OK I was wondering about Encryption, multiple offline wallet apps but same BTC wallet address and access...
So basically I have Multibit & Bitcoin CORE as my main wallets, I also have electrum which I hardly use anymore and I also have a laminated card I made with the wallet and the Private key and a USB with my keys , wallet.dats etc.....
Questions -
1. Is Multibit as safe as Bitcoin-Core? if not why not.... I heard electrum has its own servers so if they are down your money is locked in there unless you have another wallet to access this wallet right???
I doubt that there is a significant difference between Multibit and Bitcoin core regarding security. But to answer this question properly one would have to study the source of both clients, which I did not.
With Electrum you still have your wallet and thus your private keys on your machine, so you can still access your coins if they go south (or north or anywhere for that matter). This would require another programm where you can import your private keys to, yes.
2. I am guessing the private key for a certain address is exactly the same no matter where you retrieve it, whether, electrum, Multibit or bitcoin-CORE?? I also have an Electrum Seed, what is this and why is this needed if I have a passphrase.
Correct. The Electrum seed is a way to reduce the chance of you messing up. Randomness is a difficult thing to implement, so this seed will make sure that you will generate the exact same private keys. Electrum basically assumes that the initial seed is enough randomness to ensure that the private keys you get will not be the private keys of someone else. Since their seed is 128 bit the chances of a collision are indeed very slim.
3. If I have 2 wallets open on my computer using the same wallet address , is there any upside or downside to this? I personally find it easier and less confusing having one main wallet.
Downside: it costs CPU time and memoryspace
Upside: I dont know why you would need two different wallets at the same time, esp. if they are controlling the same addresses.
4. This is how I have protected my wallet address>>>>>>>>>> I have Both wallet apps encrypted with a passphrase I also have a paper wallet and A backup on my USB. Anything else?
You probably have the wallet files encrypted. Encrypting the "apps" does nothing.
Paper wallet sounds good depending on the way of creation (e.g. brainwallets are bad).
Backup on USB is fine, but those drives might fail as well. You maybe want to make more than 1 backup, just in case and depending on the amount of coins you have.
You could engrave a private key somewhere
I also like n of m paperwallets. Where you need e.g. any 3 of 5 paperwallets to restore the private key. This allows for several secure places without a single point of failure.
5. If I forgot my walletphrase from one walletAPP , BUT I rememeber the passphrase in my OTHER wallet app, Both these apps are the SAME exact btc wallet address, does this mean I can access my coins from the app that I remember the passphrase for and I can just delete the wallet app which I forgotten, possibly re-install the app then import the private key and make a new password which should then give me back access to that same wallet??
Yes. You have the same private keys stored twice, as long as you access one you can spend your coins asoiated with the private key.
I dont get how this works. Eg; Multibit wallet address 1122 = forgot passphrase cannot access coins ------Bitcoin core wallet address 1122 = Remember passphrase means I can access the coins that were stuck in the multibit wallet. Does this mean I can NEVER use multibit ever again for this wallet? or by re-installing I can create a new pass?
I assume its the same address and thus the same private key. If you forgot the password you can export the private key from bitcoin core into a new multibit wallet and be fine. Just make sure there are no other addresses. You need the private key for each address in order for this to work.
ONE LAST QUESTION -
I would like to have my bitcoin wallet on my phone, Is there a way to link my wallet to my phone for example if I am out somewhere and I decide to spend some bitcoin but I forgot to transfer some funds to my phone wallet, how do I access my main wallet?
Same as with other wallets as long as the phone has access to the same private keys your computer has you can spend the same coins. Id rather not do this though, since phones are easily lost/stolen etc.
I think its just easier to use your main wallet everywhere Just like having 1 bank account ##, You access this account from an ATM, Computer, Phone app, Telephone Etc etc.... All links to the same bank account... I want to try do this with my BTC address, For now I will use my Computers and my Phone
To each unique address there is a unique private key that can be copied as ofter as you want. See e.g. this famous address:
https://blockchain.info/de/address/1JwSSubhmg6iPtRjtyqhUYYH7bZg3Lfy1Tthe private key is derived from the phrase "correct horse battery staple" and thus 1000s of people have the private key. Everyone of them can spend the coins that go to that address. If you have some spare and are in a fun mood, send some there and watch how fast they try to get it elsewhere
I hope I could answer your questions. If you have more feel free to ask.