ADVISE PLEASE - Worried about losing my BTC with Multibit !!!!!

hexafraction

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Quote from: bilabonic on December 10, 2014, 05:47:09 AM

Thanks

By adding an address do you mean creating a new wallet ?

Surely if i have a wallet that has a set amount of BTC in it and i no longer use then once i have the private keys backed up for that wallet then all is good ? I do not need to keep exporting keys for it as i am not using it...

Addresses are not the same thing as wallets. One wallet has multiple addresses. Backing up private keys ensures that you can spend from any address that existed at the time you made the backup. This works for coins that you received after making the backup, into an address that you had made before the backup. Same goes for backing up the wallet (as far as I know).

bilabonic

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Thanks

By adding an address do you mean creating a new wallet ?

Surely if i have a wallet that has a set amount of BTC in it and i no longer use then once i have the private keys backed up for that wallet then all is good ? I do not need to keep exporting keys for it as i am not using it...

hexafraction

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Quote from: bilabonic on December 08, 2014, 02:23:56 PM

Quote from: hexafraction on December 08, 2014, 06:17:50 AM

Ideally you will restore the wallets to the same place. However, MultiBit also includes a feature File>Open Wallet, that allows you to open and use a .wallet file on an arbitrary location.

In addition, you can make a backup into a multibit .key file using Tools>Export private keys. Once for each wallet, password-protection is possible. This can go into a bank vault on storage media as necessary. You can then re-import these keys, after reinstalling, into blank wallets if something should go wrong.

Thanks for the reply Hexa, much appreciated.

What would you recommend i do to safely have a back-up ?

As i stated in my first post PLUS export of private keys ?? Do i need to export private keys only once for each wallet, how often do i need to export keys for each wallet ??

Cheers

Backup should go on reliable flash memory in a safe deposit box, at the very least. You need to re-export private keys for each wallet each time you add a new address to it (as each private key is tied to its own address). If you have funds in addresses A, B, and C, make a backup, and create a new address D, receive money to it, and have a disk failure with no recovery, you'll be able to recover the balances of A, B, and C, but not D.

bilabonic

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Quote from: hexafraction on December 08, 2014, 06:17:50 AM

Ideally you will restore the wallets to the same place. However, MultiBit also includes a feature File>Open Wallet, that allows you to open and use a .wallet file on an arbitrary location.

In addition, you can make a backup into a multibit .key file using Tools>Export private keys. Once for each wallet, password-protection is possible. This can go into a bank vault on storage media as necessary. You can then re-import these keys, after reinstalling, into blank wallets if something should go wrong.

Thanks for the reply Hexa, much appreciated.

What would you recommend i do to safely have a back-up ?

As i stated in my first post PLUS export of private keys ?? Do i need to export private keys only once for each wallet, how often do i need to export keys for each wallet ??

Cheers

hexafraction

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Activity: 392

Merit: 268

Tips welcomed: 1CF4GhXX1RhCaGzWztgE1YZZUcSpoqTbsJ

Ideally you will restore the wallets to the same place. However, MultiBit also includes a feature File>Open Wallet, that allows you to open and use a .wallet file on an arbitrary location.

In addition, you can make a backup into a multibit .key file using Tools>Export private keys. Once for each wallet, password-protection is possible. This can go into a bank vault on storage media as necessary. You can then re-import these keys, after reinstalling, into blank wallets if something should go wrong.

bilabonic

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Hi All

I have been mining BTC for a while and have 30 BTC in 3 seperate encrypted wallets using Multibit on my laptop, i tend to open a new encrypted wallet after i reach approx 10 BTC (after being advised on here).

I also have been advised to back up ALL data in - C>users>acer>appdata>roaming>multibit>multibit.wallet.

I do this EVERYTIME i add another wallet and save the data to 3 usb sticks.

What worries me is that if my laptop develops a fault and i can not access Multibit on it then i have no access to my coins and NO IDEA how to recover them on another machine even after searching on here !!!!

Can anyone advise me if my method is safe and how would i go about recovering my coins if my laptop breaks...

Thanks

Topic: ADVISE PLEASE - Worried about losing my BTC with Multibit !!!!! (Read 2833 times)