Eight Simple Rules for Protecting Your Cryptocurrency

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If your computer is lost, stolen or damaged, or you accidentally delete your MultiBit HD information, then you will need to restore a wallet. To restore your wallet and recover your bitcoin, you must have your wallet words. With your wallet words, you can recover your bitcoin. You must keep your wallet words safe, because anyone who knows your wallet words bitcoin wallet new computer steal your bitcoin.

A wallet backup is an encrypted copy of your Bitcoin wallet. Provided you know your wallet words you can use a wallet backup to recover, in addition to your bitcoin:. Bitcoin wallet new computer you followed the instructions in the getting started guide then you created a cloud backup service that continuously uploaded your encrypted wallet files to a server somewhere in the cloud. Locate the folder on your computer that is now a copy of your cloud backup folder.

If you don't have a backup but you do have your wallet words then you will be able to recover your bitcoin and any transactions present on the block chain. However, without a wallet backup, you will not be able to restore all the extra information such as contacts, notes, payment history, currencies and exchange rates. From the unlock screen click the "Restore" button and follow the instructions on the MultiBit HD screen.

Because if you could, anyone could. If your cloud-based backup leaked out of the cloud and onto a thief's computer, the thief could steal all your bitcoin. To restore your wallet, and recover your bitcoin, you must have your wallet words. An alternative and more private approach to a single "Empty wallet" would be to split your overall balance over several smaller transactions made to different receiving addresses from the new wallet. This would help to disguise your balance and allow you to test the process with smaller spends.

The final spend should use Tools Empty wallet so that an optimal miner's fee selection can be made and correctly zero your balance. You can also use Manage wallet Edit wallet to provide a note indicating that the wallet words are lost and you should avoid using that wallet for day to day use in the future.

Back to Table of Contents Restoring a wallet If your computer is lost, stolen or damaged, or you accidentally delete your MultiBit HD information, then you will need to restore a wallet. Step 1 - Locate your wallet words To restore your wallet and recover your bitcoin, you bitcoin wallet new computer have your wallet words.

Step 2 - Locate your wallet backup folder A wallet backup is an bitcoin wallet new computer copy of your Bitcoin wallet. Provided you know your wallet words you can use a wallet bitcoin wallet new computer to recover, in addition to your bitcoin: Step 3 - Start the restore process From the unlock screen click the "Restore" button and follow the instructions on the MultiBit Bitcoin wallet new computer screen.

Frequently asked questions If I lost my wallet words why can't I recover my bitcoin with just a backup? I've lost my wallet words but my wallet still works what should I do? Sweep your bitcoin to a new wallet immediately. Here is the procedure: Create a new wallet using the Create button on the Unlock screen Make sure you write down your wallet words and date stamp as usual Unlock the new wallet and wait bitcoin wallet new computer sync to finish Create a new receiving address and copy it to the clipboard - you don't need an amount.

Note the first and last parts of the address. Related articles Restore a password Wallet backups Empty wallet.

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Bitcoin Core runs as a full network node and maintains a local copy of the block chain. This data independence improves wallet privacy and security.

With local access to the complete set of headers and transactions, Bitcoin Core can use full verification to tell when peers lie about payments. However, dealing with the block chain comes at a price. An ever-growing data set causes smaller hard drives to fill up quickly. This article describes two approaches that can be used with either a new or existing Bitcoin Core 0.

To protect yourself from loss of funds, make a backup of your wallet now. After the backup has been saved, exit Bitcoin Core. The first step is finding the default data directory.

Mac, Windows, and Linux version of Bitcoin Core each store data in a different location. The procedure described here will use a graphical file browser to find it. On Windows 7, begin by clicking on the Windows menu. Then click your username from the right-hand menu. Windows Explorer should show a folder containing other folders such as Contacts and Desktop.

Another folder, AppData is hidden by default. Windows Explorer should now display an AppData folder. Then enter the Roaming folder, where the Bitcoin folder is contained. Double click on the Application Support folder. On Ubuntu, open a file browser by clicking on the folder icon in the launcher. Having found the default data directory, we can now copy it. Be sure that Bitcoin Core has been shut down and is no longer running. The software occasionally takes a minute or two to completely exit.

Begin by renaming the Bitcoin Core data directory. Use the name bitcoin-backup. This allows recovery of the original data directory in case something goes wrong. To recover the original, reinstate the original name of the bitcoin-backup folder either Bitcoin or. Next copy the renamed bitcoin data directory to a destination of your choice.

This can be the same hard drive, an external hard drive, or a removable medium such as USB drive or SD card. Copying data may require only a few minutes or a couple of hours, depending on how up-to-date your copy of the block chain is and the speed of your hardware.

You can now rename the copied folder. For example, it might be convenient to use the name Bitcoin. With no default data directory, Bitcoin Core assumes that this is its first session. Launching Bitcoin Core should yield a welcome screen. This screen gives you to option to store data in the default location or a custom location. Select the second option. Bitcoin Core should continue starting up.

When the process completes, the software should work exactly as it did before. When ready to proceed to the next step, close the application. At this point your system contains two more or less identical copies of the data directory.

Assuming there were no issues with the move, the original can now be deleted. Browse to the location of the bitcoin-backup directory and delete it. Users of Armory on Mac face a tricky problem when trying to move the Bitcoin Core data directory. Armory only recognizes the default data directory on OS X. Moving it means that Armory will no longer function.

Fortunately, the solution is relatively simple. Create a symbolic link from the new data directory to the old default directory. Creating this link allows the new data directory to be used as if it still resided at the old location.

Begin by launching the Terminal application. Instead of pulling the data directory out from under Bitcoin Core and then supplying a new path after startup, the data directory can be passed as the command line parameter datadir.

This approach keeps the existing default data directory intact. It also allows multiple data directories to be used side-by-side.

Windows users can create a shortcut that uses the command line option datadir. Doing so directs Bitcoin Core to use, not the default data directory, but the one given as a parameter. Browse to the location of the Bitcoin Core executable C: Next, add the command line option datadir , using the path to your data directory. Double clicking the newly-created shortcut will direct Bitcoin Core to use the new data directory.

This places a shortcut on the desktop. Double clicking the resulting shortcut starts Bitcoin Core with the custom data directory. Although a similar shortcut-based approach will work on OS X, creating a clickable icon is much more difficult. Copy the Data Directory Having found the default data directory, we can now copy it.

Delete the Original Data Directory At this point your system contains two more or less identical copies of the data directory. Command Line Parameter Instead of pulling the data directory out from under Bitcoin Core and then supplying a new path after startup, the data directory can be passed as the command line parameter datadir. Conclusions Moving the Bitcoin Core data directory can be helpful in two situations: Was this post useful? Get my newsletter direct to your inbox for free.

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