frequently asked questions about bitcoin & coin.space wallet
What is Bitcoin?
With e-currency based on cryptographic proof, without the need to trust a third party middleman, money transactions can be secure and effortless. Satoshi Nakamoto – Bitcoin Creator
Why is Gravatar my profile picture?
Gravatar stands for Globally Recognized Avatar. Your Gravatar is an image that follows you from site to site appearing beside your name when you do things like comment or post on a blog. Having a Gravatar is a great way of personalizing your account and make it recognizable to people who know you.
Will I still be able to get my coins if Coin.Space shuts down?
Yes. You will be able to get your funds out if ever Coin.Space closes (we hope that never happens). If you need a detailed discussion about it, check these links:
Transaction fees within Coin.Space Bitcoin Wallets
How much are transaction fees?
Transaction fees for CoinSpace depends on the transaction size similar to Bitcoin-qt. Usually, it will cost .0001 BTC if it will be under 1KB size transaction. We also added a feature to allowing users to set the fee. You can change the fee by clicking on the fee when sending.
Passphrase & PIN Bitcoin Questions:
What is a passphrase?
Your passphrase is a random combination of 12 words (including spaces in-between), generated from a list of 2048. For example, spoon lobster chronic hybrid empty artist prison clean rude bus burden domain
Your passphrase is the human readable form of your master private key. Make sure that you save it securely somewhere. Your passphrase is all you need to access/restore your wallet (yes, even if you forget your PIN). If you misplace your passphrase, you also lose your wallet and all the funds in it. Do not show your passphrase to anybody, because if they have your passphrase, they can spend your money.
Is using a passphrase secure?
Because words from the passphrase list can be repeated and put in any order, this means there are an exponential number of potential pass-phrases.
Each word in your passphrase can be any word in the 2048 words, so the chance of generating the same passphrase is 1 in 5,444,517,870,735,015,415,413,993,718,908,291,383,296. (~10^39). This post on Reddit should help you visualize the astoundingly small probability of ending up with the same passphrase as someone else.
Why do I need a passphrase and a pin?
Your passphrase is the unique key that can open your Coin HD wallet anywhere, on any device. 12 words are easy to copy and paste, but it’d take a while to type on a mobile device. We don’t want to ask you to type it every time you make a purchase with us. Therefore, we ask you to set a 4-digit PIN.
We understand that 4-digit PIN is easy to brute-force, so we don’t use your PIN to encrypt your master key directly. Instead, your PIN is sent to our server in exchange for a long token, which is used to decrypt your encrypted master key stored locally in your browser. If the PIN is entered incorrectly five times, the long token on the server is erased, which renders the locally encrypted version of the master key useless. The only way to access your wallet then will be using your 12-word passphrase.
When do I need my passphrase?
You will be asked to enter your passphrase when:
-You want to access an existing wallet from a different device from the one that you signed up with initially.
-You clear the browser cache/data.
-Your PIN is entered wrongly five times
-In all other situations, you will only be asked for your PIN.
Why am I asked for a PIN when I log in to an existing wallet on a new device?
It’s because you set up the wallet somewhere else with a pin. The pin is needed to exchange the long token with the server so that your personal details get synced on the device you want to open your wallet on.
How should I store my passphrase?
Because your passphrase can open your wallet without any additional security checks, it should be stored somewhere no one else has access. Whether it be digitally (using a program such as 1Password), or written and stored in a safe deposit box, you should ensure that it is not accessible by anyone else.
What if I lose my passphrase?
Because your passphrase can open your wallet without any additional security checks, it should be stored somewhere no one else has access. Whether it be digitally (using a program such as 1Password), or written and stored in a safe deposit box. If you lose the passphrase you will lose access to your wallet and the coins in that wallet. CoinSpace has no way to recover a lost passphrase as this would create a security hole.
Bitcoin Wallet Backup Questions:
How do I backup my wallet?
All you need to do is to keep your passphrase safe. That’s the only backup you need. Its very important to save the passphrase in a secure place (or two).
CoinSpace implements BIP39 and BIP32. BIP39 defines how your passphrase translates to your master private key. BIP32 is the Hierarchical Deterministic wallet specification. BIP32 specifies how the chain of child keys can derive in a deterministic manner from the master key. It means that you could use your passphrase to unlock your wallet with any wallet service that implements the same protocol. Theoretically, backups of individual child keys are not necessary.
How can I export the private key(s) of my wallet?
Coin.Space does not provide a direct way of displaying or exporting the private key associated with one of your Bitcoin addresses. However, all your keys are derived from your BIP39 passphrase, which means you can use any wallet that supports this standard. We believe that the upcoming Multibit HD wallet will be able to read your passphrase and provide individual private key export along with other HD wallets like Hive.
Why does my address change?
Your wallet updates your address whenever it detects an address has been used to receive funds. We made it so to protect your privacy. For example, my salary is paid in Bitcoins. If I use the same address for every transaction, anyone who I transact with only needs to inspect my address on the blockchain to deduce what my salary is. Your old wallet address stay valid so you can if you choose too continue using old address.
How do I generate a new address?
You don’t. Your wallet does this for you when it detects that an address has been used to receive funds.
What happens to my old addresses?
Coin.space still monitors all of your previous wallet addresses and any funds they receive will contribute to your total balance.
Can I still use my old addresses?
You may use the old addresses, but address reuse is not considered safe for your privacy.
Mecto: Bitcoin Geo-Location
What is Mecto?
Mecto is a geo-location feature that allows you to listen and broadcast your position to other Coin.Space users in your area.
How does it work?
Enabling Mecto in the Receive tab of your wallet sends your device’s latitude and longitude, along with your wallet details, to a secure server. Your latitude and longitude are now discoverable only to others who search via Mecto in their Coin.Space wallet.
Over what distance will Mecto work?
Mecto broadcasts & searches within a perimeter of 1km of your location. 1km might seem quite large, but it helps to account for inaccuracies on devices that do not have access to WiFi.
Is this safe?
Mecto never displays your exact location on a map to other users. Instead, you simply appear on a list if the person searching for you is within the same area.
What happens to my location data?
It is deleted from the server as soon as you turn Mecto off.
I tried to use Mecto but I get an error saying “We couldn’t connect you to Mecto, please check your internet connection.”
Once you have confirmed internet connection, check if your browser has permission to access your current location data.
For Apple devices:
Go to Settings > General > Location Services.
Make sure Location Services is turned On.
For Android devices:
Go to Menu > Settings > Location & security.
Make sure Use wireless networks is checked.
If location services are switched on, but you still cannot connect – then you may need to clear your location settings.
For Safari (iOS):
From your Home screen, go to Settings > General > Reset.
Tap Reset Location Warnings. By pressing ‘Tap Reset Location’, you will reset your location warnings for all sites and applications.
For Browser (Android):
Go to Menu > More > Settings.
In Settings, go to Website Settings > Hive Web > Clear location settings
Safari iOS (7): http://support.apple.com/kb/ht5594
How does it work?
At its most basic, OpenAlias is a TXT DNS record on an FQDN (fully qualified domain name). By combining this with Digital currency related technologies we have created an aliasing standard that is intuitive and familiar to users, and can interoperate with both centralized and decentralized domain systems. Sending coins are as simple as knowing your coin.space address. Only some Bitcoin wallets support this today but all Coin.Space users can send to each right now.
Can I see the Source code?
Yes, all CoinSpace source code is on GitHub https://github.com/orgs/CoinSpace/.