Topic: Why don't we have a HD version of Bitcoin Core? (Read 1311 times)
There are other wallets that have implemented HD function, like Multibit and Electrum, and you don't even need to download the whole 60+ gigabyte blockchain (which only gets bigger every day.)
Ive already lost bitcoin due to my own stupidity so having this should probably be a priority for new users. If i was forced to write down my seed before i created my wallet id be about 0.5btc or more richer right now. It would be nice to have this in every wallet but luckily not everyone is as stupid as me.
Tip to everyone is be sure you backed up your wallet!
Tip to everyone is be sure you backed up your wallet!
@shorena: Exactly my point.
What happens when someone else gets your FULL wallet and all the keys? There are other wallets aside from Core that do have some sort of HD.
OK but what happens when you forget to backup your wallet (it happened, and will still happen, to a lot of people)? Nothing is perfect, but I think you will concur that safely storing a key ONCE AND FOR ALL is much more convenient than periodically repeating a procedure and you much more likely to lose money because of the latter.I think it depends on the person. It's a case to case thing. I have local backups of my wallet. And those backups have backups too, in another city. And I have backups in another country, just in case the one I'm in disappears.
If I forget, then that's my fault. If people forget, then, that's their fault. If you get hit by a bus, well, it's the bus driver's fault most of the time (but often times, it's really your fault.)
I have several wallets, and each of those wallets have several addresses pre-generated for that wallet. Like a few thousand. They are used for different purposes. They already have backups of course, and I only need to update them maybe once a year, if at all.
The only other wallet application I will use is Armory (and it runs on top of bitcoind / core), but I haven't gotten around to it because it still does not use compressed keys or compressed addresses.
I have the bitcoin android wallet, but that only stores one key. I don't even use it all that often.
Core wallets are small. Like 1 or 2 megabytes for typical ones. The biggest wallet I have is less than 7 megabytes, and RAR compresses it to about 2. You can get several USB flash drives for cheap. You can email them to yourself (encrypted of course).
I've also dealt with alt-coins, and, as habit, I have backups of all of them, even if those coins are dead (or dying.)
Which reminds me, I'll go make a backup right now. And, I just did. Even with 100% redundancy, they total up to 9 megabytes compressed with RAR. I'm going to go now and copy those backups to another partition. Then to another USB drive.
Good habits.
When you hold a non-trivial amount of coins, you tend to be very careful with them. Go buy like a block or two worth now, before it halves to 12.5 BTC next year. Hold that. I'm pretty sure you will quickly develop good habits of backing up your wallets.
As you can tell, I'm not a fan of HD or even D wallets. I may change my mind in the future, as they are almost random looking.
I agree with you, dont get me wrong here, but a seed is a good solution regardless of habits. Having a single point in time where you have to care about a backup allows users to achieve better security with less effort. Encrypt and split the seed (see e.g. Armory), put them in several places and be done with it is far superior to a repeated process of creating encrypted and split backups and deliver them to several places.
What happens when someone else gets your FULL wallet and all the keys? There are other wallets aside from Core that do have some sort of HD.
OK but what happens when you forget to backup your wallet (it happened, and will still happen, to a lot of people)? Nothing is perfect, but I think you will concur that safely storing a key ONCE AND FOR ALL is much more convenient than periodically repeating a procedure and you much more likely to lose money because of the latter.I think it depends on the person. It's a case to case thing. I have local backups of my wallet. And those backups have backups too, in another city. And I have backups in another country, just in case the one I'm in disappears.
If I forget, then that's my fault. If people forget, then, that's their fault. If you get hit by a bus, well, it's the bus driver's fault most of the time (but often times, it's really your fault.)
I have several wallets, and each of those wallets have several addresses pre-generated for that wallet. Like a few thousand. They are used for different purposes. They already have backups of course, and I only need to update them maybe once a year, if at all.
The only other wallet application I will use is Armory (and it runs on top of bitcoind / core), but I haven't gotten around to it because it still does not use compressed keys or compressed addresses.
I have the bitcoin android wallet, but that only stores one key. I don't even use it all that often.
Core wallets are small. Like 1 or 2 megabytes for typical ones. The biggest wallet I have is less than 7 megabytes, and RAR compresses it to about 2. You can get several USB flash drives for cheap. You can email them to yourself (encrypted of course).
I've also dealt with alt-coins, and, as habit, I have backups of all of them, even if those coins are dead (or dying.)
Which reminds me, I'll go make a backup right now. And, I just did. Even with 100% redundancy, they total up to 9 megabytes compressed with RAR. I'm going to go now and copy those backups to another partition. Then to another USB drive.
Good habits.
When you hold a non-trivial amount of coins, you tend to be very careful with them. Go buy like a block or two worth now, before it halves to 12.5 BTC next year. Hold that. I'm pretty sure you will quickly develop good habits of backing up your wallets.
As you can tell, I'm not a fan of HD or even D wallets. I may change my mind in the future, as they are almost random looking.
What happens when someone else gets your FULL wallet and all the keys? There are other wallets aside from Core that do have some sort of HD.
OK but what happens when you forget to backup your wallet (it happened, and will still happen, to a lot of people)? Nothing is perfect, but I think you will concur that safely storing a key ONCE AND FOR ALL is much more convenient than periodically repeating a procedure and you much more likely to lose money because of the latter.
What happens when someone else gets your FULL wallet and all the keys? There are other wallets aside from Core that do have some sort of HD.
See this pull request https://github.com/bitcoin/bitcoin/pull/6265
it's already in the works
OK, let's be clear.
I hate HD wallet structure.
Why? It seems an ideal solution. Am I missing something? I hate HD wallet structure.
Good question ask it on the github repo (https://github.com/bitcoin/bitcoin/issues) or on the mailing list (https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev) You will get more answers there.
OK, let's be clear.
I hate HD wallet structure.
I hate HD wallet structure.
The reason I'm asking this is I think the ability to have a FULL backup of a wallet and its hundreds/thousands of addresses just by saving a passphrase is HUGE. No more users (especially newbies) who lose btc because they forget to backup the updated wallet. Is such a version in the works?
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