Bug update: Incoming transactions not appearing in MultiBit

[jim618]

If I answer 2 first:

The current code does not have password protected wallets, but the forthcoming version does.

As to your first question:

Using Bitcoin at the moment is like hiking the Appalachian Trail in the US.
If you stick to the signposted path you will probably be ok.
If you go off trail and aren't quite sure what you are doing, most likely things will start going wrong.

You can either:
1) learn more how things work, then you will know what you can and cannot do safely.
or
2) stick to the well trodden path.

There's lots of information available but you'll have to do this for yourself - I cannot explain it all here.

[Coincrazy]

If I answer 2 first:

The current code does not have password protected wallets, but the forthcoming version does.

As to your first question:

Using Bitcoin at the moment is like hiking the Appalachian Trail in the US.
If you stick to the signposted path you will probably be ok.
If you go off trail and aren't quite sure what you are doing, most likely things will start going wrong.

You can either:
1) learn more how things work, then you will know what you can and cannot do safely.
or
2) stick to the well trodden path.

There's lots of information available but you'll have to do this for yourself - I cannot explain it all here.

Thanks for the reply. I liked the simile / comparison :-)

could you give me pointers to
(a) what is a bitcoin wallet ?
(b) how does the bitstamp bitcoin wallet work ?
(c) other things essential

only links and I'll read up from there

TIA
Regards

[shkiser]

@shkiser
The wallets are stored in a user data area separate to where MultiBit installs itself (if you have used all the defaults in the installer). You can just install the new version.

If you have 20 bitcoins in your wallet but don't have the wallet file backed up somewhere safe (I put mine on two USB drives) then now is a great time to do it !

To backup your wallet:

1) Shut down MultiBit so that it writes everything out.
2) Copy the "<your file name>.wallet" file (MOST IMPORTANT), the "<your file name>.info" (has labelling info) to a directory on your USB drive.

Also this help tells you how to back up your private keys into a separate file.
https://multibit.org/help_backupWalletUsingPrivateKeys.html

I do both.

Where do I find the <your file name>.wallet file? Do I copy both the .wallet and .info file and just copy them to usb drive? Im having issues with this and unclear on instructions which Is why I havent done this yet.. Also Id like to export a copy of my keys to usb drive. Do I do this from within the client?

[shkiser]

Ive copied and pasted my .wallet , .info files to USB drive. Ive also exported my private key from client to the appdata file and copied this file and pasted to the USBdrive. In the event, my computer were to crash etc, I know am able to restore my wallet, and have access to my bitcoins, considering I keep this USBdrive safe and secure? I have a second drive should I do the same with the other drive and store one in a bank  security deposit box?

[jim618]

That is what I do I must admit.

The only thing to watch is:
If you create more receiving addresses in the 'Request' tab, these private keys and addresses are not in the backups. (The MultiBit wallet format is not deterministic).

For any non-trivial amount of bitcoin I would put your backups on two separate USB devices that are stored separately yes.

[shkiser]

Ive acquired a good amount of bitcoins at the moment, and have been using all of my extra money to buy bitcoins as I would store money in my savings account. Ive become increasingly paranoid that one day I would not be able to get my old laptop to load, or perhaps my kid would spill water all over it again, or my crazy g/f might smash it to get under my skin.. (Yes she has threatened)
So Ive decided to protect my wallet, and my savings..
If I were to create a new address within the multibit app would there be another set of keys sent to me Appdata/ file? Also would I have a whole now wallet. file to copy to my usbdrive? Or would I just simply overwrite the existing wallet.info and wallet.file that I created last night within the USBdrive? Would this ensure all wallets and addresses were backed up?

One more thing, each time I transfer bitcoins in and out of my wallet do I have to overwrite the information that was saved to my usb? Id like to completely remove my private keys from my PC, and store them only on the USB. ENsuring noone could access or store my funds without having my wallet, and also my USB drive together. Since Ive copied my key file to the USB is it safe to delete the other file from my PC?

