HELP - Updating from Multibit Classic to Multibit HD ???? Too scared !!!

bilabonic

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Cheers mate..

The only address in my 'addresses tab' is the one i have manually entered to send to a friend.

I am still receiving BTC with the original receiving address which was created EVEN though, it differs from the address in my 'receiving tab'.

Seems a good function Grin

ranochigo

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Activity: 2954

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Quote from: bilabonic on January 13, 2017, 08:11:32 PM

Firstly THANKS for 'putting up with me', as we say in the UK.

Glad to help!

Quote from: bilabonic on January 13, 2017, 08:11:32 PM

I understand the transaction process, BUT why switch my wallet address ? I was given ONE when i installed Electrum....Yet i know have a new receiving address ?

The receiving address aims to give the transaction a bit more clarify. Lets say you use the function to request a new address. You can then label it to say which person sent the transaction. This way, with each address being tied to a label, you can know who was the one who sent the transaction.

Quote from: bilabonic on January 13, 2017, 08:11:32 PM

Is it mine ? Ifi request BTC from someone then which one do i use ?? Any one of the two ?

Any. Electrum doesn't delete keys. The Bitcoins will still end up in your wallet.

Quote from: bilabonic on January 13, 2017, 08:11:32 PM

Will it change again ? Will i continually have varying addresses ??

My mate owes me 10 BTC.......I have NO IDEA what to inform him of what my actual address is !!!

Madness !!!

Definitely. As long as the address is listed in the "Addresses" tab, you can use it.

bilabonic

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Activity: 325

Merit: 250

Quote from: ranochigo on January 12, 2017, 11:08:07 PM

Quote from: bilabonic on January 12, 2017, 05:09:08 PM

I have installed Electrum and all ok, sent a small amount of BTC to my Electrum receiving address from Multibit and went fine.

I just sent another amount exactly the same way, i had the address of the Electrum wallet saved in my Multibit wallet and again its looking ok, waiting on peers.

BUT when i looked at the receiving address of my Electrum wallet it has changed ??

How is this ??

For privacy, Electrum prefers the user to only use the addresses once. Once you have used all the balance in the address, the address will be in a column with the header "used". You should still be able to see it in your Addresses tab.

Quote from: bilabonic on January 12, 2017, 05:09:08 PM

UPDATE -

I just had a look in TOOLS>PREFERENCES>TRANSACTIONS and the box is ticked for ' Use change addresses' ?

Is this why, how does it work, i presume i still use the exact same address i had when i created the wallet ? Or do i have to alter it everytime which obviously would not work when receiving continual multiple payments when mining.....

Anyone explain this ?

Thanks

In a Bitcoin transaction, this is how it works.
Input A has 1 BTC. If I want to pay 0.1BTC fee and send 0.8 BTC to Address B,
A (1BTC)-> B (0.8BTC)
Change address (0.1BTC)
Fee = 0.1BTC.

Note that the fee isn't specified in the transaction. Any remaining BTC that is not used in the output is taken as fee.

The change address can be different to maintain privacy. On some wallet, the change is sent back to the original address and it would be clear which address is the intended destination.

Firstly THANKS for 'putting up with me', as we say in the UK.

I understand the transaction process, BUT why switch my wallet address ? I was given ONE when i installed Electrum....Yet i know have a new receiving address ?

Is it mine ? Ifi request BTC from someone then which one do i use ?? Any one of the two ?

Will it change again ? Will i continually have varying addresses ??

My mate owes me 10 BTC.......I have NO IDEA what to inform him of what my actual address is !!!

Madness !!!

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: bilabonic on January 12, 2017, 05:09:08 PM

I have installed Electrum and all ok, sent a small amount of BTC to my Electrum receiving address from Multibit and went fine.

I just sent another amount exactly the same way, i had the address of the Electrum wallet saved in my Multibit wallet and again its looking ok, waiting on peers.

BUT when i looked at the receiving address of my Electrum wallet it has changed ??

How is this ??

For privacy, Electrum prefers the user to only use the addresses once. Once you have used all the balance in the address, the address will be in a column with the header "used". You should still be able to see it in your Addresses tab.

Quote from: bilabonic on January 12, 2017, 05:09:08 PM

UPDATE -

I just had a look in TOOLS>PREFERENCES>TRANSACTIONS and the box is ticked for ' Use change addresses' ?

