Quote from: bitloud on January 23, 2017, 10:20:32 AM

Quote from: mocacinno on January 23, 2017, 10:04:34 AM

Some more misconceptions...

First:
It has been stated before: bitcoins aren't a physical thing... You cannot hold a bitcoin.
Bitcoins exist as a number of unspent inputs, records into a decentralised database that say that address x has x BTC worth of unspent inputs.
The person holding the private key for address x can also generate a valid record that can potentially be added to the same decentralised database, that transfers the unspent inputs of address x to address y. In that case, the person holding the private key for address y can use the new, unspent inputs.
If you want to know more, i suggest using google to find more info on how bitcoins work exactly. There are tons of sites dedicated to this topic.

Second:
blockchain.info => a company that owns a block explorer and an online wallet provider
the blockchain => the ledger (database) consisting of physical files stored on hundreds of computers... The database of each and every transaction ever made.
Your transactions are stored on The Blockchain, offcourse, the node(s) of blockchain.info also downloaded The blockchain, so they also store your transaction, but they're just a company running a couple of nodes, they do not own the blockchain itself.
I know, it's confusing that a company chose a name that is the same as the technology they're using, but that's just the way it is...

Thank you for your reply. I have readed your reply carefully.
From your reply I am assuming that, no one can hold bitcoin. We can use our paper wallet bitcoin if Blockchain.info not working properly OR completely stopped. Right ?

You not getting the full picture. Huh

Imagine the database/ledger of the banks were public, but you can create a bank account with a password,

without the bank knowing any of this information. You write the bank account numbers down and also the password {private key} and you keep

it safe on this piece of paper. You give out the account number for people, and they can deposit money into that account/address. These changes

to your account/bitcoin address runs on a Blockchain that runs on 1000's of people's computers. {not the bank}

That is what a paper wallet is... only a piece of paper.. showing your address and the private key {password} for you to access it. Wink

Blockchain.info runs a website that makes it easier for people to access their coins and to sweep these coins, it is not the Blockchain. Grin