Bitcoin core - some questions

[btcanonymous666]

Have a few questions about Bitcoin core wallet, the main one, the firstborn son.

1) For maximum security and anonimity, I'm gonna use just one address for each transaction. So keeping every single private key may be a bit problem for me, actually no need of it, methinks. Please correct me if I'm wrong. So creating new address for every transaction can cause a problem for me? Any kind of problem I mean, just as an example, it can be longer sync time, or something like that.

2) I was an XMR guy actually. But recently sold for some reasons and planned to buy some btcs. Well, when I use XMR wallet (CLI/GUI), they give me private key of the wallet and so I can open my wallet with any other type of wallet such as Android/iOS ones or any lightweight one. I just need a private key of that wallet. But Bitcoin Core, itself, gives us only wallet.dat. So how can I reach my wallet on any other device? Or just as an example, I'm in hurry and I need to open my wallet on my android phone. How can I open it? I have used different addresses for each transactions. So basically I have 100 bits in my x address, 200 bits in my y address, 300 bits in my z addres... go on... So should I write down private key of every single address that I have?

3) I keep copying wallet.dat file to safe USB device after each transaction. Is that the only thing that I have to do?

4) Is there any other thing that I should know about Bitcoin core wallet?

Thank you!

[Lauda]

1) For maximum security and anonimity, I'm gonna use just one address for each transaction. So keeping every single private key may be a bit problem for me, actually no need of it, methinks. Please correct me if I'm wrong. So creating new address for every transaction can cause a problem for me? Any kind of problem I mean, just as an example, it can be longer sync time, or something like that.

No problems, just a larger wallet.dat.

2) I was an XMR guy actually. But recently sold for some reasons and planned to buy some btcs. Well, when I use XMR wallet (CLI/GUI), they give me private key of the wallet and so I can open my wallet with any other type of wallet such as Android/iOS ones or any lightweight one. I just need a private key of that wallet. But Bitcoin Core, itself, gives us only wallet.dat. So how can I reach my wallet on any other device? Or just as an example, I'm in hurry and I need to open my wallet on my android phone. How can I open it? I have used different addresses for each transactions. So basically I have 100 bits in my x address, 200 bits in my y address, 300 bits in my z addres... go on... So should I write down private key of every single address that I have?

There is no direct way to use that file on a mobile phone, if anywhere. You need your individual private keys or your master private key.

3) I keep copying wallet.dat file to safe USB device after each transaction. Is that the only thing that I have to do?

That is completely necessary. You need to encrypt it on the following events:
1) Wallet.dat creation.
2) Wallet.dat encryption.
3) Keypool renewal.

[btcanonymous666]

1) For maximum security and anonimity, I'm gonna use just one address for each transaction. So keeping every single private key may be a bit problem for me, actually no need of it, methinks. Please correct me if I'm wrong. So creating new address for every transaction can cause a problem for me? Any kind of problem I mean, just as an example, it can be longer sync time, or something like that.

No problems, just a larger wallet.dat.

2) I was an XMR guy actually. But recently sold for some reasons and planned to buy some btcs. Well, when I use XMR wallet (CLI/GUI), they give me private key of the wallet and so I can open my wallet with any other type of wallet such as Android/iOS ones or any lightweight one. I just need a private key of that wallet. But Bitcoin Core, itself, gives us only wallet.dat. So how can I reach my wallet on any other device? Or just as an example, I'm in hurry and I need to open my wallet on my android phone. How can I open it? I have used different addresses for each transactions. So basically I have 100 bits in my x address, 200 bits in my y address, 300 bits in my z addres... go on... So should I write down private key of every single address that I have?

There is no direct way to use that file on a mobile phone, if anywhere. You need your individual private keys or your master private key.

3) I keep copying wallet.dat file to safe USB device after each transaction. Is that the only thing that I have to do?

That is completely necessary. You need to encrypt it on the following events:
1) Wallet.dat creation.
2) Wallet.dat encryption.
3) Keypool renewal.

Yup that was what I think as well, I need individual private keys, so basically I need to keep every private key of my addresses, but wait, what is "master private key"?

