bitcoin core – Forgotten password for wallet. Must a password be entered before spending?

Learn from other people’s past mistakes

Some good advice is at https://bitcoin.org/en/secure-your-wallet#encrypt

Encrypt your wallet
Encrypting your wallet or your smartphone allows you to set a password for anyone trying to withdraw any funds. This helps protect against thieves, though it cannot protect against keylogging hardware or software.

Never forget your password
You should make sure you never forget the password or your funds will be permanently lost. Unlike your bank, there are very limited password recovery options with Bitcoin. In fact, you should be able to remember your password even after many years without using it. In doubt, you might want to keep a paper copy of your password in a safe place like a vault.

Use a strong password
Any password that contains only letters or recognizable words can be considered very weak and easy to break. A strong password must contain letters, numbers, punctuation marks and must be at least 16 characters long. The most secure passwords are those generated by programs designed specifically for that purpose. Strong passwords are usually harder to remember, so you should take care in memorizing it.

Notice that second item.

Once you set a password, which you definitely should, it is important to never forget your password. This is why people use password managers and make backup copies in secure places.


What next?

If you have some idea of what your password might have been, you might try recovery tools such as btcrecover. (not an endorsement, other tools exist, take extreme care choosing tools)

If you care about your money …

  • Only download tools from sites you are 100% certain of, Check carefully.
  • Compile any tools from source code if you can.
  • Never give any potentially sensitive information to helpers. Treat all helpers as if they were thieves (almost all people offering to help will in fact be confidence tricksters). A genuine helper never needs to know your password or any part of it or anything about it. A genuine helper never needs any kind of access to your PC. A genuine helper never needs to create a wallet for you.
  • It is better to spend time learning how to do things yourself with no active participation from any helper. A genuine helper needs no more information than is already in your question above.
  • Don’t attempt recovery on any computer that has ever been used or accessed by anyone else in the past.
  • Don’t attempt recovery on any computer or device that is connected to the Internet.

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Can bitcoin-core wallet be used as the backend for a mobile wallet app?

my idea is to use bitcoin core and it’s multi-wallet capabilities as the back-end of a mobile wallet app. The way I think this could be archieved is by creating an empty wallet with bitcoin-cli createwallet true and then using the importmulti RPC command to upload an output descriptor with an xpub.

Disregarding the privacy issues, the only other thing that worries me about this is that some wallets might cause the node to re-scan the blockchain, and since this can potentially take a while, all other clients will be basically denied their service.

I have not really tested this, but I’m pretty sure this will prevent this architecture from ever working. Am I right? or is there a way around this?

What exactly is the benefit of buying a hardware wallet for Bitcoin?

Let’s say I invest in a physical Bitcoin wallet. They aren’t exactly free, so it’s going to cost me money, effort, time and energy (to set it up and put coins on it).

Then what?

It’s not like I can actually use it in physical stores. And if I’m supposed to use it as a secure storage device for all my coins, doesn’t it just scream “STEAL/SEIZE ME!” to burglars and the cops? And if I keep it hidden in my fireproof safe, why buy such a hardware wallet instead of just an encrypted USB stick with a wallet.dat on it? Much cheaper and the convenience of a hardware wallet is gone if it’s physically tucked away in my safe anyway.

Basically every way I look at it, it seems like a bad idea.

The only situation I can think of where it would be good is if I were to meet up with a person physically to buy something from them with Bitcoin. I wouldn’t want to take a computer with me, even a laptop, so then that hardware wallet would come in handy, if I “load it up” from my Bitcoin Core before leaving my home.

But that’s a pretty specific and rare (to me) scenario. It’s never happened, in fact.

As nice as it first sounds to have a dedicated hardware device which in theory allows me to easily pay people Bitcoin “on the go”, I don’t see the actual use of this in this world as it is now. Is this only useful in some theoretical future when Bitcoin has taken over? If so, is it really a good idea to buy a hardware wallet today and risk it becoming obsolete by the time Bitcoin ever takes off?

