Diversify your cryptocurrency investments with a single transaction now. 

How to Avoid Phishing Scams in the Crypto Space. 

Do I Need To Backup My Wallet After Each Transaction?

Do I need to backup my wallet after each transaction? Now this is in reference to your crypto wallet. The FastCoin Team has answered this best…

“You don’t need to back up your wallet after every transaction.  One backup is enough, to get a better understanding of how this technology works (Crypto Currencies in general, including Bitcoin) you need to understand that the “Wallet” program does not actually “contain coins”.  Rather the wallet program is a public “View” if you will, of the master FST Block record specific to its unique address entry in it.

In other words the special wallet address that you have is a registered key (or address) which acts as an entry point into the block record, the wallet allows you the ability to view that record at anytime provided your are fully synchronized with it.  The concept of coins going in and out of the wallet is merely a change of balance values in the General ledger, which happens to be contained within the master Block chain which is shared via a distributed network amass multiple computers or nodes around the world.

When you encrypt your wallet, in a way that means you have inserted a “Private Key” into your public record, and only you can unlock it.  All addresses can be viewed via the block chain explorer and all transactions can be accounted for as well.  This is part of what makes this system so secure is the ability to account for every single transaction.  The only problem that exists is not everyone knows who owns the specific wallets and there respective address.

So to answer your original question, it is not necessary to backup your wallet every single time a transaction occurs, however it will be necessary to backup every time you change your encrypted password.  If you picked a good long phrase for your password you probably won’t ever have to re-backup your wallet again, but it is important to understand that if you do change the password, its generally a good idea to backup your wallet again” (in an email received from them on December the 9th, 2013).

Print Friendly, PDF & Email

5 Responses to Do I Need To Backup My Wallet After Each Transaction?

  1. Teodor says:

    Thanks for the info! I will apply it to our Bitleu [BTL] coin.

  2. Teodor says:

    I have posted a link from my blog to your article, as I consider it practical and important to know; for beginners it is very helpful.

Leave a Reply

Your email address will not be published. Required fields are marked *