Bitcoin - the Wallet

v 0.3

The Bitcoin client / server is your connection to the Bitcoin network.  It keeps a record of your bitcoins and transactions in the "wallet".  Not a good idea to lose it.  When you consider making a backup of the wallet, realise that it is no good backing it up, then conducting transactions and then trying to restore.  The contents of the backup wallet will be out of sync with the network, and you risk losing any remaining bitcoins you may have in the restore.

So remember, the backup is only good as a backup of the current state of the wallet.

And while we are at it, keeping a backup of your bitcoin address is a really good idea as well.

So, where is the Bitcoin Wallet?  Speaking for Windows 7:

  C:/Users/AppData/Bitcoin/wallet.dat

Of course, there is the configuration file there as well, so backing up the entire directory might be worthwhile.



Later ............

Update 1:

Reading about Wallet security has been sending me round in circles.  I've finally been able to understand (accurately I hope) a few things I was struggling with.  Every time I came to work out HOW to do something, the basic bits were missing.

The Bitcoin application can only deal with one wallet.  It cannot swap easily between two different wallets.  To create two wallets for the same Bitcoin instance, shut down the application, and rename the directory " C:/Users/AppData/Bitcoin/ ".  Restart and a new wallet and directory will be created.

To transfer coins between these two wallets, if I understand the process accurately, you would send coins from your "checkbook" wallet to the address of your "savings" wallet.  Shutdown, and then restart with your "savings" wallet.  You would rely on the network to have recorded the transaction, and so when you started with the "savings" wallet, the coins would be transferred to that wallet.

Another approach I like (and prefer) is to have a second Bitcoin application on another computer - a netbook with Linux is the most attractive.  Use this as your "bank" wallet and only connect when you wish to transfer coins to / from the wallet.