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Author Topic: Made a minor rookie error regarding wallets, hoping to stop people doing same  (Read 141 times)
kulboi123 (OP)
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January 09, 2021, 01:56:45 AM
Merited by pawanjain (1)
 #1

The error was nothing huge, I didn’t lose access or give my seed words out.

I decided to switch wallets to a different one. I set up the new wallet and then transferred my BTC to my new wallet, like a regular transaction... WITH FEES

Little did I know that your seed words are the key to your BTC in ANY wallet with no need to transfer anything and therefore no fees.

It didn’t cost me a lot and I’m glad I figured it out now.
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January 09, 2021, 02:49:50 AM
 #2

Little did I know that your seed words are the key to your BTC in ANY wallet with no need to transfer anything and therefore no fees.
Yes mate. As long as the wallet you used supported the format of your wallet. You can import it using your keys. But some wallets not supported the type of address you make so make sure you are aware with this.


It didn’t cost me a lot and I’m glad I figured it out now.

Glad that you discovered it. It's just a matter of searches via Google and you can easily know the process. BTW what wallet you are using for storing your btc?

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ranochigo
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January 09, 2021, 02:54:06 AM
Last edit: January 09, 2021, 03:14:20 AM by ranochigo
Merited by mk4 (1)
 #3

Not any. Some wallets has a different derivation path and you might have some trouble trying to change it to generate the correct addresses. Depends on what you're doing, generating a new wallet and getting a new seed can be a good idea at times, if you feel insecure reusing the seeds.

It's okay to switch wallets and get a new seed. Sending them when the fees are low would be better though.

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January 09, 2021, 03:16:30 AM
 #4

Not any. Some wallets has a different deviation path and you might have some trouble trying to change it to generate the correct addresses. Depends on what you're doing, generating a new wallet and getting a new seed can be a good idea at times, if you feel insecure reusing the seeds.

It's okay to switch wallets and get a new seed. Sending them when the fees are low would be better though.

This. Besides paying a transaction fee(which you should be paying a really low one), there's nothing really wrong with generating a new wallet(especially when moving from a mobile/desktop wallet to a hardware wallet). If anything, it's more recommended; just to be safe if it's the case that your wallet's keys have been leaked sometime in the past.

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Maus0728
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January 09, 2021, 03:39:14 AM
 #5

Just to add LOL!

You can also take a look at the bitcoin mempool to give you a rough idea  of how many sats you are going to spend for a transaction just to avoid spending too much. Most likely, fees are low when it is Sunday. Also, it's a good practice to switch wallet if you think that your seed has been compromised  Wink

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January 09, 2021, 03:49:33 AM
 #6

Not any. Some wallets has a different derivation path and you might have some trouble trying to change it to generate the correct addresses. Depends on what you're doing, generating a new wallet and getting a new seed can be a good idea at times, if you feel insecure reusing the seeds.

It's okay to switch wallets and get a new seed. Sending them when the fees are low would be better though.
I feel more comfortable switching addresses than using the same one to be honest. Plus the added layer of anonymity of having two layers of addresses to prevent dox, the fees are although unavoidable, it is not that crippling to pay.

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January 09, 2021, 04:28:57 AM
 #7

If you have switched from a legacy adress format to native SegWit adress format, not only you didn't waste money, you actually saved them because future transactions will cost less. Also, sending coins to a new wallet would allow you to safely claim any forked coins that you might have on your addresses.

As long as you didn't pay some ridiculous fee, there's nothing to worry about.
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January 10, 2021, 11:53:20 AM
 #8

Thanks to all that replied, I appreciate your comments
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January 10, 2021, 12:55:03 PM
 #9

LOL, yeah I could also do the same thing if not in you post this thread. Having bitcoin is not stored in the bitcoin wallet instead it is stored in blockchain and lock up in which only your keys can access the bitcoin. Well, good thing that you only made some small losses when yoi transfer your btc. Next time when you will going to transfer your btc just download a wallet and then import your keys to your new wallet.
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