Pro@programming.dev to Technology@lemmy.worldEnglish · 27 days agoSleeping beauty bitcoin wallets wake up after 14 years to the tune of $2 billionwww.morningstar.comexternal-linkmessage-square46fedilinkarrow-up1303arrow-down113
arrow-up1290arrow-down1external-linkSleeping beauty bitcoin wallets wake up after 14 years to the tune of $2 billionwww.morningstar.comPro@programming.dev to Technology@lemmy.worldEnglish · 27 days agomessage-square46fedilink
minus-squarekata1yst@sh.itjust.workslinkfedilinkEnglisharrow-up5·26 days agoThis is correct for a given transaction, but there’s no consensus needed to open a Bitcoin wallet. That is usually just a private key in an encrypted envelope.
minus-squareCatZoomies@lemmy.worldlinkfedilinkEnglisharrow-up1·26 days agoGot it, thanks for that distinction. It’s been years since I last looked into this stuff. Makes sense for a dormant wallet. If a wallet is not dormant in this scenario, then active users could just migrate their wallet to another wallet and then they’ll be good to go.
This is correct for a given transaction, but there’s no consensus needed to open a Bitcoin wallet. That is usually just a private key in an encrypted envelope.
Got it, thanks for that distinction. It’s been years since I last looked into this stuff. Makes sense for a dormant wallet.
If a wallet is not dormant in this scenario, then active users could just migrate their wallet to another wallet and then they’ll be good to go.