Comment: Yes, I'm using Bitcoin-Qt

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Michael Nystrom's picture

Yes, I'm using Bitcoin-Qt

I encrypted the wallet. I am trying to sync it and it is taking forever. The program itself seems to run quite sluggish and slow. I've been waiting for the last 15 minutes. I wanted to finish that and back up my wallet before reporting back, but so far no dice. It just says "Synchronizing Network" and acts like it knows what it's doing.

In the meantime, I'm not exactly clear on the concept of a "wallet."

I take it you need a client like Bitcoin-Qt to create the "wallet." And you can create an infinite number of wallets. But there is really no "inside" to the wallet - the wallet just recognizes, or accounts for all of the transactions, and those are all public on the network...

So how is a wallet validated?

If what I've said above is correct, can you explain how a "paper wallet" works. I read your instructions on Reddit, but I'm missing something conceptually crucial, but I don't know what it is. I'm waiting for the "Ah ha" moment, where it all falls into place and makes sense.

Thanks both of you for your help.

To be mean is never excusable, but there is some merit in knowing that one is; the most irreparable of vices is to do evil out of stupidity. - C.B.