[shkiser]

Ive downloaded the mutibit 0.5.9-snapshot-windows.exe, its downloaded and installed. I was left with an icon on my desktop ( MultiBit 0.5.9-Snapshot

I clicked it and it opens up my wallet. My coins are there, but it all looks the same. I dont see any changes to the interface. Is this normal?

[Coincrazy]

Hi CoinCrazy,

If you have a look in the 'Release information' thread I give details of the latest live release (the one you see on the website if you just go to https://multibit.org) and the test releases.

The test releases are also on the multibit.org website but only in the https://multibit.org/releases directory.

RE: buying bitcoins - I am not really the best person to answer that question. MultiBit does not really help in actually buying bitcoin.

Your Bitcoin private key is a bit similar to a PGP private key - you use it to sign either a transaction (Bitcoin) or an email (PGP). You wallet is where the private key is stored - it is in this respect very similar to a keystore/ keychain.

If you lose your private key you cannot sign a bitcoin transaction so effectively you cannot spend your bitcoin. They are lost to you forever.

Thanks for this reply

Does multibit require the user teo use a pass phrase when signing using the private key

[jim618]

@shkiser

I don't think there is just one way to do your security as it depends on things like who is accessing your machine, if you have your user data encrypted etc.
Here's what I do:
1) I have a Trucrypt volume where I put in copies of the wallets/info files/ private key exports.
2) I make copies of that Trucrypt volume on a couple of USBs and store them physically separate.

I never delete the old backups (in the Trucrypt volume) as you just know that one day you'll delete the wrong thing by accident. The wallets are only small - a few KB typically.

0.5.9-SNAPSHOT has lots of changes 'underneath' but on the ui there is only:
+ an icon indicating encrypted/ not encrypted
+ more options in the File menu e.g. Close Wallet.
+ there is better syncing - you'll see what I mean when you next do an import/ reset etc


@Coincrazy

I was only making an analogy - in the 0.5.9 code you use a password when you want to:
+ password protect a wallet
+ add new addresses to a password protected wallet.
+ export/ import private keys to/ from a password protected wallet.
+ do a send from a password protected wallet.

The 0.5.9 help is more-or-less up to date so that is as good an explanation as any:
https://multibit.org/v0.5/help_contents.html

[Coincrazy]

@Coincrazy

I was only making an analogy - in the 0.5.9 code you use a password when you want to:
+ password protect a wallet
+ add new addresses to a password protected wallet.
+ export/ import private keys to/ from a password protected wallet.
+ do a send from a password protected wallethttps://multibit.org/v0.5/help_runFromUSBDrive.html.

The 0.5.9 help is more-or-less up to date so that is as good an explanation as any:
https://multibit.org/v0.5/help_contents.html

Thanks for the link and documentation

https://multibit.org/v0.5/help_runFromUSBDrive.html

Wen I run multibit from a linux USB drive after creating the text file as you mentioned is the wallet created only on the USB drive ? Because I many need to carry some loose change wallets(s) with me

Thanks in adv

[jim618]

Yes that is correct.

You can always see exactly the wallet you are using because the file path is shown in the title of the main MultiBit window.

[lunarboy]

Any plans to implement some kind of deterministic wallets?

 Is it even theoretically possible to have some sort of recovery determinism, whereby the current wallets contents could be recreated from a passpharse with sufficient entropy? (not like Electrum where the client generates the seed, rather the wallet and all it includes is the source for the seed?)

nice work on the encryption by the way, it was very much needed.

[jim618]

Hi Lunarboy,

Yes I plan to support hierarchical deterministic wallets. They are not quite finalised but pretty close.

[lunarboy]

Hi Lunarboy,

Yes I plan to support hierarchical deterministic wallets. They are not quite finalised but pretty close.

Fantastic news !

my decision is made .. lightweight client..... Multibit ahoy !

[matt608]

Thanks, I just had this problem but the workaround worked fine.