MultiBit Classic allows you to manage your bitcoin wallets. It has a simple interface that shows all your queries and transactions. It also allows you to password protect your wallets. The classic version is a legacy product and is in maintenance mode. The security model of MultiBit Classic is weaker than MultiBit HD; so this is only recommended if you have private keys that cannot be migrated.
MultiBit was one of the first wallets launched in 2011 besides the Bitcoin Core reference software. However, in 2017, MultiBit’s maintenance and development was discontinued. This always challenges users to recover their bitcoins. Another problem is that there were two versions of MultiBit with different wallets, namely MultiBit Classic and MultiBit HD.
- You can run this free software on Windows XP/7/8/10/11 32 and 64-bit.
Quick Installation Guide for MultiBit Classic
- Once the download is complete, double click on the installer icon
- We recommend using the default settings
- Safe to overwrite an earlier version if prompted
- Any existing files and wallet configuration will not be affected.
The developers of the MultiBit wallet stated that their service provides the following features:
- Simplicity: Users can easily and quickly install the wallet on major operating systems such as macOS, Windows and Linux.
- Security: Encrypted private keys protect balances on local computers or USB sticks.
- Small size: stored data does not require much space on the device.
- Flexibility: MultiBit users can create separate accounts in their wallet.
- International: Users can access the wallet in over 35 languages.
- Faster Sync: MultiBit has promised to sync transactions to the bitcoin ledger within minutes.
- MultiBit.org provided a link to download the wallet and promised that users would start using their wallets within 5 minutes.
Service To understand the service provided by MultiBit, let’s start with a brief overview of what a Bitcoin wallet is.
A bitcoin wallet is a program that provides bitcoin owners with a secure way to store the private keys that control their bitcoins. There are different types of bitcoin wallets, including web wallets, mobile wallets, desktop wallets, and hardware wallets.
The developers of the MultiBit wallet stated that their service provides the following features:
Simplicity: Users can easily and quickly install the wallet on major operating systems such as macOS, Windows and Linux. Security: Encrypted private keys protect balances on local computers or USB sticks. Small size: stored data does not require much space on the device. Flexibility: MultiBit users can create separate accounts in their wallet. International: Users can access the wallet in over 35 languages. Faster Sync: MultiBit has promised to sync transactions to the bitcoin ledger within minutes. MultiBit.org provided a link to download the wallet and promised that users would start using their wallets within 5 minutes.
Reaching 1.5 million downloads
In March 2014, it was announced on the MultiBit.org blog that there had been 1,517,200 downloads since the wallet was created. In the first 20 months, the number of downloads grew from a few hundred per month to several thousand.
Since around April 2013, downloads have grown exponentially. They peaked in November 2013 when users downloaded the wallet 330,000 times. This explosion coincided with the bitcoin boom between April and November 2013.
A 2014 article published by Coindesk.com stated that MultiBit, with over 1.5 million, “moved significantly more wallets than Blockchain.info and Coinbase”. Each of these two services has crossed the one million wallet mark.
If the number of MultiBit downloads has been impressive, it’s because the service has been constantly improving. For example, the MultiBit.org blog lists 11 updates.
In an article published on Coindesk.com, Danny Bradbury calls MultiBit “one of the unsung heroes of the bitcoin world.”
How to Restore MultiBit Classic
Sending and receiving with the MultiBit software is no longer possible for various reasons. In fact, the wallet in both versions is not a full-fledged node. Thus, MultiBit does not download its own copy of the Bitcoin blockchain, but relies on synchronizing it with a service that has been discontinued for years and therefore no longer available. If you still manage to run the program, which is possible in principle, you will encounter the following difficulties:
- The wallet does not support dynamic transaction fees. This can cause the transaction to fail or sometimes get stuck in the mempool for a long time if the fee is too low.
- Multibit does not support SegWit addresses, so bitcoins cannot be converted to the appropriate address format.
- Wallets that have made a particularly large number of transactions have difficulty synchronizing with the network. There is also a risk that the transaction size will be too large if you try to send all the coins at once.
- Multibit has various bugs that have not been fixed so far, and for this reason, transactions often fail.
However, in the classic version, you can use the wallet file, password, and special software to get private keys and export them to another bitcoin wallet to avoid the problems and risks described above. Depending on the operating system, you will find the wallet file in the following folder:
macOS
~/Library/Application Support/MultiBit/<wallet-name>Windows
C:\Users\<username>\AppData\Roaming\MultiBit\<wallet-name>You must first decrypt this file to get the keys. A classic wallet can be a .key file or a .wallet file. Both are encrypted with AES and contain private keys.
To decrypt the wallet, you need to install tools such as OpenSSL and then enter the appropriate command line through the shell using the password. If you do not remember the password, please contact us . As a rule, decryption can be complicated, and then it is a case for a professional.
As always, each case is unique and depends on the details. We cannot and do not want to give you a general promise of success, but in general we have a consistently positive experience with MultiBit wallet recovery for our customers.
How to Restore MultiBit HD
Кошелек HD — это стандарт, который позволяет восстановить кошелек с помощью так называемого seed . В то время как большинство современных кошельков используют начальное число из 12 или 24 слов , в кошельке MultiBit HD используется начальное число из 18 слов .
If you bothered to write down and save the sido then you can import it into another wallet. The Electrum Wallet, for example, is a popular alternative because it is also a light client. However, when you enter the initial number, keep in mind that the standard output path is not supported. Otherwise, recovery with Sid is the same as with any other wallet.
If you don’t have a seed handy, you need to access the actual wallet file and decrypt it – similar to MultiBit Classic Wallet . To do this, you can use the method described above. Upon successful decryption, you will receive the corresponding seed instead of private keys, which you can import into other wallet software.
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