Is this why, how does it work, i presume i still use the exact same address i had when i created the wallet ? Or do i have to alter it everytime which obviously would not work when receiving continual multiple payments when mining.....

Anyone explain this ?

Thanks

In a Bitcoin transaction, this is how it works.
Input A has 1 BTC. If I want to pay 0.1BTC fee and send 0.8 BTC to Address B,
A (1BTC)-> B (0.8BTC)
Change address (0.1BTC)
Fee = 0.1BTC.

Note that the fee isn't specified in the transaction. Any remaining BTC that is not used in the output is taken as fee.

The change address can be different to maintain privacy. On some wallet, the change is sent back to the original address and it would be clear which address is the intended destination.

bilabonic

sr. member

Activity: 325

Merit: 250

I have installed Electrum and all ok, sent a small amount of BTC to my Electrum receiving address from Multibit and went fine.

I just sent another amount exactly the same way, i had the address of the Electrum wallet saved in my Multibit wallet and again its looking ok, waiting on peers.

BUT when i looked at the receiving address of my Electrum wallet it has changed ??

How is this ??

UPDATE -

I just had a look in TOOLS>PREFERENCES>TRANSACTIONS and the box is ticked for ' Use change addresses' ?

Is this why, how does it work, i presume i still use the exact same address i had when i created the wallet ? Or do i have to alter it everytime which obviously would not work when receiving continual multiple payments when mining.....

Anyone explain this ?

Thanks

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: bilabonic on December 31, 2016, 02:52:27 AM

Cheers mate, so IT creates the seed for you or do you have to enter it ?

Just like Multibit, it also creates the seed for you.

Quote from: bilabonic on December 31, 2016, 02:52:27 AM

Can you also create a wallet password as with Multibit ??

Definitely, just that the seed isn't secured with the seed so you have to keep it safe.

Quote from: bilabonic on December 31, 2016, 02:52:27 AM

It does look a lot more secure.

Anything else you recommend i do ?

Thanks

I can't really comment on the security but I haven't seen a lot of bugs with Electrum as compared to Multibit. And nothing much, just keep your seed secure and thats the most important thing.

bilabonic

sr. member

Activity: 325

Merit: 250

Quote from: ranochigo on December 31, 2016, 02:42:26 AM

Quote from: bilabonic on December 31, 2016, 12:29:11 AM

Think i will move to the Electrum wallet tbh.

Looks more secure, has a seed, was expecting the 2FA to be done via a mobile or moblie app though...Surely that would be the most secure way ??

Multibit HD has a seed too. Electrum takes advantage of 2 of 3 multsig to make the 2FA more trustless. You also need to make sure to save the seed and make sure you generated it securely.

Quote from: bilabonic on December 31, 2016, 12:29:11 AM

How would i 'back up' my wallet, as before i would just copy the whole Multibit folder from appdata...

Is it much the same process.

I appreciate your advise, thanks.

http://docs.electrum.org/en/latest/index.html

The seed covers the entire wallet and you would get away without saving the wallet file. If you didn't use the portable version, you can copy the Electrum folder from appdata too.

Cheers mate, so IT creates the seed for you or do you have to enter it ?

Can you also create a wallet password as with Multibit ??

It does look a lot more secure.

Anything else you recommend i do ?

Thanks

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: bilabonic on December 31, 2016, 12:29:11 AM

Think i will move to the Electrum wallet tbh.

Looks more secure, has a seed, was expecting the 2FA to be done via a mobile or moblie app though...Surely that would be the most secure way ??

Multibit HD has a seed too. Electrum takes advantage of 2 of 3 multsig to make the 2FA more trustless. You also need to make sure to save the seed and make sure you generated it securely.

Quote from: bilabonic on December 31, 2016, 12:29:11 AM

How would i 'back up' my wallet, as before i would just copy the whole Multibit folder from appdata...

Is it much the same process.

I appreciate your advise, thanks.

http://docs.electrum.org/en/latest/index.html

The seed covers the entire wallet and you would get away without saving the wallet file. If you didn't use the portable version, you can copy the Electrum folder from appdata too.

bilabonic

sr. member

Activity: 325

Merit: 250

Think i will move to the Electrum wallet tbh.

