Can I use bitcoin wallet to save MaidSafeCoin?


#1

Hello! I’m a beginner and just bought some MaidSafeCoin. This is what I did:

  • Bought some BTC from coinbase
  • Transferred BTC to Poloniex
  • Created BTC address from bitaddress.org
  • Bought MAID in Poloniex and then transferred it to the address created in step 3 above.

I also created an account in blockchain.info and imported my BTC address there (watch only mode). I can see that Polonix transferred my MAID coins to that address. However it’s showing it in BTC (I bought about 1015 coins and the amount in address is 0.0000273). So I am a bit confused here. Why I had to go through these convoluted steps to purchase MaidSafeCoin as I eventually ended up having some bitcoins in my MaidSafeCoin wallet ? When safecoin will be made available, will I be able to exchange these 1015 MAID coins to safecoins or will it depend on the exchange rate of 0.0000273 BTC ?


#2

I’d recommend setting up a ‘watching only’ wallet at https://www.omniwallet.org/wallet
This can ‘see’ MaidSafeCoin as well as bitcoin, whereas blockchain.info only ‘sees’ bitcoin.

If you ever want to send your MaidSafeCoin to a different address you’ll need a small amount of bitcoin in your current address, so that the bitcoin transaction fee can be paid.

MaidSafeCoin is just a token on the bitcoin blockchain. Bitcoin wallets don’t see MaidSafeCoins because they are not part of the ‘official’ bitcoin protocol. The information which describes MaidSafeCoin is stored on the bitcoin blockchain, but you need to use the omni protocol to see them. This is what the Omniwallet does. Omni used to be called Mastercoin by the way.


#3

Yes, the BTC is not real, it appears because bitcoin wallets don’t recognise your MaidSafeCoin. As @Runswick says, if you watch/inspect using omniwallet.org you will see your MaidSafeCoin and any bitcoin at the address correctly. So, yes, when the network is live you will be able to exchange for 1015 SafeCoin.


#4

I’d like to make sure that you’re clear on this bit. My explanation uses language which is not technically precise, but represents the way it works in a meaningful way. I hope.

  • Your MaidSafeCoins are stored on the bitcoin blockchain as information, a signal, which software like the Omniwallet looks for and understands. Omiwallet sees this information which represents your MaidSafeCoins and tells you that you have your 1015 MaidSafeCoins.
  • To get the information which is your MaidSafeCoins onto the bitcoin blockchain in the first place, a transaction has to be made. A transaction is just a way to add information to the bitcoin blockchain. The transaction is done, on the bitcoin blockchain, and it includes special information. This special information does nothing in bitcoin wallets. In Omniwallets the special information is your MaidSafeCoins.
  • This transaction on the bitcoin blockchain (because it is a transaction) has to move a small amount of bitcoin. This is why you see 0.0000273 shown in your blockchain.info wallet. This is actually bitcoin. It is not MaidSafeCoin, and it does not represent MaidSafeCoin in any way. the blockchain.info wallet is completely blind to MaidSafeCoin.
  • If you set up a ‘watch only’ Omniwallet, it will show your 1015 MaidSafeCoins at your address, because it looks for MaidSafeCoin information on the bitcoin blockchain. Omniwallets can see bitcoins AND MaidSafeCoins AND any other Omni tokens. It looks for them all. For this reason Omniwallet will also show your 0.0000273 bitcoin, separate from your MaidSafeCoins. This is just a tiny amount which had to be transferred in the transaction which created your MaidSafeCoin information on the blockchain.

I’ve just read what I’ve typed!:open_mouth:

Good luck understanding it!


I have accidentally spent my satoshis sent by maidsafe!
#5

I think what we need here is an analogy!
Shall we have an analogy competition?


#6

I think this is excellent and accurate! Great job explaining it and I will be using this in the future to explain to others. Thank you!


#7

Thanks. Feel free to to make changes and post back here with improvements.


#8

It’s like…
If a Bitcoin transaction is sending money to someone, the Omni transactions are something you write on the cash with a pen before sending the cash. Or more like engrave into a penny and send them the penny. The true value in the transfer isn’t the penny, but rather what you engraved


#9


#10

Has he just smashed the backboard? Is he saying “It’s over”?

Are you saying you’ve won the analogy competition :trophy:?

OK. I’d say you’ve slam-dunked it :basketball:! (Or would you say it was more like a free-throw, given the lack of competition? :stuck_out_tongue_winking_eye: )


#11

Haha, ya after I posted I thought maybe there aren’t many NBA fans in this forum. This was Vince Carter during the All Star slam dunk competition one year. He was doing some insane dunks, and in the middle of the competition declared “it’s over”. No other entrants does make it easier :slight_smile:


#12

Spud Webb 5’ 7" :wink:


#14

Hi should I be worried about my MAID saved on bitcoin wallet generated using the instructions posted (using bit address.org) in this thread? I see people are worried about USDT hack and omniwallet. I use omniwallet to see balance and send bitcoin to exchange.

Am I safe ?


#15

I believe you are ok.

I am not worried about my omniwallet wallet


#17

Is there any reason one shouldn’t just leave maidsafe coins on Poloniex?


#18

Hmmm… at 10 coins per transmitted amount if your short term trading no reason why you shouldn’t leave them on the exchange. Long term holding… What if Poloniex is hacked? Or shutdown? Or coins otherwise lost? If you don’t own the private key you don’t own the coins… if you lose your private keys you are to blame for your loss. If the exchange loses your keys, you are to blame for trusting them. Take ownership and responsibility of your coins, backup well.


#19

@newbie, this is an existing thread that may help you out:


#20

If you are already on Poloniex thats cool, they are not taking any new accounts at present.