Which private key to backup ? | Bitcointalksearch.org

PangPang

hero member

Activity: 499

Merit: 500

Thanks gweedo and DannyHamilton for the clarifications.

Quote from: DannyHamilton on June 04, 2014, 01:58:06 PM

The format listed in the Blockchain.info wallet as "Bitcoin-Qt" is actually Wallet Import Format (WIF)

While it does use Base58 encoding for the final representation, is isn't a straight conversion of the original private key number to base58. It also includes a network identifier byte and a 4 byte checksum.

You would probably be fine to just store this one "Bitcoin-Qt" format. Nearly all current wallets accept it for import, and it isn't terribly difficult to convert from there to any of the other formats.

Too bad, my answer given earlier to OP was only partially correct. Tongue

BitCoinDream

legendary

Activity: 2282

Merit: 1204

The revolution will be digital

Quote from: DannyHamilton on June 04, 2014, 01:58:38 PM

Quote from: BitCoinDream on June 04, 2014, 01:54:58 PM

if I have the key stored in Bitcoin-QT format, is it possible to convert it to BAse58 or others in a later stage ?

Yes.

Thanks... this link solves all the problem => https://en.bitcoin.it/wiki/Wallet_import_format

...and yes, address-private key combination wont be confused as blockchain.info paper wallet contains both. Wink

DeboraMeeks

hero member

Activity: 588

Merit: 500

Encode it in BIT (something i forgot Undecided

)

hartvercoint

full member

Activity: 224

Merit: 100

Save them in Hex. All keys carry the same information and can be converted into one another.

hex: 123abcdef4
base58: 34HefR5
base64: Ejq83vQ=

They're all the same thing.

You can convert those here: http://brainwallet.org/#converter
It's JS-based and should be safe to use.

DannyHamilton

legendary

Activity: 3388

Merit: 4615

Quote from: BitCoinDream on June 04, 2014, 01:54:58 PM

if I have the key stored in Bitcoin-QT format, is it possible to convert it to BAse58 or others in a later stage ?

Yes.

DannyHamilton

legendary

Activity: 3388

Merit: 4615

A private key is just a number.

It is a VERY big number, so that number has been reformatted in a variety of ways for various wallets to make it easier to work with.

It doesn't really matter which format you store it in. You can always convert to a different format in the future if necessary.

The format listed in the Blockchain.info wallet as "Bitcoin-Qt" is actually Wallet Import Format (WIF)

While it does use Base58 encoding for the final representation, is isn't a straight conversion of the original private key number to base58. It also includes a network identifier byte and a 4 byte checksum.

You would probably be fine to just store this one "Bitcoin-Qt" format. Nearly all current wallets accept it for import, and it isn't terribly difficult to convert from there to any of the other formats.

If you don't think you have the math skills to convert, and you don't trust anyone else to convert for you, and you are concerned that you may want to use a wallet in the future that does not recognize WIF, then go ahead and store all 4 formats.

Whichever format you store, make sure you include some indication of which format it is, and what the address is for each private key, otherwise you may be quite confused when you look back at it later.

BitCoinDream

legendary

Activity: 2282

Merit: 1204

The revolution will be digital

Quote from: gweedo on June 04, 2014, 01:25:23 PM

Quote from: BitCoinDream on June 04, 2014, 01:19:55 PM

Quote from: gweedo on June 04, 2014, 01:15:09 PM

Base58 cause any client should be able to read it. The bitcoin-qt format is really called compressed private keys and I personally haven't seen many of these clients around.

So Bitcoin-QT format is NOT Base58 ? Or Bitcoin-QT can use both Base58 & Bitcoin-QT format ?

Bitcoin-qt format is not base58, it is different. But bitcoin-qt can read both formats in, I am pretty sure.

Ok... BlockChain.info is providing a paper wallet in PDF form where the key is in Bitcoin-QT format. So, if I have the key stored in Bitcoin-QT format, is it possible to convert it to BAse58 or others in a later stage ?

bitcoinforhelp

full member

Activity: 154

Merit: 100

bitcoin-qt format probably, just plain private key

gweedo

legendary

Activity: 1498

Merit: 1000

Quote from: BitCoinDream on June 04, 2014, 01:19:55 PM

Quote from: gweedo on June 04, 2014, 01:15:09 PM

Base58 cause any client should be able to read it. The bitcoin-qt format is really called compressed private keys and I personally haven't seen many of these clients around.

