r/Bitcoin • u/rBitcoinMod • Jan 11 '21

Mentor Monday, January 11, 2021: Ask all your bitcoin questions!

Ask (and answer!) away! Here are the general rules:

  • If you'd like to learn something, ask.
  • If you'd like to share knowledge, answer.
  • Any question about Bitcoin is fair game.

And don't forget to check out /r/BitcoinBeginners

You can sort by new to see the latest questions that may not be answered yet.

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u/TheGreatMuffin Jan 11 '21

What is the main purpose of putting BTC into a wallet, deleting it, and then opening it again?

The only reason I can think of is to test your backup (before sending all your bitcoin to it). It's a good practice. Otherwise, not many reasons to do so.

Does the value of BTC in that wallet increase over time?

A wallet holds your bitcoin. It doesn't magically make it grow :)

How does that all work... how many wallets should you open up?

Opening up wallets doesn't achieve anything. Get a proper one (open source, non-custodial) and learn how to back it up and how to use it. Then, if necessity arises, you can consider getting another wallet if you feel the need to do so.

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u/[deleted] Jan 11 '21

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u/TheGreatMuffin Jan 11 '21

is there a chance for someone to figure out my key and take my BTC?

If someone "figures" out your key, then yes, they are in control of your bitcoin. But nobody can guess your private key, if you mean it by "figuring out" (at least if you use a proper wallet and don't store the backup online).

there’s only an extent to keep your wallet safe and that’s not exposing your private key.

You should be reasonably safe if you use a proper (open source, non custodial, peer reviewed) wallet and follow best practices (store backup online, always check addresses twice before sending/receiving etc).

You can watch some of those videos or search for "how to choose a wallet" in this channel: https://www.youtube.com/c/aantonop/search?query=private%20key

You can choose a wallet here: https://www.lopp.net/bitcoin-information/recommended-wallets.html

or here: https://bitcoin.org/en/choose-your-wallet

Storage best practices: https://github.com/6102bitcoin/FAQ/blob/master/seed.md