Topic: Blockchain.info, does recovery phrase recover all wallets? (Read 502 times)

I'm thankful for your help.

The "mempool" is the name for the Memory Pool that Bitcoin nodes individually
store for all the pending transactions, that they have seen, and are broadcasted
to the network. All pending txs are usually included within the next few blocks
depending on whether the miner's fee paid was appropriate or if the mempool is
empty or low.

You can see different nodes view of the Bitcoin mempool here:
https://bitcoinfees.21.co/
https://tradeblock.com/bitcoin
https://core.jochen-hoenicke.de/queue/#2d
https://blockchain.info/charts/mempool-count

When you send a Bitcoin transaction from one address to another address, it
should be done so with a miner's fee to ensure it is confirmed within the
amount of time you require. Depending on what fee you attach, depends on
the likelihood that your transaction is included within the next found block.

Though I might not make a bitcoin transaction each day, I actually check the
mempool multiple times per day, just to see what the network is doing and
whether a spam attack or other issues are occurring. To me, checking the
mempool is like looking at the weather report.

So by learning about the mempool and the different levels and how much is
appropriate and not appropriate for your purposes, you will save yourself lots
of time and trouble in the future.

Edit: replaced first link with correct working link

Thank you for explaining. You are very helpful.

coinbase to gdax might be free as it could be an internal transfer on their own database, but then again maybe they're not that closely interlinked.

transfers between your own bitcoin wallets would incur a bitcoin fee as you're using the blockchain. transfers in and out of exchanges to wallets you control also use the blockchain so there's a fee involved.  

i don't know much about the coinbase vault. you do have a key, but they also have one. best ask coinbase themselves.

Thanks for explaining.


So any BTC to BTC transfer costs money?
Even between wallet and exchange?
Even between Coinbase and GDAX which are same company?

Is Coinbase now like Electrum/blockchain.info with the vault option, meaning they give the user full access to keys?

I'm trying to figure a good way to buy, store and/or exchange. There is just too much information out there, and too much confusion, and too many options now. Hard to tell what's a good way, what's a bad way. I think it's easy to make mistakes ...

Would appreciate any help.

if you send with too low a fee then your coins might get stuck forever. however most wallets these days crazily overestimate the fees so it's rarely a problem. it also means you're giving away bitcoin needlessly.

Can you explain this in more detail please? I didn't understand at all.

If just the mnemonic is compromised, you should transfer your coins to a new
blockchain.info account, which has a different mnemonic.

But if your computer is compromised, you should transfer those coins to a paper
wallet that is generate offline from a different computer. After that is successful,
you could choose, at your leisure, to move the coins to a more secure device, such
as a hardware wallet or a new/clean computer software wallet.

In emergencies, you should pay a higher fee to move your coins, so that an attacker
who has your compromised keys does not beat you to a block, by double spending
with a higher fee.

Online wallets should only be used for small amounts of bitcoin, while large amounts
should be maintained in cold storage systems if possible.

Never keep large amount of bitcoins on exchanges unless you are currently trading
or willing to lose them to hacking. Exchanges and malicious software on computers
are the two likely reasons why you will lose control over your bitcoins.

Before sending your bitcoins in any transaction, always check the mempool and see
what the current levels are at, so that you are aware of the current situation. Not
checking before you send your tx is like not looking both ways before crossing the
street.

If you follow the above, you should be ahead of the average bitcoiner.

Thanks so much!!

For future reference, if a recovery phrase is compromised, what should be done?
What if there are still funds in the old account? Thanks again

Yes. Basically this mnemonic is a master key that has the ability to recover
all possible privatekeys that are used or unused from that mnemonic.
It is possible to make multiple wallets under this mnemonic, each with
their own "extended privatekeys" (Xprv).




It will backup all wallets you create within the blockchain.info website
associated with that mnemonic. If you import addresses into blockchain.info,
they are not recoverable from the mnemonic since they are foreign.

In order to find your other wallets generated from the mnemonic, you need to
play with the "keypath" data. It is likely that you need to go into BIP44 and set
your keypath to M/44/0/1/0. This will provide your second generated wallet.

This may help fill in some blanks:
https://github.com/bitcoin/bips/blob/master/bip-0044.mediawiki

Hi,

I need some help understanding blockchain.info.

1.

Under the Default wallet, I can generate multiple addresses and also see the Extended Public Key (xPub). If I go to the BIP39 mnemonic converter https://iancoleman.github.io/bip39, and input my backup phrase, it shows all the addressed I generated in the default wallet, and also shows my Extended Public Key (xPub).

But:

If I add a new wallet by clicking "Add", and create addresses under it, I do not see these addresses on the bip39 page:
https://i.imgur.com/0LZcxWq.png
This wallet also has a different xPub that is not on the bip39 page:
https://i.imgur.com/WDlXZHz.png

Can someone please explain this?

2.

The wallet recovery backup phrase, does it only backup the default wallet (and all addresses in it)? Or does it backup all wallets within blockchain.info ? (I am talking about wallets created using the "Add" button, https://i.imgur.com/0LZcxWq.png, NOT another account with a different email).

The reason I'm confused, as I stated above, if I input the recovery phrase in the BIP page, it only shows the xPub and addresses associated with the default wallet only.

If someone help please?

Thank you!