So I’m really new to Bitcoin and cryptocurrencies, and I don’t truly understand realtion between Bitcoin private and public key, and address!
I understand that for every private key, there is a public key, and that public key can be made and is made from a private key. So for every transaction you would have one private key and corresponding public key.
What I can’t understand is how to backup Bitcoin wallet using private key! Everyone says you just need to backup your private keys, but do I need to backup every private key, or just the first one, or i just need one private key to access my wallet?
Lets say i would like to backup my Bitcoin wallet by writing private keys on a piece of paper and storing that somewhere safe:
- Do I need to save only first ever created private key to have access to all bitcoins I own, even i added them through multiple transactions?
- Do I need to save every single private key generated, from every transaction to have access to all Bitcoins on blockcain?
- If I save only half of private keys, from half of my transactions, does it mean i can only access Bitcoins from those transactions i own private keys?
I’m really confused about this one, and cant find answer anywhere! I’m not interested in backing up wallet, i need to store my private keys on a paper!
Sorry if question seems silly, I’m an old guy trying to learn all this new wonders! Thank you!
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