I've Created The Wallet, Now What?

Discussion in 'Technical Support' started by bogdan, Feb 9, 2016.

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  1. bogdan

    bogdan New Member

    Dec 28, 2015
    6
    1
    Hi there,

    I've never used bitcoins until now so everything is new for me. I have a basic knowledge but I need to make sure that everything that I do is correct.

    I have created my wallet using the Setting Up Mainnet Wallet, everything works great. Now I have four questions:

    1. Where is the wallet stored?
    - Is it locally? If it is locally, how can I protect it?

    2. Should I create a web wallet here?
    - If so, it would work in tandem with my local wallet?

    3. If I have both a web wallet and a local wallet, what is the difference?
    - Only that one can be accessed from any device with an internet connection?

    4. What is the dcrd executable doing?
    - I see that it's processing blocks. This means that it's mining?
     
  2. sw1

    sw1 Jr. Member

    Dec 31, 2015
    90
    39
    Male
    Sydney, Australia
    #2 sw1, Feb 9, 2016
    Last edited: Feb 9, 2016
    1. Where is the wallet stored?
    - Is it locally? If it is locally, how can I protect it?
    The wallet is stored in appdata/local/dcrdwallet folder, it is protected by the public and private passwords you set. You can restore the wallet at any time with your seed. The seed must be kept safe somehwre (on paper in a vault, on encrypted USB key etc)

    2. Should I create a web wallet here? I would wait until its out of beta
    - If so, it would work in tandem with my local wallet? not as far as I am aware, but its a different web wallet than i have experience with using btc.

    3. If I have both a web wallet and a local wallet, what is the difference? Your local wallet is on your device and you can only send/receive to that wallet on that device. A web wallet (usually) can be used on any device as they key is stored on someones servers. Local is much more secure. However, the one you linked is a fork of https://copay.io/, so it is as secure as that. The seed (and hence private keys) are kept and computed locally in your browser's local storage and everything is run client side. The server never has access to any of the private data needed to spend coins.
    - Only that one can be accessed from any device with an internet connection? read more here: http://cryptorials.io/bitcoin-wallets-explained-how-to-choose-the-best-wallet-for-you/

    4. What is the dcrd executable doing? thats the daemon, its job is to run a node of the decred blockchain and allowing you to query it with dcrwallet/dcrctl or mine it with cgminer etc.
    - I see that it's processing blocks. This means that it's mining? No, it is not mining. You need an application to mine called cgminer.
     
    koolykg and bogdan like this.

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