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Author Topic: Question About Exodus  (Read 902 times)
duffann
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July 13, 2017, 08:51:03 AM
 #1

Hello,

I am a newbie. I watched the exodus video about backing up. if stg happens to my computer , I can install exodus again to a new computer and use my 12 word phrase to restore my wallet. Also there is an option to export keys to a usb stick for example and store the keys there.

1) So , let's say exodus is shutdown. What can I do with the exported key ? Can I use it with any wallet without any problem ? ( Do I have to know a password or 12 word phrase still  ? )
2) If any new installed exodus software can restore my wallet , how does exodus do it , If I only have the keys. Let's say I have restored it and some other funds are added to my wallet do I jave to export the keys again or I just have to export it one time and store them for anything in the future =? I know this is a noob question sorry.

Thanks
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bL4nkcode
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July 14, 2017, 01:17:51 AM
 #2

1) So , let's say exodus is shutdown. What can I do with the exported key ? Can I use it with any wallet without any problem ? ( Do I have to know a password or 12 word phrase still  ? )
You can use the exported key (private keys) to any client which has the feature of importing private keys. Just use it on wallet that is trusted by the community so you don't have to worry about using them. And you can use your 12-word passphrase to import it on some wallet that has importing feature such as Electrum desktop wallet, Mycelium mobile wallet and even blockchain,info (not recommended).


2) If any new installed exodus software can restore my wallet , how does exodus do it , If I only have the keys. Let's say I have restored it and some other funds are added to my wallet do I jave to export the keys again or I just have to export it one time and store them for anything in the future =?
You can restore your exodus wallet using the 12-word passphrase or the recovery link from them in one-time recovery in one device and there's no need to exporting again because once you send funds to your wallet even you uninstalled your exodus then you sent a lot of bitcoins there the once you recover it will reflect your balance. Just make sure your exodus wallet is always updated.


I know this is a noob question sorry.
It's okay everyone here became newbie once like you.

Thanks
No problem hope t helps you.

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duffann
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July 14, 2017, 08:28:26 AM
 #3

Thanks very much for the clear answer . So 12 word phrase is not exodus' feature but it can be used with any wallet that support it. Got it.

Regards,
Duffann
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July 19, 2017, 12:13:53 AM
 #4

Thanks very much for the clear answer . So 12 word phrase is not exodus' feature but it can be used with any wallet that support it. Got it.

Regards,
Duffann
No problem dude, and yeah that's right as long as the client supports for this kind of wallet, just make sure that your device e.g. Personal computer is completely safe and secured to store some important files like Bitcoin I mean installing strong anti-virus will help you.

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July 19, 2017, 03:44:40 AM
 #5

Thanks very much for the clear answer . So 12 word phrase is not exodus' feature but it can be used with any wallet that support it. Got it.
One thing to note with 12 word phrases... Just because a wallet uses "12 word phrases" as a backup, does not mean that a 12 word phrase from that wallet can be used in ANY wallet that uses 12 word phrases to restore your wallet.

It also depends on the "Derivation Path" that a wallet uses... not all wallets use the same Derivation path, so if you put the same 12 word phrase into two different wallets, you MIGHT get different addresses (and therefore, not be able to get access to your coins)

For instance:

Bitcoin Core: m/0'/0'
Blockchain.info: m/44'/0'/0'
MultiBit HD, Breadwallet, Simple Bitcoin Wallet: m/0'/0
Electrum: doesn't matter, uses a completely different 12 word phrase system

It isn't necessarily the end of the world, as there are tools (https://iancoleman.github.io/bip39/) that will take a 12 word phrase and let you specify any derivation path you like and be able to retrieve the keys... it just may not be as simple as installing "SomeWallet" and entering your 12 words Wink

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