MultiBit Bitcoin Wallet Review

btc-wallet
Your Rating

The MultiBit wallet is a Bitcoin wallet that comes with the tagline “The Bitcoin Wallet for Your Desktop.”

MultiBit Wallet can be installed on the following machines running the following operating systems

  • Windows OS
  • Apple OS X
  • Linux OS

MultiBit as the name suggests lets a user create many wallets and switch between them.Even though a user may create multiple wallets yet each wallet remains and functions independently.

The MultiBit wallet setup process is relatively faster as compared to some heavy weight wallets. The process of setting up the wallet is intuitive and easy to follow.

Once the installation process is complete a wizard is present to help and guide the user with tasks such as creating the wallet and taking up a backup.

With the MultiBit wallet the user has full control of his Bitcoin currency. The users Bitcoin money is stored in an encrypted form and stored on the users computer only. At no point is it stored with a third party so the user remains in control of his Bitcoin money at all times.

The MultiBit wallet supports 40 languages. So a user can choose a language of choice from the MultiBit wallet interface. MultiBit can implement higher security by enabling use of KeepKey

Additional security is implemented for the users Bitcoins by implementation of KeepKey which is a USB device that stores and secures the users Bitcoins.

This level of security implements a feature in which every Bitcoin transaction the user makes is reviewed and implemented via the OLED display and a confirmation button. This ensures protection against virtual attackers so malware or viruses are unable to steal the Bitcoins

The Step by Step MultiBit Wallet Guide

Step 1. Visit the site https://multibit.org/ and based on the operating system installed on your device download a suitable MultiBit wallet. A MultiBit wallet can be installed on the following operating Systems

  • I) Windows operating System

The setup program available for download at the time of writing this post is 33.7 MB

  • II) The Mac OS X

The Mac OS X version of the software can also be downloaded and installed from the https://multibit.org/ website

The installation file size is 73.4 MB at the time of writing this post but may change as newer versions may be released in the future.

The MultiBit version that would run on an apple machine can be downloaded from

https://multibit.org/download.html?platform=apple

  • III) The Linux version of MultiBit Bitcoin wallet.

 

The MultiBit wallet Linux installation software is 6.1 MB at the time of writing this post Make sure that you download and install the MultiBit wallet software only from the multibit.org website.

Running the setup on a windows machine

The setup process is simple and easy to follow. A setup wizard would guide you through the setup process. Run the executable setup file and follow the instructions.

Click Run when you see a screen that looks as the following screen

An install wizard guides you through the installation process. Next a User Account control Screen will pop up It would read “Do you want to allow the following program to make changes to this computer?” Click Next to continue the installation

On the Next screen click on the next button to proceed further.

This setup menu would ask you for a location to install the wallet software. Keep the default location and click the next button.

The Next menu asks you to create a Start Menu option Accept the default text and settings just click on next button at the bottom of the page.

The next menu asks you which file association should be created? There is a check mark with “Bitcoin Payment Request” (*.bitcoinpaymentrequest) as preselected. Click the next button

The next screen prompts you to finish the setup. Click on the finish button.

Step 2

Launch the MultiBit wallet from the menu or the desktop icon.

The MultiBit wallet begins to load. This loading process would display the version number of the wallet software.

Next a language selector menu loads. Select a language of your choice. Select a language from the drop down menu and click the next button.

The next screen prompts you to attach a hardware wallet. In case you do not have a hardware wallet to attach click the next button.

The next menu screen gives you two options

  • a) To create a wallet and
  • b) To restore a wallet

If you are a new user select the Create Wallet option

The next screen shows the steps for the wallet preparation. Click on the next button.

The next menu will prompt you to select a location for the wallet backup

Select a backup location by clicking on the folder icon

Clicking on the Next button on the above shown screen takes you to the screen where you see the Create Wallet Words You must write down the words and never take a snap shot or copy paste the words. Take a pen and paper and note down the word phrase and keep it secure by storing it in a safe place.

After noting down the timestamp and wallet words in a safe place click on the next button. This takes you to the confirm wallet words screen

The confirm wallet words window requires you to type the Datestamp and the wallet words exactly as you have written it down from the previous window.

Until the words are written exactly the way they should be the next button would not become active. The moment the words match, the next button would become active.

Click the Next button. Next you are required to create a password.

You would need this password whenever you want to enter the wallet. Keep this password in a safe place. You can change the password from the “manage wallet screen”

In case you wish to view the password that you are entering then click the lock icon to display the information in the password field.

Click on the next button and it would lead you to the create wallet interface. Click the finish button at the bottom to complete the process of creating a wallet.

The MultiBit Wallet looks like this

Every time the wallet loads it would prompt you to enter the password

Only after entering the password can you enter the wallet and do any transactions.

The wallet offers a number of features such as

  • I) Buy Sell Bitcoins through Glidera

At the time of writing this post the Buy sell section of the MultiBit wallet lets you Buy and Sell Bitcoins in North America US and Canada region.

You can buy and sell Bitcoins through Glidera

The Buy Sell option can be accessed by clicking the Buy/Sell option on the menu on the left.

  • II) Send and Request Bitcoins

The user can send out and request Bitcoins through this features.

The send payment option can be accessed using the send button

To send Bitcoins enter

  • – The recipients Bitcoin address
  • – Amount to be sent out and
  • – An optional note

You can copy the Bitcoin address and use the encircled icon to paste the Bitcoin address into the address field. This saves you the trouble of manually entering the recipients Bitcoin address.

When you enter the amount to be sent out in the Bitcoin fields a corresponding amount of US $ are displayed in the ~ $ field.

