Jay on Nostr: Yeah, that's right. It's like asking, where is the location of a password you use to ...
Yeah, that's right. It's like asking, where is the location of a password you use to log into an online account?
It could be stored in your brain, as ink on paper, stamped in steel, as a file on your computer, or as a record in a password manager database. These are all physical locations where a Bitcoin private key can exist as well. But where is the "wallet"?
The truth is, there isn't one. So it's the wrong question to ask. Bitcoin ownership is the potential for action. It's like a threat: "I can transact from the UTXOs I can sign as inputs. But it's up to me when or whether I will."
Software that allows you to make good on that threat are typically called "wallets" because they have the functionality of a real life one.
It could be stored in your brain, as ink on paper, stamped in steel, as a file on your computer, or as a record in a password manager database. These are all physical locations where a Bitcoin private key can exist as well. But where is the "wallet"?
The truth is, there isn't one. So it's the wrong question to ask. Bitcoin ownership is the potential for action. It's like a threat: "I can transact from the UTXOs I can sign as inputs. But it's up to me when or whether I will."
Software that allows you to make good on that threat are typically called "wallets" because they have the functionality of a real life one.