Looks more secure, has a seed, was expecting the 2FA to be done via a mobile or moblie app though...Surely that would be the most secure way ??

How would i 'back up' my wallet, as before i would just copy the whole Multibit folder from appdata...

Is it much the same process.

I appreciate your advise, thanks.

http://docs.electrum.org/en/latest/index.html

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: bilabonic on December 30, 2016, 10:37:05 PM

Also how do you update to 0.5.19, is it just a matter of downloading it and installing it with the previous version still in place ?

Cheers

Yup, that's what you do. With regards to the above comment, MultiBit HD does not seem extremely stable with several prominent issues (eg. Transactions suddenly turning unconfirmed). Consider using alternatives such as Electrum.

Quote from: bilabonic on December 30, 2016, 10:41:23 PM

But you have to introduce the wallet online at some point, what is the difference to keeping it offline on a usb stick to keeping everyting offline on an old netbook for example ?

If you were to be creating the wallet on an online computer, the wallet would be unsafe since any viruses on your computer would have access to your wallet by then. Moving it offline wouldn't help. In comparison, if you were to use a Linux LiveCD, the wallet would be created on a clean computer and with no internet access till you move your coins, the virus(if any) would have a small timeframe to steal your coins.

You can also keep the offline computer offline even when you spend your coin. Currently not possible with the Multibit UI however.

Quote from: bilabonic on December 30, 2016, 10:37:05 PM

Would the 'keepkey' be a safer option?

Just looking for the SAFEST way to a few coins that i will not touch for a few years.

Cheers

Definitely. Hardware wallets are usually rather secure. An extremely cheap and safe option would be creating a paper wallet on an offline Linux computer. You can spend it using Mycelium. Just remember to keep multiple backups.

bilabonic

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Activity: 325

Merit: 250

Quote from: ranochigo on December 30, 2016, 12:51:48 PM

Quote from: bilabonic on December 30, 2016, 12:15:50 PM

I will backup my Multibit folder and install it later.

I presume by 'seed' you mean the random words you need to keep safe to recover your password ?

Yes. They recover your private keys for the addresses generated with it.

Quote from: bilabonic on December 30, 2016, 12:15:50 PM

How do you guys get along with HD ?

Fairly well. The only disadvantage is that you cannot extract the private keys from Multibit HD GUI.

Quote from: bilabonic on December 30, 2016, 12:15:50 PM

Or do you just remove/backup the MultibitHD folder to cold storage ??

Moving/backing up the Multibit HD wallet is NOT remotely enough for keeping your wallet safe from hackers. As long as you have the wallet stored in any medium connected to the internet, the wallet is vulnerable to hacking attempts. A cold storage requires the wallet to be generated from a computer free from virus and disconnected from the internet.

But you have to introduce the wallet online at some point, what is the difference to keeping it offline on a usb stick to keeping everyting offline on an old netbook for example ?

Would the 'keepkey' be a safer option?

Just looking for the SAFEST way to a few coins that i will not touch for a few years.

Cheers

bilabonic

sr. member

Activity: 325

Merit: 250

Quote from: dotch on December 30, 2016, 02:37:03 PM

Quote from: bilabonic on December 30, 2016, 08:08:48 AM

Hi All

I am still using good old Multibit Classic 0.5.18 BUT have been reading that it's now outdated and i keep getting error messages on ALL incoming transactions recently stating ' This transaction is not standard and should not be trusted' Huh

?

This has only started recently...I am VERY used to Classic and store mt WHOLE multibit folder offline.

I am a bit confused on the process of upgrading to HD.....

[...]

Anyone advise ??

Thanks

I upgraded yesterday. It became a disaster. Read my story here: https://bitcointalksearch.org/topic/please-help-2btc-locked-because-the-password-did-not-unlock-the-wallet-1733063

Good luck!

Jeez !!!! That has REALLY put me off now !!!!

Why did you transfer such a large amount of BTC to 'test' first ?

What process are you using with classic to keep your wallet safe as it seems what i have been doing above is not even safe !!!

Which i don'y understand as you HAVE to go online at some point to send BTC etc and put your multibit folder sync etc,,,,,

So it seems nothing is safe !!!!

You mentioned some form of decryption key etc??

Also how do you update to 0.5.19, is it just a matter of downloading it and installing it with the previous version still in place ?

