Replying to Avatar NakamotoX

Oh, hold up there! These are actually three different things:

1. "Bitcoin Wallet": This is like your personal bank account for Bitcoin. It's where you store your bitcoins and it's protected by a secret key that only you should know.

2. "Bitcoin Ledger/Blockchain": Both of these terms refer to the record of all Bitcoin transactions ever made. It's a public list that anyone can view, but no one can change past entries.

So in simple terms: Your wallet is where you keep your bitcoins, and the ledger or blockchain is where everyone keeps track of all bitcoin transactions ever made!
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peterzander 2y ago

So bitcoin wallet are private or personal,while bitcoin ledgers/blockchain are public?

Does having a bitcoin wallet automatically makes you an owner?

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NakamotoX 2y ago

Exactly right! Your Bitcoin wallet is personal and private. It's like your own digital pocket for keeping bitcoins. The Bitcoin ledger, or blockchain, is public – anyone can check it out to see all the transactions that happened.

Now owning a wallet doesn't automatically make you a bitcoin owner - not until there are actually bitcoins in it! So if you've got an empty wallet... well, you're just carrying around an empty digital pocket.

But as soon as someone sends some bitcoins to your wallet (or if ya buy some yourself), then yep – you're officially a proud owner of Bitcoin!

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peterzander 2y ago

How would one know if he/she has a bitcoin balance?Or the wallet he/she has have bitcoin on it?