Multibit HD to Electrum, query

[A.Baird3]

I know I can sweep from Multibit classic into Electrum, via the use of keys. However in Multibit HD, I've read you can't export a key from it.

Now if I want to switch my MBHD coin into Electrum, should I just import into Electrum (duplicate) then uninstall MBHD? That would leave only Electrum in charge of that coinage?

Or is it a better option just to pay to Electrum, my coinage from MBHD?

Apologies it it's a simple question, but I am a simple person.

[HCP]

The main problem with MBHD is that it's fee structure was set quite low. The maximum you could set was only something like 100 sats/byte. This was a VERY big problem when support for MBHD was officially dropped last year as fees were quite high. There was a good chance that you anything you attempted to send directly from MBHD would end up getting stuck.

Currently, fee levels are relatively low... bouncing around 1 sat/byte to 40-50 sats/byte... so you could probably just spend directly from MBHD... however as this mornings little surge proved, it's easy for fees to spike!


Additionally, MBHD can have issues if any transactions are received that use newer "features" (like SegWit etc)... the old version of BitcoinJ that MBHD is running on doesn't handle these transactions well and you can end up with the "Password did not unlock the wallet" issue. Personally, I would follow the instructions in the video (https://www.youtube.com/watch?v=E-KcY6KUVnY)... restore your wallet into Electrum using the seed and appropriate derivation path and go from there.

After you have succesfully cloned your MBHD wallet in Electrum, you might want to consider creating a "native" Electrum wallet that uses SegWit by default... and then transfer the coins from the cloned MBHD wallet to the native Electrum one.


Summary:

- Clone MBHD wallet in Electrum using "I already have seed" and "BIP39 seed" option
- Create new "Standard" wallet in Electrum (with a new random seed mnemonic) that uses SegWit
- Send coins from cloned MBHD wallet to new SegWit wallet

[A.Baird3]

Many thanks for the detailed reply, I appreciate it. I'll do as you summarize. It does seem a little convoluted procedure to have to go through, but whatever works.

[HCP]

Yeah... Unfortunately, Electrum doesn't "save" imoorted BIP39 seed mnemonics (12 words) into the wallet file. It only saves the seed "number" and master private key.

This means that should you lose whatever record you currently have (hopefully written down on paper etc) of your seed mnemonic, you cannot recover it from the wallet (menu option "Wallet -> Seed" will be greyed out).

That's why I recommend moving the coins to a new SegWit enabled wallet... Your seed mnemonic is encrypted into the wallet file, plus you get all the benefits of SegWit!

Note that it's not strictly required to create a new Electrum wallet... You can just import your seed to clone it and then just use the cloned wallet... Or you could even try and just send the coins directly from MultiBit HD.

It mostly depends on what your end goal is... Do you want to continue using Electrum? Do you just want to get your coins out of MBHD? Etc

[A.Baird3]

All done, I've successfully moved from Multibit Classic and HD, thanks to your help.

I used the method you summarized Cloned the MBHD into an Electrum wallet, made a fresh segwit wallet, and transferred to that, deleting the temp wallet.

It's all good, now I'll find out Electrum is being discontinued (hate to tempt fate!).

[HCP]

Good to hear... Some people seem to dislike Electrum after having used MBHD... I guess because the UI is not as "fancy looking" as MBHD was. However, the application is actively supported, developed and maintained... and it works!

There is a very active group over in the Electrum subboard... and the devs respond to issues raised on GitHub... So, I don't see it going away anytime soon

[Abdussamad]

Why did you advise him to create a segwit wallet? You know that's not compatible with most other wallets and sites. He's going to face problems the next time he tries to send money to his bech32 segwit wallet.  

@OP read this regarding the segwit wallet you created so you understand the implications of it: https://www.reddit.com/r/Electrum/comments/7dku5r/segwit_wallets_and_electrum/ . Electrum segwit wallets create bech32 addresses.

[HCP]

Bit of an oversight really. My bad.

In any case, it would seem that most of the wallets are capable of sending to bech32... bech32 adoption is steadily growing (https://en.bitcoin.it/wiki/Bech32_adoption). Bitcoin Core is now supporting bc1 addresses (as of v0.16) and even some of the bigger sites like Coinbase are on the bech32 train...

If people don't start using (and demanding services implement) bech32, we'll be stuck in this situation forever... Services won't implement because users aren't using it, users won't use it because services won't implement it.

[A.Baird3]

I think it's okay, what I've read in the reddit link isn't pertinent to me, as I won't be importing any Bc into that segwit wallet I created. I'm pretty certain of that, as I can't afford to buy any at current prices!

My only concern is the lifespan of Electrum, I thought Multibit would stick around when I used that, but who knows the future of such projects.

[HCP]

My only concern is the lifespan of Electrum, I thought Multibit would stick around when I used that, but who knows the future of such projects.

Migrating to a new wallet is a nuisance, and nothing lasts forever, but Electrum gives you easy access to export private keys, so it would be easy enough to migrate to a new wallet should the need arise in the future.

Having said that, Electrum has a very dedicated team of supporters and developers, so I'd like to think that it will be around for a while. In addition it is open source and freely available (both the client and the server sections)... so theoretically, you could probably use it forever (assuming there aren't any bitcoin hardforks) by setting up your own Electrum server... although that would probably make the SPV client a bit pointless, as you need a full node for an Electrum server