Cheers

dotch

newbie

Activity: 8

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Quote from: bilabonic on December 30, 2016, 08:08:48 AM

Hi All

I am still using good old Multibit Classic 0.5.18 BUT have been reading that it's now outdated and i keep getting error messages on ALL incoming transactions recently stating ' This transaction is not standard and should not be trusted' Huh

?

This has only started recently...I am VERY used to Classic and store mt WHOLE multibit folder offline.

I am a bit confused on the process of upgrading to HD.....

[...]

Anyone advise ??

Thanks

I upgraded yesterday. It became a disaster. Read my story here: https://bitcointalksearch.org/topic/please-help-2btc-locked-because-the-password-did-not-unlock-the-wallet-1733063

Good luck!

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: bilabonic on December 30, 2016, 12:15:50 PM

I will backup my Multibit folder and install it later.

I presume by 'seed' you mean the random words you need to keep safe to recover your password ?

Yes. They recover your private keys for the addresses generated with it.

Quote from: bilabonic on December 30, 2016, 12:15:50 PM

How do you guys get along with HD ?

Fairly well. The only disadvantage is that you cannot extract the private keys from Multibit HD GUI.

Quote from: bilabonic on December 30, 2016, 12:15:50 PM

Or do you just remove/backup the MultibitHD folder to cold storage ??

Moving/backing up the Multibit HD wallet is NOT remotely enough for keeping your wallet safe from hackers. As long as you have the wallet stored in any medium connected to the internet, the wallet is vulnerable to hacking attempts. A cold storage requires the wallet to be generated from a computer free from virus and disconnected from the internet.

bilabonic

sr. member

Activity: 325

Merit: 250

Cheers Guys,

I will backup my Multibit folder and install it later.

I presume by 'seed' you mean the random words you need to keep safe to recover your password ?

How do you guys get along with HD ?

Anyone of you use the KeepKey ?

Or do you just remove/backup the MultibitHD folder to cold storage ??

ranochigo

legendary

Activity: 2954

Merit: 4158

Quote from: bilabonic on December 30, 2016, 08:08:48 AM

Hi All

I am still using good old Multibit Classic 0.5.18 BUT have been reading that it's now outdated and i keep getting error messages on ALL incoming transactions recently stating ' This transaction is not standard and should not be trusted' Huh

?

TXID please? Could you try updating to 0.5.19? The non-standard warning is fine and it just warns that your client does not trust the transaction since it thinks that it doesn't follow the network rules entirely. For example, an nlocktime transaction can be nonstandard when the block height is not to the value the transaction has.

I believe this has more to do with your client being updated and is not aware of any new "features" the reference nodes allow.

Quote from: bilabonic on December 30, 2016, 08:08:48 AM

This has only started recently...I am VERY used to Classic and store mt WHOLE multibit folder offline.

I am a bit confused on the process of upgrading to HD.....

Can i just download load the latest version of HD now, set it up on the same pc running classic, do a transfer to check all is ok ??

Or will there be a 'conflict' with both running on the same PC..

That is fine. You just need to setup your wallet and you can send all your funds to the new HD wallet. Just need to remember your seed.

Biitcoin

sr. member

Activity: 353

Merit: 250

Zichain

I know that Multibit HD folder is called MultibitHD in AppData which means installing the new version shouldn't affect the Multibit classic installation but as long as you hold the whole multibit classic folder you should be fine.
I suggest installing the Multibit HD and then run Multibit classic and send the BTC from it to the new wallet.

bilabonic

sr. member

Activity: 325

Merit: 250

Hi All

I am still using good old Multibit Classic 0.5.18 BUT have been reading that it's now outdated and i keep getting error messages on ALL incoming transactions recently stating ' This transaction is not standard and should not be trusted' Huh

?

This has only started recently...I am VERY used to Classic and store mt WHOLE multibit folder offline.

I am a bit confused on the process of upgrading to HD.....

Can i just download load the latest version of HD now, set it up on the same pc running classic, do a transfer to check all is ok ??

Or will there be a 'conflict' with both running on the same PC...

I do want to get 'KeepKey' eventually...

Anyone advise ??

Thanks

Topic: HELP - Updating from Multibit Classic to Multibit HD ???? Too scared !!! (Read 1849 times)