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I have recently been getting questions about wallet security, and decided to write this post to clarify a few things.

1 - The first time you start your wallet it will create a file called wallet.dat, this file contains your private keys and should be backed up.
2 - both the wallet GUI and ROIcoin-cli provide a way to backup the wallet to another location.
3 - You can extract the private keys from your wallet with the following command:
      - goto wallet->help->debug window->console and type:  dumpprivkey <your wallet address>
      Note: your wallet address is one of your receive addresses found in File->receive addresses
4 - This private key string should be kept safe, as it can be used in case of recovery with the importprivkey cli command on a new walet.
5 - For additional (optional) security you can encrypt your wallet with a passphrase, this passphrase is then needed for important operations like sending coins.
6 - VERY IMPORTANT:  dumpprivkey REQUIRES the passphrase (if encrypted) , so if you decide to encrypt and did not export the privatekey , if you later forget the password you have no way to recover access to your coins !!

So to summarize there are 3 levels of security:

LOW LEVEL SECURITY: only backup the wallet.dat file
MEDIUM LEVEL SECURITY: backup the wallet.dat file and export the privatekey to a safe place.
HIGH LEVEL SECURITY: export the private key to a safe space, encrypt the wallet , keep passphrase on a safe space AND backup the wallet.

Hope this helps understand the various options you have at your disposal.
If you have more questions dont hesitate to ask us here or on slack.

// Gary

ghobson Dec 8 · Comments: 1 · Tags: security

ROI Coin is return on investment! We're happy to announce that ROI Coin will be ready for initial launch around mid September. The wallet is currently in beta testing and is close to being ready. This website is under development and is scheduled to be completed by the 1st week of September. Lastly the white paper is currently under final review and will be published before the end of August.

ROI Coin is dedicated to becoming a worthwhile investment. Whether you mine, stake, buy or exchange you will come to love the features that set us apart from other coins. 

Stay tuned for upcoming announcements and be ready to jump in quick so you can reap the benefits of being one of the first ones in!

ROIcoin Aug 21 · Tags: roi coin launch

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