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Author Topic: I was told multibit does not act like BitcoinQT as in creating another address  (Read 573 times)
gtraah
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May 29, 2014, 11:19:51 AM
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I was told only BitcoinQT creates another wallet when you send BTC somewhere meaning: EG; When you send 1 BTC to someone the wallet then sends your remaining BTC to another address with a WHOLE NEW private key rendering your paper wallet useless... This I dont like unless I ask for it to happen which is why I dont use Bitcoin QT...

I then read a reddedit where someone lost his BTC with multibit because of the exact same thing, He thought he had the private key so he deleted his wallet.dat or what ever, but the private key has nothing in it. Is this correct? Multibit does the exact same thing as bitcoinQT??

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May 29, 2014, 12:02:30 PM
 #2

I was told only BitcoinQT creates another wallet when you send BTC somewhere meaning: EG; When you send 1 BTC to someone the wallet then sends your remaining BTC to another address with a WHOLE NEW private key rendering your paper wallet useless... This I dont like unless I ask for it to happen which is why I dont use Bitcoin QT...

I then read a reddedit where someone lost his BTC with multibit because of the exact same thing, He thought he had the private key so he deleted his wallet.dat or what ever, but the private key has nothing in it. Is this correct? Multibit does the exact same thing as bitcoinQT??


Looks like you have confused about the words "wallet" and "address".
Bitcoin-qt will create a new change "address" for you by default, but you could specify the change address since 0.9.0 with coin control feature.

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May 29, 2014, 12:12:19 PM
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Yes I mean address, Ok but what about Multibit this is what I really want to know, I know its more secure but unless I dont ask it to happen I dont think it should happen and it should stay in the same address with the same key...

What about multibit, this is why I am using multibit i was told it doesnt do that

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May 29, 2014, 03:04:59 PM
 #4

I then read a reddedit where someone lost his BTC with multibit because of the exact same thing, He thought he had the private key so he deleted his wallet.dat or what ever, but the private key has nothing in it.

Link?

Most likely, either you misunderstood what was being said in the reddit, or the reddit user misunderstood what happened with his wallet.

gtraah
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May 30, 2014, 02:39:38 PM
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Dammit i cant find it it was a few days ago... it was someones reply to the poster and he specifically said since Multibit creates Change addresses when sending bitcoin BLA BLA etc... I freaked out thinking everything that I new about my security was out of the window again.. Funny thing now that I am doing another search I can see more than one person stating that multibit doesn't do that... and now that I am thinking bout it I have made purchases with my address and to this date my private key is the same..

Ok here is one other question about encrypted multibit address, So I put a password when I exported my private key... and the txt file now has 2 lines of codes not just the plain prv key... this is fine. What I want to know is if multibit seizes to exist is there a way to decrypt that multibit key to pull out your private key? When I import it in multibit , it asks me to enter the password, that no issue... i just want to find out if that passworded key is able to be accessed outside of multibt?

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ahri
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May 30, 2014, 04:30:39 PM
 #6

While were talking about these two different wallet choices.

Is there a edge that the other one doesnt have? they both seem to be a desktop software.. unless im missing something here.
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May 30, 2014, 05:41:05 PM
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While were talking about these two different wallet choices.

Is there a edge that the other one doesnt have?

It mostly comes down to user interface preferences.

Bitcoin Core allows more detailed control with RPC commands which make it more useful for programmers.  It also is considered a "full node" meaning (among other things) that it contains the entire blockchain, and can supply it to new peers that are just starting up. Bitcoin Core provides some functionality for developers to create multi-sig transactions.

MultiBit is a bit more user friendly.  It has more user interface features. It always sends the change from a transaction back to an address that you can see from the user interface (where Bitcoin Core would hide that address from you).  It doesn't require as much disk space, because it doesn't store the full blockchain.
 
Both are open source software, and have existed or multiple years.  They are both widely trusted.  The fact that MultiBit re-uses existing addresses for change slightly reduces security and privacy, but not enough to be of concern to most people.

they both seem to be a desktop software.. unless im missing something here.

They are.

Other desktop bitcoin wallets that I'd suggest considering are:

Armory and Electrum.

It's a good idea to do some research and learn a bit about what each of the 4 most widely used desktop wallets has to offer.  Then make the decision that's best for your personal needs.

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