The units of Bitcoins and the Exchange used to look up the Bitcoin Vs USD rate can be configured from the preferences menu. To request a Bitcoin Payment click the request button under the Send / Request menu. This opens the following wallet interface

Enter the amount of Bitcoins to be requested. A corresponding amount of Bitcoins are displayed in the $ field. The rate is calculated according to the exchange rate. The exchange and the Bitcoin unit can be configured from the preferences section of the wallet.

Once a Bitcoin request is created it appears under the Send / Request Bitcoins menu along with any previously generated Bitcoin requests.

The Payments section of the wallet.

The payment section of the wallet can be accessed by clicking on Payment menu in the left hand panel like the following image

This would list all the payments handled by your wallet. This section maintains a log of all the payments and the requests made through your wallet. You can search for a particular payment or request.

View the details and export the entire list of records for safe keeping.

You can also select a particular request record and delete it if you wish to do so.

Contacts. This section lists all your contacts. It is an address book for you to store and manage your contacts under the fields such as Name, Email, Bitcoin address and Tag.

You can add edit delete contacts. It also gives you the option to undo the last action. In case you need to know the steps required to perform a particular action then you can access the help section from the left hand menu.

The Preferences menu can be accessed from the left hand menu. From this menu you can select and change the following options.

The Language option lets you select and change the language.

The Display.

Clicking this button leads you to the following interface.

From here you can select the Bitcoin symbol and units.

The Exchange Button lets you select an exchange

The exchange section lets you select an exchange and a currency. At present USD is the only currency supported.

The exchange rate provider options lists a number of choices. Make a selection of your preferred exchange rate provider.

MultiBit Wallet Fees

The Fees menu can be accessed under the preferences section by clicking on the Fees button

This button gives you access to the follow section

Here you can adjust the fee that you would like to pay per transaction.

You can increase the chances of your transactions being confirmed in an earlier block by setting a higher fee.

MultiBit Wallet Appearance

You can modify and choose the appearance of your wallet software my clicking on the Appearance button under the preferences section of the wallet software.

The appearance menu give you the following options as shown in in image below

From here you can modify

  • – The Theme

  • – Show Balance. You can turn on or off the show balance by selecting the Yes or No from the Drop down menu

  • – Show News Alerts. This menu enables you to turn the news alerts on or off by selecting Yes or No from the corresponding drop down menu.

  • The Sounds menu lets you turn on or off the sounds associated with activities.

The sounds menu looks as follows

The Labs section of the menu can be accessed from under the preferences section.

Clicking the Labs icon leads you to the following interface

You can allow a hardware wallet by selecting a Yes or disallow a hardware wallet by selecting a No.

You can also enable or disable the restore of Beta 7 wallet by picking a Yes or a No from the drop down menu.

The Manage Wallet Section.

This section can be accessed from the left menu.

This has the following sections

  • I) Edit Wallet

In case you want to change the name of the wallet and the backup location then this is the interface from where you can do so.

  • II) Wallet DashBoard

The Wallet dashboard can be accessed from the Wallet Dashboard icon under the manage wallet section.

The wallet dashboard menu gives you the wallet information such as:

  • The date on which the wallet was created. The Cloud Backup Location
  • The Application Directory
  • Wallet Directory
  • No. of Contacts
  • Payments and
  • Wallet Capabilities

  • III) Empty  MultiBit Wallet

To empty a wallet of yours click on the empty wallet icon under the manage wallet section.

Clicking on the empty wallet section of the wallet leads you to the following interface.

This enables you to add the recipient Bitcoin address and the password for your wallet. Executing this command would empty your wallet. It would send out the Bitcoins stored in the wallet to the Bitcoin address specified by you as the recipient.

  • IV) Repair your MultiBit Wallet

Launch the repair wallet interface by clicking on the Repair Wallet icon under manage wallet.

Click on the Repair wallet icon and it leads you to the following screen

This would refresh all certificates from secure data providers that is the exchanges contacts etc reset all transactions in your wallet and resynchronize it to execute this command click on the next button This initiates the repair process.

This may take a while to get completed.

Click the Finish button to complete the process.

V) Change MultiBit Password

To change the password of your wallet click on the change password icon.

This takes you to the change password screen which looks like the following image

You can enter your old password and thereafter enter and confirm the new password.

  • VI) Payments with MultiBit Wallet

Access the payments section by clicking on the payments icon.

This leads you to the following interface

From here you can select the block explorer associated with your wallet.

The Tools section offers you a number of options

  • To Sign Message
  • To Verify Message
  • To Verify Network
  • Trezor
    – Verify Trezor
    – Wipe Trezor

  • About MultiBit Bitcoin Wallet section

You can find about the MultiBit software version from here. Exit/Switch Section

This option is used to exit the MultiBit software and also to switch and create a new wallet.

To switch wallet or to create a new wallet click on the switch to another wallet radio button and press the switch button.

The next screen would look like the following screen

Enter the password and use the drop down to select a wallet.

  • To create a new wallet click the create button.

The create wallet is the same process which has been discussed earlier.

  • Restore a wallet

To restore a wallet you get the option to restore a wallet the moment you start the MultiBit software.

alternatively if you are already logged in then you can restore a wallet by following the below mentioned path Exit/Switch> Then click the Restore button

This leads you to the following screen

Based upon your choice you can select one of the 3 radio buttons and click next to start the restoration process.

Be the first to comment on "MultiBit Bitcoin Wallet Review"

Leave a comment

Your email address will not be published.


*