A Complete Guide to the MultiBit Bitcoin Wallet
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MultiBit is a popular Bitcoin wallet program that aims to combine fast startup times, a simplified feature set, multibit import bitcoin wallet support for multiple multibit import bitcoin wallet. MultiBit is no longer supported. This post was written in and only slightly modified since then.
It remains for those multibit import bitcoin wallet may need to use MultiBit Classic, but should not be used by beginners. This guide documents MultiBit through step-by-step examples written from the perspective of a reader new to both MultiBit and Bitcoin. Having access to a small amount of bitcoin will make the examples presented here easier to understand.
Many purchase options are available; U. The information presented here applies to this version of MultiBit 0. Download the installer for your operating system from the downloads page. If this software is not present on your computer, the installer will ask if you want to add it. After Java has been installed, re-run the MultiBit download. If downloading MultiBit from a multibit import bitcoin wallet, be sure to save the installer rather than trying to open it with a package manager.
The installer will guide you from there. To send you funds, a payer requires your Bitcoin address. Alternatively your receiving multibit import bitcoin wallet QR code can be scanned by a handheld device. Next, make a payment from multibit import bitcoin wallet software or service currently hosting your funded wallet into your unfunded MultiBit wallet. Fill in an amount. For this example, transfer 0. Localbitcoins, like other exchanges, does not always send funds immediately.
Multibit import bitcoin wallet of a few minutes are to be expected because transfers are often batched to minimize fees. In my tests, Localbitcoins took on average ten minutes to process a withdrawal. As the Bitcoin network processes this new transaction, its status will be updated in the transactions listing. The network sends a confirmation once every ten multibit import bitcoin wallet or so. MultiBit considers transactions fully processed after receiving six multibit import bitcoin wallet.
Processed transactions are designated with a green checkmark. Only two fields are required to make a payment: Amounts can be denominated in bitcoin BTCor local currency.
Fees must be accounted for in every transaction. The network expects a transaction fee of 0. Paper wallets are sometimes received as gifts from another Bitcoin user.
Unfortunately, the procedure described here for securely importing paper wallets into MultiBit is complicated. If you received a paper wallet and simply want to spend it, consider using another Bitcoin wallet program - for example, Electrum.
Create a text file called import. The timestamp multibit import bitcoin wallet represent a time safely before the first payment into the wallet was made.
An example file might look like this:. Unfortunately, mis-assigning the timestamp in an import file is both easy to do and can cause confusing MultiBit behavior. Should MultiBit not display balances as expected after importing a private key, see the Stuck Transactions section. When prompted for a filename, enter paper-wallet. The newly-created wallet should be empty. Next, import the paper wallet. After synchronization, you should see two wallets, one of which contains the balance of the multibit import bitcoin wallet paper wallet.
Enter an amount that will fully transfer funds from Paper Wallet when transaction fees are taken into account. Why not directly import the private key into the default wallet? The answer has to do with change addresses. Leaving an imported private key in a MultiBit wallet makes it possible for bitcoin to be stolen in the future.
As of version 0. However, this concern may not apply if multibit import bitcoin wallet only import private keys securely created by you. Select a convenient filename for the backup in this case, petty-cash. Many instances of theft have been caused by MultBit users storing unencrypted backups to cloud storage. Anyone finding such a backup file can take the funds in your wallet - with or without access to your your computer.
Add a secure password to any backup of a wallet holding non-trival amounts of bitcoin. Unfortunately, testing multibit import bitcoin wallet recovery is not easy in MultiBit. The next two paragraphs describe a procedure to simulate a clean MultiBit installation. Use it only multibit import bitcoin wallet a backed-up wallet containing a trivial amount of bitcoin, and only if you feel comfortable modifying system files. The MultiBit data directory resides at an operating system-specific path that is also displayed at the top of the MultiBit main window.
Having found this data directory, close MultiBit. Next, delete the data directory. On restarting MultiBit, your previous wallet multibit import bitcoin wallet have been replaced by multibit import bitcoin wallet new, unfunded wallet. This ends the procedure for simulating a clean MultiBit installation. Starting with a clean installation of MultiBit, the procedure for restoring a backup is similar to the one outlined under Sweep a Paper Wallet.
The backup file plays the role of the manually-created import. If you enter the wrong password, MultiBit will respond with a message to that effect. MultiBit will synchronize with the network, which could take a minute or two. When synchronization is complete, your wallet should be restored to its previous condition. The MultiBit wallets used so far have not been protected by a password. Without a password, anyone who can access your computer or read from your had drive can, in principle, steal bitcoin from the wallet.
Adding a password makes such theft more difficult. Wallets protected by password behave differently than unprotected wallets. They must be unlocked before spending or backing up. They also display a lock icon in the wallet view. Although this fix often solves the problem, there are cases in which it does not.
For example, this multibit import bitcoin wallet can result from the use of an incorrectly-formatted paper wallet import file. As described in Sweep a Paper Walletcare must be taken when assigning the timestamp for a private key. If the chosen timestamp occurs after the first transaction, MultiBit may persistently display an incorrect balance.
Should this problem arise, the solution is straightforward. Open the exported file with a text editor, then sweep the private key into another wallet program. Imagine that a dispute arises between a buyer and a seller. The seller claims they were not paid. The buyer points to the block chain transaction, which shows a payment.
The buyer and seller take the case before an arbiter. The arbiter asks the buyer to produce a message signed with the private key of the sending address in the block chain transaction. The buyer does so, the arbiter verifies the message, and the case is decided in favor of the buyer. Enter the address to sign from and a message. Enter the address, message, and signature to verify. MultiBit automatically converts bitcoin to local currency.
The default exchange rate is Bitstampbut other exchange rates can also be used. Click on the name of the exchange to open it. For most uses, MultiBit performs well as a simplified, fast-loading Bitcoin wallet. This guide covered the essentials every user should be familiar with: Multibit import bitcoin wallet, MultiBit remains a popular, simple wallet that should be considered.
No games, no spam. When you sign up, I'll keep you posted with emails per week. Unsubscribe at any time. Installation Download the installer for your operating system from the downloads page.
Installation on Windows Double click on the MultiBit download. The installer will guide you through the rest of the installation.
Installation on Mac Double click on the MultiBit download. Installation on Ubuntu Linux If downloading MultiBit from a browser, be sure to save the installer rather than trying to open it with a package manager. Receive a Payment To send you funds, a payer requires your Bitcoin address.