So Bitcoin-QT format is NOT Base58 ? Or Bitcoin-QT can use both Base58 & Bitcoin-QT format ?

Bitcoin-qt format is not base58, it is different. But bitcoin-qt can read both formats in, I am pretty sure.

BitCoinDream

legendary

Activity: 2282

Merit: 1204

The revolution will be digital

Quote from: gweedo on June 04, 2014, 01:15:09 PM

Base58 cause any client should be able to read it. The bitcoin-qt format is really called compressed private keys and I personally haven't seen many of these clients around.

So Bitcoin-QT format is NOT Base58 ? Or Bitcoin-QT can use both Base58 & Bitcoin-QT format ?

gweedo

legendary

Activity: 1498

Merit: 1000

Base58 cause any client should be able to read it. The bitcoin-qt format is really called compressed private keys and I personally haven't seen many of these clients around.

PangPang

hero member

Activity: 499

Merit: 500

Quote from: BitCoinDream on June 04, 2014, 11:52:54 AM

^^
But Base58 keys are different than Bitcoin-QT format as provided by BlockChain.info !!!

What a big surprise.
I am not sure what went wrong here, but IIRC, bitcoin-qt use base58 encoding for private keys.

BitCoinDream

legendary

Activity: 2282

Merit: 1204

The revolution will be digital

^^
But Base58 keys are different than Bitcoin-QT format as provided by BlockChain.info !!!

PangPang

hero member

Activity: 499

Merit: 500

Base58 (WIF) is the way your private keys are represented in bitcoin-qt (bitcoin core).
So, I believe it is the most widely accepted, and you could directly import private keys encoded in Base58 into any wallet clients.

shorena

copper member

Activity: 1498

Merit: 1499

No I dont escrow anymore.

Quote from: BitCoinDream on June 04, 2014, 10:26:58 AM

I'm trying to backup my private keys from blockchain.info wallet. I'm trying to export them in unencrypted format. Here they are offering 5 options...

1. Base58
2. Bitcoin-QT Format
3. Base64
4. Hex
5. Leave Private Keys Encrypted

For all the above 5, the address is same but 4 different private keys are found. 1 & 5 are same. Which one should I save ?

p.s. I dont know which client I'm gonna use if BlockChain.info is unavailable. So Bitcoin-QT does not have any special significance here. I need the most general purpose one.

Safe all of them.
Each private key corresponds to a public key which belongs to one of your addresses.
Exporting them encrypted is probably the best for security, using Base58 and safeing them in a text file the most convenient. Almost all wallets understand base58.
As a compromise I suggest you safe them in base58 in a text file and encrypt that file with a programm of your choosing.

base58 should looks like this:

5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF

Edit:

The best course of action in terms of security would be to import the private keys into your new wallet ASAP and send everything you have on the old addresses to one (or more) newly generated address(es). Just in case any of the private keys has been compromised. This also means that you can no longer use any of your "old" addresses you got from blockchain.info.

Mudd

member

Activity: 78

Merit: 10

What do you mean by general purpose? Bitcoin qt or mycelium or electrum are all good. I'd go with one of the later two though as you dont have to download the blockchain.

BitCoinDream

legendary

Activity: 2282

Merit: 1204

The revolution will be digital

I'm trying to backup my private keys from blockchain.info wallet. I'm trying to export them in unencrypted format. Here they are offering 5 options...

1. Base58
2. Bitcoin-QT Format
3. Base64
4. Hex
5. Leave Private Keys Encrypted

For all the above 5, the address is same but 4 different private keys are found. 1 & 5 are same. Which one should I save ?

p.s. I dont know which client I'm gonna use if BlockChain.info is unavailable. So Bitcoin-QT does not have any special significance here. I need the most general purpose one.

Topic: Which private key to backup ? (Read 828 times)