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Author Topic: multibit questions  (Read 1753 times)
albert11
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January 17, 2015, 09:38:09 AM
 #1

hiya everyone

I just recently find out about bitcoin and see a lot of potential and as a result want to buy 10 btc and keep them on multibit for a couple years and see.

So here are my questions:

1) After creating a password for my multibit wallet a messages says that my private keys have been backed up and encrypted using this password.
I was wondering what is the difference between this and exporting private keys?

2) I wanted to create multiple btc public key ( address) and was wondering if every private keys for each address is automatically encrypted with the samepassword

3) Maybe a silly question but is it possible that multibit software vanishes some day or gets faulty which could prevent me from accessing my funds? I am not talking about my laptop(will create usb backs up) but the software itself.



Thanks

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January 17, 2015, 09:43:25 AM
 #2

1) After creating a password for my multibit wallet a messages says that my private keys have been backed up and encrypted using this password.
I was wondering what is the difference between this and exporting private keys?

Exporting the private keys will leave them unencrypted. Your wallet always contains the keys (as well as less critical data that can be reconstructed from the blockchain), but after creating a password they were encrypted.

2) I wanted to create multiple btc public key ( address) and was wondering if every private keys for each address is automatically encrypted with the samepassword

Yes, all keys within the same wallet are encrypted with the same password. That's why you need to unlock your wallet and type your password before you can create new addresses.

3) Maybe a silly question but is it possible that multibit software vanishes some day or gets faulty which could prevent me from accessing my funds? I am not talking about my laptop(will create usb backs up) but the software itself.

It is theoretically possible, though unlikely, and you could still import your private keys into any other wallet software to recover your bitcoins.
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January 17, 2015, 09:49:50 AM
 #3

If you're buying them just to hold for a few years, a paper wallet is a good idea.  I have some private keys etched in steel.
albert11
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January 17, 2015, 10:29:39 AM
 #4

1) After creating a password for my multibit wallet a messages says that my private keys have been backed up and encrypted using this password.
I was wondering what is the difference between this and exporting private keys?

Exporting the private keys will leave them unencrypted. Your wallet always contains the keys (as well as less critical data that can be reconstructed from the blockchain), but after creating a password they were encrypted.

2) I wanted to create multiple btc public key ( address) and was wondering if every private keys for each address is automatically encrypted with the samepassword

Yes, all keys within the same wallet are encrypted with the same password. That's why you need to unlock your wallet and type your password before you can create new addresses.

3) Maybe a silly question but is it possible that multibit software vanishes some day or gets faulty which could prevent me from accessing my funds? I am not talking about my laptop(will create usb backs up) but the software itself.

It is theoretically possible, though unlikely, and you could still import your private keys into any other wallet software to recover your bitcoins.
thanks for your detailed answer

so the file that appears after creating a wallet password can be used to recover my wallet outside of multibit correct?
do I need to export my private keys too? there is also an option not sure as you said the wallet file contains all the key

@doof, i ll look into paper wallet but i prefer to be able to see my money on a screen every now and then to make sure its still there Smiley

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January 17, 2015, 01:35:07 PM
 #5

so the file that appears after creating a wallet password can be used to recover my wallet outside of multibit correct?
do I need to export my private keys too? there is also an option not sure as you said the wallet file contains all the key

The wallet files created by Multibit are in a format that is specific to Multibit, and while they do contain all the keys for your addresses,  importing these wallets into another software could be difficult if the target doesn't support Multibit wallet format, especially for encrypted (password protected) wallets.

Exporting the private keys in base58 and/or hex format is the way that allows the easiest import/export operations between wallet, but unencrypted keys are very sensitive and should be used with extreme caution with regards to privacy and security.
albert11
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January 17, 2015, 05:46:17 PM
 #6

so the file that appears after creating a wallet password can be used to recover my wallet outside of multibit correct?
do I need to export my private keys too? there is also an option not sure as you said the wallet file contains all the key

The wallet files created by Multibit are in a format that is specific to Multibit, and while they do contain all the keys for your addresses,  importing these wallets into another software could be difficult if the target doesn't support Multibit wallet format, especially for encrypted (password protected) wallets.

Exporting the private keys in base58 and/or hex format is the way that allows the easiest import/export operations between wallet, but unencrypted keys are very sensitive and should be used with extreme caution with regards to privacy and security.

I tried to back up my wallet on another usb drive so i followed advice at the end of this video https://www.youtube.com/watch?v=2qmOM567BF4

i copied the whole content/directory onto another usb drive but when i open it my wallet isn't here, it only is on the first usb drive that i installed multibit on

i thought when copy/pasting exact same data that is on first usb that the second would open similarly with my wallet

did i miss something here?

thanks for your time

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February 18, 2015, 03:09:55 PM
 #7

With a paper wallet you can still use the public address to see your "money" in the blockchain. The only thing that is on paper is the private key that allows you or someone else to spend those bitcoins. You never actually have possession of any bitcoins.

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