Re: BitBay OFFICIAL BITBAY Thread Smart Contracts Decentralized Markets Rolling Peg

Hi all,

Sorry if this has been asked a million times but here goes...

1) I have just downloaded the QT wallet today so I just need to confirm I do not need to do anything with the wallet or my coins for the upcoming fork?

2) I have just moved my coins from an exchange to my wallet, how long until the coins are "mature" and can start staking?

Thanks

1. Correct. The wallet will handle the fork automatcally.
2. It takes two hours for the coins to mature.

Thank you!

One last one ... If I add coins to my wallet I don't need to re-save a back up every time I make a transaction do I?

Really new to this so these are probably ridiculous questions

Cheers

Remember, your coins are stored on the blockchain, not in your wallet. As long as you have your private keys or, a copy of your "wallet.dat" file, you have your coins. The wallet simply reads the blockchain and looks for entries that match your address and presents the relevant totals to you.

Actually it depends though. If someone generates new addresses in their QT wallet it might be a good idea to make a new backup. Since their wallet.dat is a collection of keys. I don't think it's deterministic.

In the Markets client we always use the same key pair which is safer in that regard but potentially weaker to cryptoanalysis. Although to date there is no proven cryptoanalysis technique for reusing keys.