Blockchain/MultiBit wallet question

[MrPalmer]

Hello,

Long time lurker, first time poster.  Appreciate some help on this.. I'm sure it basic, but I'm still learning. 

- Received a paper wallet as a gift for the holidays.  Paper wallet was imported into Blockchain.
- I already had a MultiBit wallet, and want the BTC from the Blockchain wallet to be stored in the MultiBit wallet.
- Today, I exported the Blockchain Wallet, and imported it into MultiBit.  Balance updated correctly after sync and it combined the two wallets.

So, why is the gift balance still in Blockchain Wallet when I log in to their site?  When importing into MultiBit, did I not transfer the funds out of Blockchain?  Is MultiBit simply showing the combined balance of multiple Keys, but not actually combining them into one wallet?  If so, how do I now remove the Blockchain Key, so I can then simply transfer the funds to MultiBit wallet?

Paranoid about screwing something up.  Tried searching but couldn't find anything.  Input is appreciated.

Thanks.

[WorldWideBTC]

Hello,

Long time lurker, first time poster.  Appreciate some help on this.. I'm sure it basic, but I'm still learning. 

- Received a paper wallet as a gift for the holidays.  Paper wallet was imported into Blockchain.
- I already had a MultiBit wallet, and want the BTC from the Blockchain wallet to be stored in the MultiBit wallet.
- Today, I exported the Blockchain Wallet, and imported it into MultiBit.  Balance updated correctly after sync and it combined the two wallets.

So, why is the gift balance still in Blockchain Wallet when I log in to their site?  When importing into MultiBit, did I not transfer the funds out of Blockchain?  Is MultiBit simply showing the combined balance of multiple Keys, but not actually combining them into one wallet?  If so, how do I now remove the Blockchain Key, so I can then simply transfer the funds to MultiBit wallet?

Paranoid about screwing something up.  Tried searching but couldn't find anything.  Input is appreciated.

Thanks.

As I recall, Multibit will display any and all key amounts in "one wallet". Also, it takes time for the confirmations to kick in.

[DannyHamilton]

So, why is the gift balance still in Blockchain Wallet when I log in to their site?

Because blockchain.info still has the private key associated with that address.

When importing into MultiBit, did I not transfer the funds out of Blockchain?

No, you did not.

Wallets are a collection of private keys (you can think of them as passwords) that allow you to transfer value to the control of someone else.  The value itself is actually stored in every instance of the bitcoin blockchain that every full node maintains a complete copy of.  When you create a transaction, you use the private key to provide proof that you are authorized to reassign that value to the control of someone else and this proof is stored in the public blockchain.

All you've done by exporting and importing is created an additional copy of that private key. At this time either wallet (MultiBit or blockchain.info) could create a transaction spending those bitcoins.

Is MultiBit simply showing the combined balance of multiple Keys, but not actually combining them into one wallet?

As I stated, a wallet is a collection of private keys.  The wallet software uses its knowledge of those private keys to look up all the values associated with all the keys.  It calculates the sum of those values and displays that to the user so they know the total value that they have control over with that wallet.  Each and every transaction is separately maintained.  The only way to "combine" the values is to create a transaction that sends the combined values to an address.

If so, how do I now remove the Blockchain Key, so I can then simply transfer the funds to MultiBit wallet?

It would have probably avoided some confusion if you would have just used the blockchain.info wallet to create a transaction to send the value to one of the addresses listed in your MultiBit wallet.  To reduce future confusion, you could use your MultiBit wallet to send your entire balance from your MultiBit Wallet to one of your MultiBit wallet addresses.  This chould combine all the unspent outputs that you control into a single new transaction output all stored associated with that single address.

 

[MrPalmer]

It would have probably avoided some confusion if you would have just used the blockchain.info wallet to create a transaction to send the value to one of the addresses listed in your MultiBit wallet.  To reduce future confusion, you could use your MultiBit wallet to send your entire balance from your MultiBit Wallet to one of your MultiBit wallet addresses.  This chould combine all the unspent outputs that you control into a single new transaction output all stored associated with that single address.

Thank you for that post, sir.  Very helpful. 

So I'm clear - you're suggesting to circulate the entire balance within MultiBit?  That will combine the balances into one wallet.  Yes?  This will achieve my goal, but again - just making sure I'm clear. 

Do I need to remove the BlockChain keys from MultiBit?  Is that even possible?  I do not want future balances held in my Blockchain wallet to appear in MultiBit.  I really thought that import/export was transferring btc balance, not just control.  Hope it's reversible?

Thanks.

[DannyHamilton]

It would have probably avoided some confusion if you would have just used the blockchain.info wallet to create a transaction to send the value to one of the addresses listed in your MultiBit wallet.  To reduce future confusion, you could use your MultiBit wallet to send your entire balance from your MultiBit Wallet to one of your MultiBit wallet addresses.  This chould combine all the unspent outputs that you control into a single new transaction output all stored associated with that single address.

Thank you for that post, sir.  Very helpful. 

So I'm clear - you're suggesting to circulate the entire balance within MultiBit?  That will combine the balances into one wallet.  Yes?  This will achieve my goal, but again - just making sure I'm clear. 

Do I need to remove the BlockChain keys from MultiBit?  Is that even possible?  I do not want future balances held in my Blockchain wallet to appear in MultiBit.  I really thought that import/export was transferring btc balance, not just control.  Hope it's reversible?

Thanks.

The answer to your question will depend on how your wallets are set up.

Does your blockchain.info wallet have multiple addresses, or only a single address?

Did you import the paper wallet into the blockchain.info wallet, or did you "sweep" the funds into the blockchain.info wallet?

Do you intend to continue using the blockchain.info address that you exported from blockchain.info?

Did you create a backup of your MultiBit wallet before you imported the private key from the blockchain.info wallet?

I'm not sure if there is a way to remove a private key and its bitcoin address from MultiBit.  You might have to ask that question in the MultiBit sub-forum.

[MrPalmer]

- Does your blockchain.info wallet have multiple addresses, or only a single address?

Single.  Account was opened just prior to import of the Paper Wallet

- Did you import the paper wallet into the blockchain.info wallet, or did you "sweep" the funds into the blockchain.info wallet?

Imported.  Punched in Private Key. 

- Do you intend to continue using the blockchain.info address that you exported from blockchain.info?

Not necessarily, but if another Paper Wallet was gifted, I would likely do this again (except transfer instead of import/export..).  Otherwise, no intended use. 

- Did you create a backup of your MultiBit wallet before you imported the private key from the blockchain.info wallet?

Yes.

Thanks.