Restore bitcoin wallet from private key
Currently, many wallets such as Blockchain. In order to export or move your fund from one wallet to another, you need your private key. This tutorial is about retrieving your Bitcoin private key from backup seed. Supposedly, this Mnemonic Code Converter Online version can retrieve private key for altcoin other than Bitcoin.
Thanks to iancoleman for providing this tool. Download Mnemonic Code Converter here or use this tool online. I recommend that you download the tool and use it offline. In the downloaded folder, open ' bipstandalone. Go to ' BIP39 Mnemonic ', type in your 12 word backup phrase. Now, there will be a lists of addresses and private keys show up in ' Derived Addressess ' scroll down. It is time consuming to find your private keys that assigned to your public addresses if you have many of them.
Go to ' Derivation Path ', under ' BIP44 ', type in your wallet name refer to diagram below which has the address that hold your funds. That way if something happens to your computer you still have access to the backups. IT professionals have a saying: You can restore from a private key export using these instructions. You should try MultiBit HD so that you can take advantage of greatly improved backups and other features. Back to Table of Contents Wallet backups What is a wallet backup?
Do I have to enable it? The backups are encrypted the same as the original wallet. I want my bitcoin to be safe. What do you recommend? At the very least you should have the following in place: Encrypted wallets to prevent others from accessing the data A new wallet created in a directory that is regularly backed up SpiderOak, Dropbox, Carbonite, Time Machine etc A USB stick with additional copies of the private keys in case your machine is stolen and you forget your backup account password Each time a new receiving address is generated a new private key is made which must be backed up.
You must use encrypted wallets if you are storing them off your computer. My wallet was lost but I have a backup.