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  • WillH

    @cointea1121

    Another scenario which would have been a better example for me to use: If a user forgets or loses their passphrase, but they have the private key to the address stored somewhere else, they can import it to a bitcoin wallet.

    I'm sidetracking from thread, but just so there's no confusion: The private key to the bitcoin address I'm referring to would have been derived from the passphrase/master-seed. Having access to it would give options if something were to happen.

    I'm aware there's little likelihood of the above scenario or a scenario where one couldn't access a compatible deterministic bitcoin wallet. However, I've read contradicting comments that they're not necessarily compatible with each other even if they are BIP32 based like counterwallet.

    Anybody feel free to pitch in and educate me on this so there's no misunderstanding. I'm here to learn!

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  • heunland

    @willh @cointea1121

    Another scenario which would have been a better example for me to use: If a user forgets or loses their passphrase, but they have the private key to the address stored somewhere else, they can import it to a bitcoin wallet.

    I'm sidetracking from thread, but just so there's no confusion: The private key to the bitcoin address I'm referring to would have been derived from the passphrase/master-seed. Having access to it would give options if something were to happen.

    I'm aware there's little likelihood of the above scenario or a scenario where one couldn't access a compatible deterministic bitcoin wallet. However, I've read contradicting comments that they're not necessarily compatible with each other even if they are BIP32 based like counterwallet.

    Anybody feel free to pitch in and educate me on this so there's no misunderstanding. I'm here to learn!

    I don´t think it is really necessary to make the private key available from inside Indiesquare wallet. Anyone who wants to backup the private keys to their counterwallet address can easily do so by entering the same passphrase as used in Indiesquare wallet to access their counterwallet at https://wallet.counterwallet.io/ or the alternate server https://counterwallet.coindaddy.io/ and go to address actions where you can see your private key. They should do this when first setting up Indiesquare and before losing their passphrase. Then they can store that private key in a safe place for later retrieval and will be able to restore whatever tokens and BTC they had in that address to another counterwallet later. However, a regular bitcoin wallet would not let them access the counterparty tokens easily. I think the only one that can be used for offline cold storage and lets you restore the counterparty assets later is armory wallet, but the process to use that route is somewhat complicated.

    All opinions expressed on this forum are my own and should not be interpreted as official statement of any company or project in particular.

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  • WillH

    I agree that the necessity is bare minimum, if any at all. It was only something I was wondering about, which went way off topic of the thread ┌( ಠ_ಠ)┘

    Your solution of using counterwallet is a good one. Though for newcomers it's probably a hassle. The fix for that is I should really drop mentioning it, I'm giving out too many variables for something that is very new for most people. IndieSquare is a lovely wallet which best suits the needs of newcomers and is what they should get started on. Also the IndieBoard looks like something many will find both useful and fun. Having fun is important!

    @heunland @cointea1121

    I don´t think it is really necessary to make the private key available from inside Indiesquare wallet. Anyone who wants to backup the private keys to their counterwallet address can easily do so by entering the same passphrase as used in Indiesquare wallet to access their counterwallet at https://wallet.counterwallet.io/ or the alternate server https://counterwallet.coindaddy.io/ and go to address actions where you can see your private key. They should do this when first setting up Indiesquare and before losing their passphrase. Then they can store that private key in a safe place for later retrieval and will be able to restore whatever tokens and BTC they had in that address to another counterwallet later. However, a regular bitcoin wallet would not let them access the counterparty tokens easily. I think the only one that can be used for offline cold storage and lets you restore the counterparty assets later is armory wallet, but the process to use that route is somewhat complicated.

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