How can I store my cryptocurrencies?

The cryptocurrency community is broadly divided into two primary schools of thought. The first is the “active traders,” and the second is “long-term investors.” While several individuals either trade on a short-term basis to raise capital, some investors prefer to “buy low and sell high” This means they are most likely to buy the cryptocurrency when it’s still very cheap to afford and hodl for the long-term. For the sake of this content, we will be discussing the latter. If you are going to be a long-term investor or holder, you must first understand the importance of storage. While most traders would likely leave their crypto coins on exchanges, most holders would have theirs in cold wallets, where they would be stored with the help of seed phrases or product keys (set of alphanumeric figures).

In 2011, one of the most effective means of storing cryptocurrencies was on the popular multibit wallet. The wallet was such that you could hodl your cryptocurrency there for as long as possible (at least, this was the aim of the wallet at development). The wallet was such that it provided users with several services such as security, international usage, flexibility, and faster synchronization, etc. These, amongst other characteristics, made the multibit wallet very popular, such that it celebrated over 1.5 million downloads in 2014.

Shortly after this period, multibit began facing some problems, such that it was acquired by another company,KeepKey. With all these going on, in 2014, several individuals began to fear for their bitcoin, and the need for a multibit wallet recovery became essential.

Why is multibit in disuse?

As mentioned above, multibit is an international, secure, lightweight bitcoin wallet with compatibility with Linus, Windows, and macOS. However, the wallet began experiencing hosts of issues just after hitting over 1.5million downloads. Its services were reported to have been attacked by a DoS (Denial of Service) against the wallet’s protocol. While the reason for this DoS attack was unknown at the time, the theory given by the management was that the attack came as a result of the manipulation that happened on the bitcoin blockchain at the time. Hence, this attack was supposed to crumble the multibit application, deactivating its processes. However, while these were ongoing, multibit was sold to another company,KeepKey in 2016. This transition was supposed to see a change in Multibit services; instead, KeepKey decided to let multibit go. KeepKey reiterated that multibit had a lot of underlined issues and stated that it had lots of stubborn bugs that have caused both them and the multibit users lots of grief.

How can I move my funds from one wallet to another wallet?

If there is any compensation to keeping your cryptocurrencies in a cold wallet, it is the fact that your tokens are safe. If at any point you decide to transfer your entire asset from a wallet to another, then you’ll need to use the restore button. One of the problems Multibit had was when one of its users claimed the wallet was not allowing him to access his bitcoins. With this report, several investors began to panic, making them consider the multibit wallet recovery action. Here are some of the steps to take in order to move your assets with ease

  • Make sure you have your seed phrases/mnemonic seeds:

One of the means of keeping a cold wallet secured is by using seed phrases. These seed phrases differ from wallet to wallet. While some might be random 12 words, some are 14 and others 16. So, for you to successfully import your wallet from one site to another, you’ll need these words the exact way they were arranged before setting up the profile. So, once you can successfully provide these seed phrases in that same format, you get logged in successfully.

  • Use your private key:

You could also use your private key, which most times duplicate your wallet on another platform. Your private key is a set of alphanumeric characters that are peculiar to your wallet alone.  This private key is such that it remains unique to your assets alone. So, all you need to do is copy your private key and paste it on the new platform to import your asset from the old account to the new one. So, suppose you still have bitcoin in your multibit account. In that case, you might want to use the multibit wallet recovery option to move your asset to a more reliable platform where you can hodl your bitcoin before finally selling it.