Quote from: iensu on February 19, 2017, 12:24:59 AM

I just set up a wallet on bitgo.com

The main reason isthe instant transaction with their partners kraken, bitstamp and so on.

Just realized that they charge a 0.1 % fee for every transaction, even for ordinary transaction without the instant feature.
Does't sound much at first. But Quite a high fee when transmitting 10 BTC Undecided

Did i get it right that with the pdf you download while creating the wallet, you get one of the 3 secret keys and one encrypted public key to get a second privte key stored at keytern.al?
I would feel safer to have the second private key under my control...

When you create the wallet, you have the option of where to store the second key.
* If you choose keytern.al to store your second key, you can get BitGo Instant capabilities.
* If you store the key yourself, then BitGo Instant wouldn't work because you could double spend yourself.

The trust point you have here is that keyternal and bitgo are not working against you or related. We aren't. Two separate companies.

Quote from: iensu on February 19, 2017, 12:24:59 AM

So in case bitgo.com is down or disappears for any reason you'd be able to move all your BTC to another wallet address?

But how is that possible if bitgo.com creates a new wallet adress for every time you receive BTC?

We have open source utilities to do this (see the github repo for BitGo and test it out yourself!). The different addresses are created using key derivation; key derivation is a cryptographic method where you can generate a new public key for another key with only the public portion.

In other words:
f(k1) = k2 (doing this operation on the public key yields a new public key)
f(K1) = K2 (doing this operation on the private key yields a new private key, corresponding to the same, new public key, k2)

Quote from: iensu on February 19, 2017, 12:24:59 AM

Wouldn't you need all those private keys of those addresses?

Nope!

Quote from: iensu on February 19, 2017, 12:24:59 AM

Please enlighten me!

PS: think about bitcoin going to the moon and having 1,000,000 Dollars on BitGo. wouldn't be cool to pay 1,000 Dollars for moving them. Isn't it just possible to use the private keys to do that and avoid the fee? Huh

Yes it is. With BitGo, we never hold your keys; if you want out, you can go back to the chain and do it yourself at any time; including to just avoid fees, if that is what you want to do.

Hope this helps!

Mike

mbelshe

Posts

Merits