CounterWallet Private Key to Blockchain

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Location: Texas, Block #301130

I'm curious, what would happen if I load a private key from my CounterWallet to my Blockchain wallet?

Would I then be able to spend BTC from Blockchain from the address? What would happen to the assets/coins in CounterWallet?

Posted on August 9, 2014 at 9:36 PM

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Cryptonaut

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Location: Canada

I believe counterparty mostly just uses the blockchain as a timestamping / data storage service for its own database and does not depend on the actual satoshi units for anything other than making sure the transaction gets confirmed.

In some of the tests I have done, I have had a 0 BTC final balance in an address yet still several thousand LTBcoin when checking balance on blockscan etc.. so basically you just cant move it anywhere unless the address gets some BTC

Posted on August 9, 2014 at 10:00 PM
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loon3

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Location: Rhode Island, USA

@jamesmm I'm curious, what would happen if I load a private key from my CounterWallet to my Blockchain wallet?

Would I then be able to spend BTC from Blockchain from the address? What would happen to the assets/coins in CounterWallet?

You're fine to use the address in both Blockchain and Counterwallet.

Remember, users don't actually hold bitcoins or Counterparty assets. Your wallet stores private keys that allow you to send and receive outputs (balances) to the corresponding public keys. Any changes in balances are recorded on the blockchain in a transaction.

If you send or receive bitcoin to or from your public address using Blockchain, you'll see the balance for BTC change in both Blockchain and Counterwallet because both clients are querying the bitcoin blockchain to check what the balance is. Nothing will happen to your Counterparty assets since you haven't moved those balances on the Counterparty blockchain.

Note:
Even though the Counterparty blockchain exists within the bitcoin blockchain they are independent of one another when it comes to the outputs a public address controls.

Posted on August 9, 2014 at 10:09 PM
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jamesmm

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Location: Texas, Block #301130

@cryptonaut & @loon3 Thanks for the info, that was very well explained. That was the impression that I got, and figured the balances would just update on their own. I think this is what the most recent Satoshi's Corner on Mad Money Machine was about, moving wallets around.

I was mostly unsure about the Counterparty assets, I didn't want to mess them up. I realized bitcoins were on the blockchain, but it didn't click in my head until now that so are the Counterparty assets. That's excellent!

Thank you both for your help!

Posted on August 9, 2014 at 10:22 PM
Last Edited: August 9, 2014 at 10:29 PM
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bitsol

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Wait, but can I sweep and have my LTBC in my Blockchain Wallet???

Posted on August 11, 2014 at 10:11 AM
Last Edited: August 11, 2014 at 10:11 AM
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redsn0w

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@bitsol Wait, but can I sweep and have my LTBC in my Blockchain Wallet???

No you can't .

Posted on August 11, 2014 at 10:44 AM
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beniamino

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@bitsol Wait, but can I sweep and have my LTBC in my Blockchain Wallet???

No you can not have it altogether

Posted on August 12, 2014 at 1:36 AM
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bitsol

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@beniamino

@bitsol Wait, but can I sweep and have my LTBC in my Blockchain Wallet???

No you can not have it altogether

Ok

Posted on August 12, 2014 at 10:32 AM
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rouf553

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@jamesmm I'm curious, what would happen if I load a private key from my CounterWallet to my Blockchain wallet?

Would I then be able to spend BTC from Blockchain from the address? What would happen to the assets/coins in CounterWallet?

You can't do it. Counterwallet only use blockchain for data storage.

Posted on August 12, 2014 at 10:40 AM
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