Bitcoin core v0.17.0 Masterkey

[spart3x]

in Bitcoin core v0.17.0 is the masterkey represents a sufficient backup? (taken with the dumpwallet command)

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[AdolfinWolf]

in Bitcoin core v0.17.0 is the masterkey represents a sufficient backup? (taken with the dumpwallet command)

Bitcoin Core will use the Master private key to derive all "normal" private keys, so, yes? It should be sufficient to just back up the xpriv key..?

But take note of the following:

With regards to Bitcoin Core... The "proper" method of backup is a copy of your wallet.dat (or even multiple redundant copies)

With the Bitcoin Core HD wallets, every time you change the wallet passphrase (including the first time you set one up), a new seed (and therefore new master private key) is created... And new addresses derived.

NOTE: All the old master keys/generated addresses are still stored in the wallet file.

So, every time you set/change the passphrase you need to make a new backup of your wallet.dat.

Or, do it the "hard way" and try and keep track of all the xprvs

So be wary that when you change passwords, you might want to check for new xpriv keys to back up.

[spart3x]

in Bitcoin core v0.17.0 is the masterkey represents a sufficient backup? (taken with the dumpwallet command)

Bitcoin Core will use the Master private key to derive all "normal" private keys, so, yes? It should be sufficient to just back up the xpriv key..?

But take note of the following:

With regards to Bitcoin Core... The "proper" method of backup is a copy of your wallet.dat (or even multiple redundant copies)

With the Bitcoin Core HD wallets, every time you change the wallet passphrase (including the first time you set one up), a new seed (and therefore new master private key) is created... And new addresses derived.

NOTE: All the old master keys/generated addresses are still stored in the wallet file.

So, every time you set/change the passphrase you need to make a new backup of your wallet.dat.

Or, do it the "hard way" and try and keep track of all the xprvs

So be wary that when you change passwords, you might want to check for new xpriv keys to back up.

but could i also use only one address and save my private key?

[AdolfinWolf]

in Bitcoin core v0.17.0 is the masterkey represents a sufficient backup? (taken with the dumpwallet command)

Bitcoin Core will use the Master private key to derive all "normal" private keys, so, yes? It should be sufficient to just back up the xpriv key..?

But take note of the following:

With regards to Bitcoin Core... The "proper" method of backup is a copy of your wallet.dat (or even multiple redundant copies)

With the Bitcoin Core HD wallets, every time you change the wallet passphrase (including the first time you set one up), a new seed (and therefore new master private key) is created... And new addresses derived.

NOTE: All the old master keys/generated addresses are still stored in the wallet file.

So, every time you set/change the passphrase you need to make a new backup of your wallet.dat.

Or, do it the "hard way" and try and keep track of all the xprvs

So be wary that when you change passwords, you might want to check for new xpriv keys to back up.

but could i also use only one address and save my private key?

Sure. A single private key would be sufficient to recover one adress you have money on. You'll be able to import that key into any wallet just fine at any given date.

But here too, you should take note of the following: that when you at a later time want to spend from that private key, that you make sure the change adress is correct/set to an adress you control the private key from.

[achow101]

in Bitcoin core v0.17.0 is the masterkey represents a sufficient backup? (taken with the dumpwallet command)

No, it is not. The master private key cannot be restored to a wallet at this time. Everything is derived from the hdseed instead (the seed is used to get the master private key, which is then used to derive all of the private keys used). You can get the hdseed from dumpwallet and use that. That is sufficient to get all of your private keys, but restoring just that to a wallet may not necessarily get you all of the transactions that you have received. The seed can be restored using the sethdseed command.