Bitcoin Forum

Hey guys,

I converted some of my savings to Bitcoin a few weeks ago as I don't want everything tied up in the bank.

My bitcoins are still sat in the exchange wallet. I have downloaded Multibit and done a test transfer of 0.01BTC which went through fine.

I'm worried about transferring the full balance in case something happens to my Multibit wallet such as my laptop breaks/stolen or I fail to update the program or it just disappears for some other unknown reason. However I'm aware it's not safe in the exchange wallet.

I'm seriously I.T illiterate, it just isn't my skill in life. Words such as encrypt, key, block etc just scare the **** out of me - I'm so worried I'm going to mess up and lose the lot (don't laugh).

I try watching YouTube vids to answer my questions but it's not helping.

I just want to keep my BTC safe in but the jargon goes over my head. I know most people on here will be I.T. whizzes so I prob sound silly here but I'm been honest and just putting it out there.

With regards to the increases in value I'm over the moon with BTC.

Thanks all :-)

Also I'm worried if I back up/keep the Multibit Wallet on a removable disc that I'll lose it and then lose all my BTC.

I would keep multiple backup copies then on different mediums including one offsite (not at your residence) if possible.  You don't have to only keep your wallet on one flash drive.  You can encrypt the files if you want.  For instance have a look at Truecrypt.

Kind of off topic a bit but I believe you show an opening for some commerce.  There should be a site for experts in bitcoin and security to help provide advice for a nominal fee (in bitcoins, of course!).  Have ratings so that there can be a reasonable degree of trust.  This way new users with lots of money at risk could get some personal help and attention on demand.

Thanks for the reply.

I would happily pay someone for a 30 minute phone call to explain things to me and answer my questions! Even your first paragraph confused me :-(

Any offers guys?

You don't have to use MultiBit. Go to www.bitaddress.org, generate a few paper wallets, print them out and keep them in a safe place. Split your funds between them and then import private keys one by one when you need to spend your coins. This is possible with multibit but it's easier with blockchain.info's wallet, Electrum and Armory.

The most basic important thing to stay safe: If you a local wallet (bitcoin-qt, multi-bit, etc) is to back-up regularly.

The wallet file contains information (your private keys) that allows you access to your funds.

I'd stay very far away from MultiBit at this point. It requires Java, doesn't have deterministic wallets and has a nasty coin-eating bug that bit me and others.

Smart users usually choose Armory or Electrum.