Thanks for your answers. Really helped!

Also just in case,

Is there any other thing that I should know about Bitcoin core wallet I haven't mention above?

[Lauda]

Yup that was what I think as well, I need individual private keys, so basically I need to keep every private key of my addresses, but wait, what is "master private key"?

https://bitcoin.org/en/wallets-guide#term-master-private-key

Is there any other thing that I should know about Bitcoin core wallet I haven't mention above?

Well, I wouldn't recommend running it on any external drive. Also, makes sure to properly shut it down before you turn off your system in any way. Both of these could cause corruptions which could require a full reindex, and those are painfully long.

[btcanonymous666]

Yup that was what I think as well, I need individual private keys, so basically I need to keep every private key of my addresses, but wait, what is "master private key"?

https://bitcoin.org/en/wallets-guide#term-master-private-key

Is there any other thing that I should know about Bitcoin core wallet I haven't mention above?

Well, I wouldn't recommend running it on any external drive. Also, makes sure to properly shut it down before you turn off your system in any way. Both of these could cause corruptions which could require a full reindex, and those are painfully long.

Do you personally recommend write down private keys of every address that I have created just in case? wallet.dat "can" corrupt for some reasons and if ever happens, I will need private keys of my addresses, right?

[Rath_]

Do you personally recommend write down private keys of every address that I have created just in case? wallet.dat "can" corrupt for some reasons and if ever happens, I will need private keys of my addresses, right?

Yes, you will need your private keys to spend the coins. The corruption Lauda mentioned affects the blockchain data; not your wallet. It might be easier for you to copy the wallet file to a few different data storage devices after encrypting them with VeraCrypt than writing the Master Private Key down. Other wallets give users a mnemonic passphrase (12/24 words) which can be used for wallet recovery.

[btcanonymous666]

Do you personally recommend write down private keys of every address that I have created just in case? wallet.dat "can" corrupt for some reasons and if ever happens, I will need private keys of my addresses, right?

Yes, you will need your private keys to spend the coins. The corruption Lauda mentioned affects the blockchain data; not your wallet. It might be easier for you to copy the wallet file to a few different data storage devices after encrypting them with VeraCrypt than writing the Master Private Key down. Other wallets give users a mnemonic passphrase (12/24 words) which can be used for wallet recovery.

Syncing now, it's going faster than I thought.

Thought I will need only wallet passphrase for sending bitcoin. Will I need private keys for sending bitcoin as well?

It seems I have to rethink about creating new address for each transaction lol. I run a cafe and I just started to accept bitcoin as a payment method.

Also when I send coins, which wallet will I use? One of my depo addresses? or what?

[Rath_]

Thought I will need only wallet passphrase for sending bitcoin. Will I need private keys for sending bitcoin as well?

You either need you wallet file + passphrase or only private keys to spend your funds. The wallet file contains your private keys and it is encrypted with your passphrase.

Also when I send coins, which wallet will I use? One of my depo addresses? or what?

One or a few of your addresses will participate in the transaction depending on the number of coins you want to spend. Let's say you want to send 0.15 BTC but you received 0.1 BTC to two different addresses. Both of these addresses will participate in the transaction and the remaining 0.05 BTC minus the transaction fee will be returned to your change address.

[btcanonymous666]

Thought I will need only wallet passphrase for sending bitcoin. Will I need private keys for sending bitcoin as well?

You either need you wallet file + passphrase or only private keys to spend your funds. The wallet file contains your private keys and it is encrypted with your passphrase.

Also when I send coins, which wallet will I use? One of my depo addresses? or what?

One or a few of your addresses will participate in the transaction depending on the number of coins you want to spend. Let's say you want to send 0.15 BTC but you received 0.1 BTC to two different addresses. Both of these addresses will participate in the transaction and the remaining 0.05 BTC minus the transaction fee will be returned to your change address.

Got it. Thank you!

Last question then. Bitcoin core already comes with wallet.dat in its wallets file. Do I need to do "File" and "Backup Wallet" again?

[Rath_]

Last question then. Bitcoin core already comes with wallet.dat in its wallets file. Do I need to do "File" and "Backup Wallet" again?

