Mac OSX Backup Procedure

[Arv1e]

Good afternoon all.

If the Bitcoin community really wish us Non technical mortals to adopt Bitcoins then they should educate easily and simply. Or, in other words, why don't the techies behind Multibit (and other wallets) define a simple backup process on their website!

To lose money due to technical issues will scare off most people therefore everyone really needs to explain, in simple binary steps, the Correct process to protect yourself and thus provide reassurance.

I am saying this as I really want as many people to get on and adopt cryptocurrency for 2 reasons. I love deregulating something which a few people control, the Fed etc which will ultimately benefit the masses (reduced control, reduced fees etc. ) So to all the Crypto techies.. Keep it simple! Stupid and Easy! and 2. The faster the masses adopt the faster my coins will increase in value and higher the likelyhood for bitcoin being permanently adopted and accepted.

This now leads into my question.

I have downloaded Multibit and wish to ensure that if my computer goes up in smoke and the HDD is damaged beyond repair I can quickly and easily rebuild my wallet on another computer and access my funds.

I have decided that my preferred method of backup is, as follows

1.  Export Private Key
2.  Encrypt file using AESCrypt
3.  Save encrypted file to `Dropbox

Questions

1. Is this sufficient to rebuild a new wallet from scratch on any computer (assuming I can remember the password to decrypt file)
2 Do I need to save any of the backup files as well to dropbox
3 If I rebuild a new wallet just using my private key will the wallet contain the transaction history or purely show the amount of Bitcoins contained within
4 If no to 3. What files should i also save to rebuild history
5  Is my method a good method and considered correct, If not, please elaborate including which files etc need to be saved.

Thanks all

[jim618]

If you have a copy of the private keys you will be able to create a new wallet and get all your transactions/ bitcoins.

You'll lose your labels you have manually added though.

If you also keep the '.wallet' file then you'll be able to reopen it and you'll keep your labels.


An important point with MultiBit Classic is that if you generate any NEW receiving addresses then you'll want to refresh your backups.

[prof7bit]

1.  Export Private Key
2.  Encrypt file using AESCrypt
3.  Save encrypted file to `Dropbox

You can leave out step 2 because its already encrypted with AES, just make sure you choose a strong password.

I personally also would not want to rely on Dropbox, I like to keep backups of my files on my own storage devices and store them offline.

You can also backup the wallet file itself instead of the key export, this is even easier:

* copy the *.wallet and the *.info file to one or more external USB sticks
* store them in safe places (at least 2 sticks and not stored in the same house)