Bitcoin Forum
November 23, 2017, 10:14:19 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Worried about Multibit wallet  (Read 670 times)
bear1981
Newbie
*
Offline Offline

Activity: 13


View Profile
April 01, 2013, 09:15:03 PM
 #1

Hey guys,

I converted some of my savings to Bitcoin a few weeks ago as I don't want everything tied up in the bank.

My bitcoins are still sat in the exchange wallet. I have downloaded Multibit and done a test transfer of 0.01BTC which went through fine.

I'm worried about transferring the full balance in case something happens to my Multibit wallet such as my laptop breaks/stolen or I fail to update the program or it just disappears for some other unknown reason. However I'm aware it's not safe in the exchange wallet.

I'm seriously I.T illiterate, it just isn't my skill in life. Words such as encrypt, key, block etc just scare the **** out of me - I'm so worried I'm going to mess up and lose the lot (don't laugh).

I try watching YouTube vids to answer my questions but it's not helping.

I just want to keep my BTC safe in but the jargon goes over my head. I know most people on here will be I.T. whizzes so I prob sound silly here but I'm been honest and just putting it out there.

With regards to the increases in value I'm over the moon with BTC.

Thanks all :-)
1511432059
Hero Member
*
Offline Offline

Posts: 1511432059

View Profile Personal Message (Offline)

Ignore
1511432059
Reply with quote  #2

1511432059
Report to moderator
1511432059
Hero Member
*
Offline Offline

Posts: 1511432059

View Profile Personal Message (Offline)

Ignore
1511432059
Reply with quote  #2

1511432059
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511432059
Hero Member
*
Offline Offline

Posts: 1511432059

View Profile Personal Message (Offline)

Ignore
1511432059
Reply with quote  #2

1511432059
Report to moderator
1511432059
Hero Member
*
Offline Offline

Posts: 1511432059

View Profile Personal Message (Offline)

Ignore
1511432059
Reply with quote  #2

1511432059
Report to moderator
1511432059
Hero Member
*
Offline Offline

Posts: 1511432059

View Profile Personal Message (Offline)

Ignore
1511432059
Reply with quote  #2

1511432059
Report to moderator
bear1981
Newbie
*
Offline Offline

Activity: 13


View Profile
April 01, 2013, 09:18:42 PM
 #2

Also I'm worried if I back up/keep the Multibit Wallet on a removable disc that I'll lose it and then lose all my BTC.
paradigm
Newbie
*
Offline Offline

Activity: 21


View Profile
April 02, 2013, 03:07:24 AM
 #3

I would keep multiple backup copies then on different mediums including one offsite (not at your residence) if possible.  You don't have to only keep your wallet on one flash drive.  You can encrypt the files if you want.  For instance have a look at Truecrypt.

Kind of off topic a bit but I believe you show an opening for some commerce.  There should be a site for experts in bitcoin and security to help provide advice for a nominal fee (in bitcoins, of course!).  Have ratings so that there can be a reasonable degree of trust.  This way new users with lots of money at risk could get some personal help and attention on demand.
bear1981
Newbie
*
Offline Offline

Activity: 13


View Profile
April 02, 2013, 08:05:06 AM
 #4

Thanks for the reply.

I would happily pay someone for a 30 minute phone call to explain things to me and answer my questions! Even your first paragraph confused me :-(
bear1981
Newbie
*
Offline Offline

Activity: 13


View Profile
April 02, 2013, 08:34:09 AM
 #5

Any offers guys?
Ditto
Sr. Member
****
Offline Offline

Activity: 330


View Profile
April 02, 2013, 12:15:41 PM
 #6

You don't have to use MultiBit. Go to www.bitaddress.org, generate a few paper wallets, print them out and keep them in a safe place. Split your funds between them and then import private keys one by one when you need to spend your coins. This is possible with multibit but it's easier with blockchain.info's wallet, Electrum and Armory.
simondlr
Sr. Member
****
Offline Offline

Activity: 424



View Profile
April 02, 2013, 12:38:37 PM
 #7

The most basic important thing to stay safe: If you a local wallet (bitcoin-qt, multi-bit, etc) is to back-up regularly.

The wallet file contains information (your private keys) that allows you access to your funds.

Tip: BTC 1LbHAZv2mbZZMTu2k4xLcg8p5q4FatgkA7. Doge DFVzezccAsdq1LQwrPTDe1nMXKrL7aEUWY. FUNK: CXfgJPSbY1C5paVwiSHnm942tJPyK9xSfy
The Cypherfunks: a decentralized band & cryptocurrency. https://bitcointalk.org/index.php?topic=469407.0

Bitrated: https://www.bitrated.com/simondlr/
RoxxR
Full Member
***
Offline Offline

Activity: 178


View Profile
April 02, 2013, 12:41:33 PM
 #8

You don't have to use MultiBit. Go to www.bitaddress.org, generate a few paper wallets, print them out and keep them in a safe place. Split your funds between them and then import private keys one by one when you need to spend your coins. This is possible with multibit but it's easier with blockchain.info's wallet, Electrum and Armory.

I'd stay very far away from MultiBit at this point. It requires Java, doesn't have deterministic wallets and has a nasty coin-eating bug that bit me and others.

Smart users usually choose Armory or Electrum.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!