wallet security from ghobson's blog

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


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ghobson
Dec 10 '17
Small addition to my blog, if you have already encrypted your wallet and want to dump the private keys using the console debug window, you must first use the command walletpassphrase to let the console know what password to use. Example: walletpassphrase 1234567890 120 ( the last number is a timeout in seconds to keep info in memory ).Small addition to my blog, if you have already encrypted your wallet and want to dump the private keys using the console debug window, you must first use the command walletpassphrase to let the consol...See more
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By ghobson
Added Dec 8 '17

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