Moving your Coins: Qt Wallet to Electrum Wallet - SmartRewards Not Affected
SmartCash recently provided the community with an easy to use light weight wallet. In my previous article Introducing The SmartCash Electrum Wallet I showed you how to set up the SmartCash Electrum wallet. While this information is great for people to new #SmartCash, I realized there is something more needed to get people who have been using the SmartCash Qt wallet to experience the benefits of the Electrum wallet without losing their SmartRewards. In today's post I will be showing you how to extract your PrivateKey from your desktop wallet in a format that would work in the Electrum wallet, as the wallet.dat we have all got so used to will not work in the Electrum wallet.
Quick lesson. The desktop wallet (Qt wallet) contains 1000+ addresses. The wallet.dat contains the private keys for all those addresses. There is a one - to - one relationship between addresses and PrivateKeys. This means each address is paired with its own unique private key. While the desktop wallet uses the wallet.dat to handle all these private keys, the electrum wallet natively uses Seeds. There appears to be two different formats. The good news is that there is a format common to both of these wallets: the address and private key pairs. Please note: all the security warnings in the first article apply here and moreso as you are dealing with addresses holding funds, so apply the highest level of security to this activity and make multiple backups.
On the desktop wallet go to Help>Debug window then click on the Console tab.
In the Console enter dumpprivkey ADDRESSYOUWANTKEYFOR then press the Enter key on your keyboard to run command. The console will display your private keys for the address in the command. Save your private key(s) and please not on any cloud services , Dropbox or GoogleDrive and certainly not on any computer connected to the internet.
If you have 20 addresses with #smartcash on it you will need to do this 20 times.
If your wallet is encrypted (which it should be) you will need to unlock it. Enter walletpassphrase "YOURPASSPHRASEHERE" 900 this would unlock your wallet for 900 seconds. Repeat if you need more time to unlock your wallet.
Now you have got your Private keys for all your addresses. It is time to download your Electrum wallet if you have not done so. Follow the Wizards instructions until you get to the option to:
- Create Standard Wallet
- Import SmartCash addresses or private Keys Select this option and click on "Next" to continue
Paste in your a private keys in the window provided by the SmartCash Electrum and click on the Next button to continue. You now have the option to create a password for your Electrum wallet.
Create a strong password and make a backup of your password. Clicking on the next button will bring you into the wallet view of the Electrum wallet where you should see the balance and list of all the transactions for the imported addresses.
Problem Solved. Congratulations! you have now successfully migrated from the #SmartCash desktop wallet to the Electrum wallet. You will continue to earn your #SmartRewards on all qualified addresses. You no longer have to wait for your wallet to sync or need to leave your computer on.
I hope this helps someone who has found running a full desktop wallet tedious and has been wondering how to move to the electrum wallet without losing out on the #SmartRewards. Let me know if you have any questions.
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