Is there something I’m missing?

bitcoincore development – How will the migration tool from a Bitcoin Core legacy wallet to a descriptor wallet work?

The migration tool will go through all the keys in the legacy wallet and create descriptors for them. This requires considering everything that IsMine matches on. From the Bitcoin Core release notes:

IsMine refers to the function used to determine whether a script belongs to the wallet. This is used to determine whether an output belongs to the wallet. IsMine in Legacy Wallets returns true if the wallet would be able to sign an input that spends an output with that script. Since keys can be involved in a variety of different scripts, this definition for IsMine can lead to many unexpected scripts being considered part of the wallet.

For HD wallets, it is pretty simple to compute the xpriv for the HD seed using a single descriptor. For non-HD wallets but still only key things, it’s a descriptor for each key. The set of scriptPubKeys is finite and O(n!) so it is doable.

For watch-only wallets and multisigs it gets more complicated. Also getting the Descriptor Wallet to treat as IsMine any future script that the Legacy Wallet would have treated as IsMine is probably impossible for all edge cases.

Thanks to Andrew Chow and Pieter Wuille for answering this question on IRC. Any errors are my own.

bitcoincore development – Why is the Bitcoin Core wallet database moving from Berkeley DB to SQLite?

The introduction of descriptor wallets presents an opportunity to introduce a new database backend as descriptor wallets are backwards incompatible. The following is taken from Andrew Chow’s blog post on what’s coming to the Bitcoin Core wallet in 0.21.

Why move from Berkeley DB?

  • Not designed to be used as an application data file. The Legacy Wallet has several hacks as a result and Berkeley DB wallet files can easily be corrupted.
  • Berkeley DB produces extra files which need to be moved with the database file. This means that Berkeley DB is less portable and requires a directory for each wallet.
  • Changes were introduced to Berkeley DB database environment files breaking backwards compatibility.

Why choose SQLite?

  • Can be used as an application data file.

  • New SQLite versions maintains backwards compatibility with versions as far back as 2013.

  • Does not require database environment. A completed write guarantees that the data was written to the database file.

  • Can now move to single wallet files instead of wallet directories.

price – how to set order total $0 if below $1 after applying discount code or wallet?

I have removed decimal point using this extension. But after applying coupon code order total is in decimal but using this extension decimal value is not showing on frontend.

In this case, If customer using his wallet for the order so he will pay only order total which is showing. So it is creating issue for decimal value which is not showing.

How can I set order total $0(Zero) if decimal value below $1(Like: $0.2, $0.5 etc.)

wallet – Does number of inputs or outputs affect bitcoin transaction fee?

Format for 1 input 2 outputs (1 to receiver, 1 change to owner). Normal non-seg transaction

P2SH 73 bytes(input) 32×2 (output)

P2PKH about the same as P2SH

To reduce fees reduce

a) no of inputs.

b) Use exact match (with no change output) if possible.

c) when fee is low, use more inputs or consolidate your input to fewer UTXO.(reduction of input for your future tx).

I think fee reduction increases a lot when you use multi-sig using seg-wit.

Output format 2of3 multisignature
Input size Out size

P2SH 297 32

P2SH-P2WSH 140 32 Wrapped Segwit

P2WSH 105 43 Native Segwitness

P2TR 58* 43 Pay to Taproot

P2PKH 148 34

  • means the recovery is more expensive.

To be actually sure of saving then you may want to go through the exercise of manually decoding every different type of bitcoin TX with various no of input and output.

(up to byte level where U can actually count).

privacy – Where can I find research on wallet fingerprinting?

@raw_avocado asks on Twitter:

I remember reading at some point something about how you can identify
transactions made by specific wallets because they have a specific
fingerprint because of how they construct transactions.

Are there any public stats on this?

Where can we find more information on the unique fingerprints of wallets? Is there a website that tracks this information or maybe an academic paper?