There is no need to back up the wallet file again as long as you don't import any private keys. I don't think you are going to do it. Back up your wallet once, copy the file to multiple devices, optionally encrypt them and don't forget the passphrase.

[Carlton Banks]

Syncing now, it's going faster than I thought.

old blocks were empty, so they're fast (and sync starts with old blocks)

blocks 400,000 - 600,000 are much fuller, they're slow to sync.

[btcanonymous666]

Is that possible to occur "corrupting" in wallet.dat file for some reasons? Did it happen before?

If I use different address for every deposit, well, I'll have bunch of addresses so keeping every damn private keys of them should be pain in the ass. That's why I'm asking.

[Lauda]

Is that possible to occur "corrupting" in wallet.dat file for some reasons? Did it happen before?

Yes, there's probably an unknown number of potential causes for file corruption. It's irrelevant if you have a valid backup of it though; you'd just have to rescan the old backup wallet to get the latest transaction history. Keep in mind that you'll lose address labels though.

If I use different address for every deposit, well, I'll have bunch of addresses so keeping every damn private keys of them should be pain in the ass. That's why I'm asking.

Just keep wallet.dat backups. Export private keys only for things when you need it elsewhere.

[btcanonymous666]

Is that possible to occur "corrupting" in wallet.dat file for some reasons? Did it happen before?

Yes, there's probably an unknown number of potential causes for file corruption. It's irrelevant if you have a valid backup of it though; you'd just have to rescan the old backup wallet to get the latest transaction history. Keep in mind that you'll lose address labels though.

If I use different address for every deposit, well, I'll have bunch of addresses so keeping every damn private keys of them should be pain in the ass. That's why I'm asking.

Just keep wallet.dat backups. Export private keys only for things when you need it elsewhere.

Got it. Thank you for your detailed answers. Reading your every post since yesterday. Sold my all XMR for BTC and I was all %100 on XMR since 2017. Was XMR maximalist. Things changed for me. Changed my mind, and I'm accumulating BTC for a while. I don't think that I will buy any other shit besides BTC. After reading your posts, I think I decide right lol.

[btcanonymous666]

I have one more question.

I'm using bitcoinfees.earn for checking current fee but Bitcoin core uses kb instead of byte. How can I convert it or how to calculate basically?

[TryNinja]

I'm using bitcoinfees.earn for checking current fee but Bitcoin core uses kb instead of byte. How can I convert it or how to calculate basically?

1 kb = 1000 byte.

Just multiply.

I also like to use https://coinb.in/#fees which shows some approximation of how much (in BTC) you will pay.

[ranochigo]

I have one more question.

I'm using bitcoinfees.earn for checking current fee but Bitcoin core uses kb instead of byte. How can I convert it or how to calculate basically?

You don't have to use and external site to calculate your fees. When you want to send Bitcoins, just use the floating fee feature available in the client. You should be able to get a fairly accurate estimate of the current network conditions and be able to get your coins confirmed in a reasonable period of time.

[btcanonymous666]

So recommended fee is ok to use?

Also how many conf. do I need? Can I adjust it as 1 conf.?

[ranochigo]

So recommended fee is ok to use?

Also how many conf. do I need? Can I adjust it as 1 conf.?

Yes. Bitcoin Core's recommended fee is derived from your client's perception of the network's condition (ie. Having a more busy network would naturally require a larger fee per size since miners prioritise the higher fees.)

One confirmations is more than enough for most transactions. The more confirmation there is, the harder it is to reverse the transaction.

[btcanonymous666]

So recommended fee is ok to use?

Also how many conf. do I need? Can I adjust it as 1 conf.?

Yes. Bitcoin Core's recommended fee is derived from your client's perception of the network's condition (ie. Having a more busy network would naturally require a larger fee per size since miners prioritise the higher fees.)

One confirmations is more than enough for most transactions. The more confirmation there is, the harder it is to reverse the transaction.

I mean, when I receive a transaction, it will be deposited after one confirmation? Can I adjust it? Just as an example, I want to make it 3 confirmation before I use it, can I do that or is it default and it's 1 conf?