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Author Topic: What to do with coin in MultiBit wallet?  (Read 823 times)
MINDTHEGAP
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July 31, 2017, 05:14:50 PM
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Hi all, I have some coin in an old Multibit wallet (MultiBit Classic) and I've just read that MuliBit is no longer supported - where would you advise to transfer the coin?

Do I need to move it to another wallet before the fork happens? If so, do I have enough time and what wallet would you recommend ?

Could I just wait for the dust to settle and move it after? What are the options and risks involved?


Thanks

edit: to clarify "old MultBit wallet" is MultiBit Classic Wallet
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6Asmodeus6
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July 31, 2017, 05:21:48 PM
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What do you mean by "old" multibit wallet? Is it Multibit Classic wallet or Multibit HD wallet? If you want to update from Multibit Classic to Multibit HD ( which i would recommend Electrum Wallet, i had many problems with Multibit HD )  you can send your coins to your new adress.You should save your old wallet private keys in case somebody sends more coins and you should also save your new wallet private keys.
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July 31, 2017, 05:26:26 PM
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What do you mean by "old" multibit wallet? Is it Multibit Classic wallet or Multibit HD wallet? If you want to update from Multibit Classic to Multibit HD ( which i would recommend Electrum Wallet, i had many problems with Multibit HD )  you can send your coins to your new adress.You should save your old wallet private keys in case somebody sends more coins and you should also save your new wallet private keys.

Correct - MultiBit Classic Wallet.

Would I have enough time to send the coin to the new address? I've read transaction times are very slow
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August 01, 2017, 02:57:24 AM
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Do I need to move it to another wallet before the fork happens? If so, do I have enough time and what wallet would you recommend ?
Could I just wait for the dust to settle and move it after? What are the options and risks involved?
For now, I would advise that you just leave the coins where they are until things settle down... MBC is not an HD wallet and just uses private keys... so you don't need to worry, you'll be able to access them via sweeping/importing your private keys.

You can try and create a new Electrum seed based (HD) wallet... and then sweep the coins, but to be honest, I'd just wait. It is probably not a good time to be making transactions... even though you have about 10 hours before the BCC Hard fork happens.

Your other option is to import the keys into a non-HD Electrum wallet. Importing is instant and doesn't require any transactions to be created or broadcast... but you don't have the safety of an HD seed based wallet for backup purposes. The only advantage to doing this as opposed to leaving coins in MBC is that Electrum has a better fee system, so any transactions you create later are less likely to get stuck due to low fees.


TLDR; Leave your coins where they are until things calm down, then sweep into Electrum seed based wallet

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