![]() So instead of core wallet there are several third party wallets that supports watch-only feature. It takes a lot of time and is not worth it. But the process is bit complicated and moreover you need to run full node and you need to re-scan the blockchain. We can import any Bitcoin address to core QT wallet. You can import your address for which you own private keys or any public Bitcoin address (for example: this address) into your watch-only wallet and start monitoring all of its incoming and outgoing transactions. A watch only wallet acts like a cold storage wallet and it helps to view balance and keep track of your transactions without any risk. So what is the use of watch-only wallets? Sure, you can, but instead of individually monitory each Bitcoin address you can import all address and monitor them all conveniently at one place. It is used only to view the balance and monitor the transaction activity of a particular wallet address.īut I can see the balance and transaction details of any wallet address using block explorers. A watch only address doesn’t have private keys and you’ll not be able to spend any Bitcoins associated with that address. What does watch-only wallet mean?Ī watch-only wallet, as the name suggests it is just a Bitcoin wallet that is used for watching only. So what does watch-only wallet mean, how it works and what you need to know before you create a watch-only wallet. This is one common issue users of blockchain wallet () face and what you must remember is even blockchain support team can’t help with such situations as they don’t have your private keys or access to your account. Then they seek for help on forums asking questions such as: How do I transfer my balance from watch only wallet to another address? How to get private keys for my watch only address? I can’t spend Bitcoin from my watch only wallet and similar things. Also we’ve seen users sending Bitcoin to watch-only wallet address for which they don’t have the private key. Sending to wrong wallet address or losing private keys is the biggest mistake crypto newcomers make. So before investing your hard earned money take some proper measures, do some research and be careful on how they are stored. There are several ways to lose your Bitcoins and since this technology is decentralized there is nobody that can help you with your funds. But apart from investing newcomers tend to lose a lot just because they don’t have much knowledge on how to use or secure Bitcoin. There are several advantages of this technology but the market is volatile and is highly risky so do not invest more that you can’t afford to lose. Beginners who are new to this space are often advised to be cautious when it comes to investing in Bitcoin and Cryptocurrencies.
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