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Title: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: kulboi123 on January 09, 2021, 01:56:45 AM The error was nothing huge, I didn’t lose access or give my seed words out.
I decided to switch wallets to a different one. I set up the new wallet and then transferred my BTC to my new wallet, like a regular transaction... WITH FEES Little did I know that your seed words are the key to your BTC in ANY wallet with no need to transfer anything and therefore no fees. It didn’t cost me a lot and I’m glad I figured it out now. Title: Re: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: cryptoaddictchie on January 09, 2021, 02:49:50 AM Little did I know that your seed words are the key to your BTC in ANY wallet with no need to transfer anything and therefore no fees. Yes mate. As long as the wallet you used supported the format of your wallet. You can import it using your keys. But some wallets not supported the type of address you make so make sure you are aware with this.It didn’t cost me a lot and I’m glad I figured it out now. Title: Re: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: ranochigo on January 09, 2021, 02:54:06 AM Not any. Some wallets has a different derivation path and you might have some trouble trying to change it to generate the correct addresses. Depends on what you're doing, generating a new wallet and getting a new seed can be a good idea at times, if you feel insecure reusing the seeds.
It's okay to switch wallets and get a new seed. Sending them when the fees are low would be better though. Title: Re: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: mk4 on January 09, 2021, 03:16:30 AM Not any. Some wallets has a different deviation path and you might have some trouble trying to change it to generate the correct addresses. Depends on what you're doing, generating a new wallet and getting a new seed can be a good idea at times, if you feel insecure reusing the seeds. It's okay to switch wallets and get a new seed. Sending them when the fees are low would be better though. This. Besides paying a transaction fee(which you should be paying a really low one), there's nothing really wrong with generating a new wallet(especially when moving from a mobile/desktop wallet to a hardware wallet). If anything, it's more recommended; just to be safe if it's the case that your wallet's keys have been leaked sometime in the past. Title: Re: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: Maus0728 on January 09, 2021, 03:39:14 AM Just to add LOL!
You can also take a look at the bitcoin mempool to give you a rough idea of how many sats you are going to spend for a transaction just to avoid spending too much. Most likely, fees are low when it is Sunday. Also, it's a good practice to switch wallet if you think that your seed has been compromised ;) [1] https://jochen-hoenicke.de/queue/#0,24h Title: Re: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: Lorence.xD on January 09, 2021, 03:49:33 AM Not any. Some wallets has a different derivation path and you might have some trouble trying to change it to generate the correct addresses. Depends on what you're doing, generating a new wallet and getting a new seed can be a good idea at times, if you feel insecure reusing the seeds. I feel more comfortable switching addresses than using the same one to be honest. Plus the added layer of anonymity of having two layers of addresses to prevent dox, the fees are although unavoidable, it is not that crippling to pay.It's okay to switch wallets and get a new seed. Sending them when the fees are low would be better though. Title: Re: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: hatshepsut93 on January 09, 2021, 04:28:57 AM If you have switched from a legacy adress format to native SegWit adress format, not only you didn't waste money, you actually saved them because future transactions will cost less. Also, sending coins to a new wallet would allow you to safely claim any forked coins that you might have on your addresses.
As long as you didn't pay some ridiculous fee, there's nothing to worry about. Title: Re: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: kulboi123 on January 10, 2021, 11:53:20 AM Thanks to all that replied, I appreciate your comments
Title: Re: Made a minor rookie error regarding wallets, hoping to stop people doing same Post by: jademaxsuy on January 10, 2021, 12:55:03 PM LOL, yeah I could also do the same thing if not in you post this thread. Having bitcoin is not stored in the bitcoin wallet instead it is stored in blockchain and lock up in which only your keys can access the bitcoin. Well, good thing that you only made some small losses when yoi transfer your btc. Next time when you will going to transfer your btc just download a wallet and then import your keys to your new wallet.
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