Have I backed up my wallet sufficiently?

1

I'm trying to make sure I'm backing up my bitcoin wallet sufficiently. I only have about $60.00 worth, so I'm not looking for super secure encryption or anything. I just want to make sure I can restore my wallet if my computer crashes.

Anyway, I'm using MutliBit. I went to Tools -> Export Private Key. I then selected a location on my network drive, added a password, and hit the export button.

If something happens to my computer, I could just redownload the multibit client and install it on another computer, and then use the Restore Private Key function and direct it to the file on my network drive to restore my wallet. Is that correct?

Kevin Bright

Posted 2013-11-12T15:39:43.187

Reputation: 113

1Your premise is correct, although you are also correct it is not a "super secure" solution. – MaxSan – 2013-11-12T16:05:27.777

I would recommend making copies or your wallet.dat file and storing it in several secure places. Also you should encrypt it. – Loourr – 2013-11-12T16:58:46.640

You are safe if you don't use that wallet, if you do you should backup whenever you do a transaction or coins will be lost. – YoMismo – 2015-02-04T12:25:36.547

@Loourr, there is no “wallet.dat” in Multibit. The file is called multibit.wallet – Arturo Torres Sánchez – 2015-02-04T15:55:45.160

@YoMismo: Does MultiBit not use a key pool or something similar to allow keys to be backed up before they are used? That's kind of surprising. – Nate Eldredge – 2015-02-06T04:51:15.960

I don't know about multibit, but if pool is limited as it is bitcoin-qt, when that pool is gone new keys are generated, if you backup just before the new ones are generated you will miss those and some of your coins will be lost in new transactions. – YoMismo – 2015-02-06T07:41:52.920

Answers

1

I suggest to use paper wallet with encrypted private key, so called BIP-38.

Fundamentally, the only way to loose the access to those funds is by physically destroying the paper/forgetting the passphrase. Note that, keeping paper safe is much easier than keeping safe wallet.dat in computer that is connected to internet.

Following guide takes 2 minutes and is 100% secure if enhanced by using computer that has never been and never will be online - can be formatted before and after creation of cold storage.

  1. Go to: bitaddress.org
  2. Download .zip file on the buttom of page or from GitHub repository
  3. Extract .zip and run file bitaddress.org.html
  4. Move your mouse to generate random entropy for generating new bitcoin address
  5. Navigate to Paper wallet tab
  6. Fill 1 address to generate and check BIP-38 Encrypt checkbox
  7. Enter the passphrase (only you would know and need to remember)
  8. Click generate, and print this on the paper
  9. Scan the Load & verify Public key and transfer there funds from MultiBit
  10. You do not even need to keep the paper safe now, since person who would scan the Spend QR need to know the passphrase which is only in your brain

Marek

Posted 2013-11-12T15:39:43.187

Reputation: 819

Asked: 2013-11-12T15:39:43.187

Viewed: 274 times

Active: 2015-02-04T10:17:44.293