt it within an encrypted disk image. Which is more or less a password-protected zip file. Just another layer so that the contents of the file are not known… unless of course you name it “wallet.dat.zip” lol.


#3

marvelousform great summary


#4

Very simple and educational explanation on encryption. Thank you.


#5

I offer the help, to your forgotten password for BTC Wallet.dat
Also I can give you my script, under a condition not to use him in the illegal purposes.
Donations for my script I ask 1-BTC. A half of the sum at once, a half after your success.
In more detail www.youtube.com/watch?v=3hbs9Yl6cqE&feature=youtu.be)


#6

hi i am on most current wallet synced with matured 1m rdd and the encrypt wallet has ok button blanked out to proceed. i therefore am at a stalemate to stake as I cannot encrypt wallet to unlock it to stake. I do not currently have an unlock button showing currently. any assist appreciated for rdd fanboy newb. Thanks