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[CriminologyProf]

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[1713582225]

1713582225

[1713582225]

1713582225

[mocacinno]

After exploring different storage methods, I have decided on a MultibitHD wallet saved offline on a flash drive (with a backup copy in a safe deposit box). Although I created the wallet offline, I know that I must be online to actually use it and receive Bitcoin, so I'm assuming that it isn't a "true" cold storage method and that it does to some degree require an online account.

The wallet was created offline with a secure password, so I'm not exactly worried about theft. My concern is, though, what if Multibit (the company/website" closes or goes under? Will my finds be lost or will they still be retrievable from the wallet files on my flash drives? I know the wallet will still exist on the flash drive, but without a profile to connect to through the website, what happens then?

Thanks!

The best idear would be to save the seedwords. These words can be used to recreate the xprv, which in turn can be used to derive the private keys from.

You can either mess around with a scripting language (it's not to hard to do this in python), or you can use premade tools like these ones:
https://github.com/iancoleman/bip39
http://bip32.org/

It would be the best idear to test this procedure for yourself: generate a throwaway multibit HD wallet, generate a couple addresses, then use the sites above (or download their sourcecode for offline usage) and try to generate the same addresses using these sites as the addresses generated with multibit HD. Then try to import the corresponding private keys into core or electrum, and see if you're able to sign a message with this electrum wallet. If everything works, you can generate a "real" wallet, while being relatively sure you know how to recuperate your wallet in case of disaster

BTW: i have little experience with multibit HD, but with, for example, electrum you can do true cold storage:
Create a new wallet on an offline PC (you'll need to add a cli parameter in order to start properly IIRC), export the xpub to a usb stick, move the xpub to an online pc and import it into an online electrum, generate receiving addresses using the online electrum, receive funds.
If you want to send funds: create the transaction with the online electrum, save the tx to a usb stick and move it to the offline pc, sign it with the offline electrum, save signed tx to the usb, move it back to the online machine, broadcast it with the online electrum

[lesterdsa]

If you are not using coinbase or anything that are online wallets, then you're fine. You still have control over your private keys.

[kolloh]

Yeah, MultibitHD isn't an online wallet so all the processing is done on your local PC. As long as you have a copy of the application, you should be able to continue to use it even if the company stops development.

Also, with most online wallets, you can download a backup of your key files which can be used to recover your funds in a local application should the website stop working.

[Digitalbitcoin]

Bitcoin have its own protocol which is known as qt. User just only need on internet to access his own bitcoin wallet with desktop wallet.

Most of user use third party services for bitcoin wallet. But folks everyone must have to be aware about bitcoin security and features.

If you are using third party wallets then always take back of private keys associated with your wallet address. This private key can help user to recover his own bitcoin address with amount embedded in it.

[achow101]

Bitcoin have its own protocol which is known as qt.

NO. Qt is not a protocol. Qt is a library for doing GUI stuff, completely unrelated to Bitcoin entirely.

[Velkro]

After exploring different storage methods, I have decided on a MultibitHD wallet saved offline on a flash drive...

Good choice. Always be in control of your coins.
If provider of online wallet go under as you said, your coins go under also.
But if you using multibit client and developer go under, you won't loose your coins because you are controling your private keys.

[michaelch]

Which ones are the reliable wallet providers?

[ArcCsch]

Which ones are the reliable wallet providers?

There are no reliable wallet providers.
There are two ways of keeping bitcoins, keeping them, and letting someone else keep them.
If you don't have sole control over the private keys, you don't have any bitcoins.
My recommendation is to use paper wallets for receiving and storing bitcoins, and using an HD wallet (electrum or mycelium) for spending them.
Do not use web wallets.

[coolcoinz]

Which ones are the reliable wallet providers?

Just choose any of them. I have used multibit, electrum and qt. All three are reliable, because if those who made them lose interest for some reason, the only thing that will happen is the wallets will stop being updated. They will still be able to connect to the network and you will have a way to move your coins. There just won't be any new features added.
What is the most important, your wallets allow you to access your private keys, which means you have a complete control over the funds. You can copy the private key and paste it into any other wallet and use it to send transactions.

[ArcCsch]

I have used multibit, electrum and qt.

I must have misunderstood, I thought "wallet provider" as in Coinbase/Xapo/Blockchain.info (web wallets), which, as my poll revealed, many bitcoiners use.

[pixie85]

I have used multibit, electrum and qt.

I must have misunderstood, I thought "wallet provider" as in Coinbase/Xapo/Blockchain.info (web wallets), which, as my poll revealed, many bitcoiners use.

You're reading too fast  He is talking about his desktop wallet.

After exploring different storage methods, I have decided on a MultibitHD wallet saved offline on a flash drive (with a backup copy in a safe deposit box). Although I created the wallet offline, I know that I must be online to actually use it and receive Bitcoin, so I'm assuming that it isn't a "true" cold storage method and that it does to some degree require an online account.

The wallet was created offline with a secure password, so I'm not exactly worried about theft. My concern is, though, what if Multibit (the company/website" closes or goes under? Will my finds be lost or will they still be retrievable from the wallet files on my flash drives? I know the wallet will still exist on the flash drive, but without a profile to connect to through the website, what happens then?

Thanks!

[BitcoinBarrel]

For my online wallets, I import new addresses so I have copies of the Private Keys saved. That way if the wallet provider goes down, I can import the keys into another wallet. The only problem is if the online wallet service is compromised and they sweep all the private keys. Then you're screwed. But that's the reason I only keep a small amount of BTC in online wallets.

[RealBitcoin]

After exploring different storage methods, I have decided on a MultibitHD wallet saved offline on a flash drive (with a backup copy in a safe deposit box). Although I created the wallet offline, I know that I must be online to actually use it and receive Bitcoin, so I'm assuming that it isn't a "true" cold storage method and that it does to some degree require an online account.

The wallet was created offline with a secure password, so I'm not exactly worried about theft. My concern is, though, what if Multibit (the company/website" closes or goes under? Will my finds be lost or will they still be retrievable from the wallet files on my flash drives? I know the wallet will still exist on the flash drive, but without a profile to connect to through the website, what happens then?

Thanks!

It's the private key that is the important here, your wallet is protecting the private key.

And the private key's format is universal, so all wallets can use it. You can then just switch to another wallet, and import the private key securely there.


You can always use the main software Core or Classic, to manage the wallet if every other wallet provider goes away.

Or if you dont want to then you can create the transaction manually with the old software and send it manually over to the network.

https://blockchain.info/pushtx

[jackshephard]

The main point is having the un-encrypted private keys, even if the online component of the wallet fails, you can just export them somewhere else, if they don't have the codes themselves and if that is the case I'm sure plenty of programmers would have found out

[loserkids]

I have the seed and I know how to use bit-wasp/bitcoin-php so I could create a simple script that would spend all the unspent outputs to another wallet in the worst case scenario. I'm not worried.

[lesterdesa]

If you are not using coinbase or anything that are online wallets, then you're fine. You still have control over your private keys.

STOLEN ACCOUNT BE A MAN AND RETURN MY ACCOUNT