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opentoe
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March 19, 2013, 07:25:31 AM
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I thought this was just another bitcoin client trying to wiggle its way through, and even as a novice/intermediate level user here with wallets/clients I have found this program to be very good. Before adding funds I'll always mess around with the client and see what does what. I see that I can create a paper backup from the wallet properties window, which is nice. I do have a question though, of course. When I clicked on "Receive coins" it keeps creating a new address. Is it always going to keep creating a new address when I want to receive coins? I did notice if I wanted to receive coins using an address that was already there I had to go into my wallet properties and select that address, then click on receive coins or right click and select receive coins. Is that the proper way to do it? Let's say I have 5 receive addresses in there. 2 have funds and 3 are empty. I can send funds to ANY of the addresses in my wallet, right? Is there a way to remove an address? Completely delete it, not just hide it. Is creating a new address everytime I select receive bitcoins a good thing to happen and is it a normal thing to do? I mean is it the norm to receive coins on a new address every time? So far, with my Multibit wallet I've been using the same address to receive my coins. I can almost remember the address by heart. Is that a bad practice to do? Is there a disadvantage to using the same address? Also, I did make a paper backup of my wallet am I now FULLY protected if I blow up my computer or my house goes up in flames? Can I retrieve my entire wallet, with ALL those receive addresses with just that paper backup I printed out? I did read something that said if I have multiple addresses and even if I did a paper back up I would still need to backup the keys. That confused me because I thought the paper backup of the wallet is for EVERYTHING, even including addresses that weren't even created yet. Which brings me to the next question. I make a paper backup of my wallet on Monday. Then I receive coins on Wednesday with a new address. Will that address be able to be restored with that paper backup I created on Monday?

Ok, sorry for string on with questions but from using and fooling around with this new client I worked up a little excitement and wanted to get all these questions out before I forgot. I'll be running into a lot of transactions soon with possibly a lot of coins so I want to be prepared for what is coming. And no, it has nothing to do with mining.

I'm also liking the cold storage feature here. I'm not sure I understand that %100 yet, but to me it seems like I can have like a savings account where I can't spend any money from but just keep an eye on it. AND still receive coins at that address. Is the cold storage feature for an entire wallet or just an address?

Ok, that's about enough for now. And I do want to say I was very skeptical before using the program but it does look like a winner in my book. I think once I get more used to it I'll switch everything over to this client and send all my current funds over to my armory wallet address.

Thanks

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March 19, 2013, 05:43:43 PM
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Sorry, I don't have a lot of time to respond to this right now, but I wanted to point you to the Make a paper backup! thread.  It is a little verbose, but so was your array of questions Smiley

Short answer:  if you never import keys, that paper backup is good forever.  Even if you use 13 trillion addresses, you'll still be protected with that backup (though the software might need to be adjusted to handle wallets with 13 trillion addresses...)

Distribute addresses like a maniac for 5 years.  HD dies, get 100% of your coins back with that paper backup.  The backup can be made at any time, but of course it is recommended to make it before you use the wallet so you are protected the whole time you are using the wallet.

Cold storage is for a wallet.  Put Armory on the offline computer, make a new wallet, export a watching-only copy of it, import that copy into the online computer.  Now you can watch your coins, distribute payment addresses, verify payments without any loss if your online computer is compromised.  And if you made a paper backup of that offline wallet, you are protected not only protected by the airgap, but you can recover from a hard-drive loss any time in the future.  Pretty sweet! 

EDIT: The last thing I didn't mention was that the paper backup is also useful to recover your wallet if you forget your passphrase.  Seriously, the paper backup is good for everything Smiley


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opentoe
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March 20, 2013, 03:24:26 AM
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Sorry, I don't have a lot of time to respond to this right now, but I wanted to point you to the Make a paper backup! thread.  It is a little verbose, but so was your array of questions Smiley

Short answer:  if you never import keys, that paper backup is good forever.  Even if you use 13 trillion addresses, you'll still be protected with that backup (though the software might need to be adjusted to handle wallets with 13 trillion addresses...)

Distribute addresses like a maniac for 5 years.  HD dies, get 100% of your coins back with that paper backup.  The backup can be made at any time, but of course it is recommended to make it before you use the wallet so you are protected the whole time you are using the wallet.

Cold storage is for a wallet.  Put Armory on the offline computer, make a new wallet, export a watching-only copy of it, import that copy into the online computer.  Now you can watch your coins, distribute payment addresses, verify payments without any loss if your online computer is compromised.  And if you made a paper backup of that offline wallet, you are protected not only protected by the airgap, but you can recover from a hard-drive loss any time in the future.  Pretty sweet! 

EDIT: The last thing I didn't mention was that the paper backup is also useful to recover your wallet if you forget your passphrase.  Seriously, the paper backup is good for everything Smiley



Ok, very nice. I did make a paper backup and have locked a couple copies away in very secure places. One thing I would have liked to see is at least what 1BTC is worth somewhere on the GUI. Just for informative purposes. That is one feature that Multibit has that I do like.

Thanks for the response.

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