What Next After Spending Your ByteBalls?

[anaman]

I know many of you have this same question as many of my friends keep asking me.

What's next after spending my byteballs?

Just some few days ago steemian beamed with smiles as the byteball team decided to give every steemian with a reputation above 30 some rewards after approving ownership of their accounts, tying them to a byteball address and recording it in the byteball network/ledger.

You need to bear in mind that, it is not over yet.

Half of the reward will be immediately available, the other half will be locked on a smart contract and can be spent after 1 year.

Whatever reward was giving you, the same amount is still sitting in your wallet and in case you referred someone, you have 75% of the referral rewards (or 3 time what you were able to spend instantly) of referral reward still in your wallet.

Yes, it is still there but can only touch that after a 365 days countdown.

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What Should you do now..?

In case you are someone like me who likes changing phones or they keep getting missing. There are some few precautions you need to take

1. Open your byteball app, click the menu at the top left and go to settings
   

   https://ipfs.busy.org/ipfs/QmXoE9juCLox27F2NNTo64tA55jj5woR9oeoFv8zj2gp9D

2. Scroll down to the backup section
   

   https://ipfs.busy.org/ipfs/QmTsdot2ZW1GBEkhBHrcC1hCr8izZceEMexrQaH1vuFb83

3. In the backup section, there are 4 things there

   • Back up wallet seed
   • Recovery from seed
   • Full backup
   • Recover from full backup
     https://ipfs.busy.org/ipfs/QmU5uj6471VCsgGRSbdyT55N8g1NowPpNRCBaVcXZ5Fxg2

4. This means there are two backup means. Seed and full backup

   • For single wallets, a seed backup is ok
   • For a multisig wallet, a full backup is necessary
     In order to be on the safer side, I prefer you go for a full backup, whether single or multisig wallet
     https://ipfs.busy.org/ipfs/QmarMLnWg6VF6SVuu9HuCSZWj9Nx4XiUceJJVMVacMLaap

5. Set a password for your backup, please choose something you will remember after a year.... lol
   

   

6. Afterward, hit export and save the encrypted file
   

   

7. Lastly, copy the encrypted file and save it somewhere safe.
   

   

Probably you have a thumb drive on which u keep all your backups and keys and other stuff.
Some may choose to trust some cloud service to do that for them
Others may save on several pc with some funny name.

It all depends on you. Save it well

It is adviced that you do not setup your account on another device while you still have this one running

_{All these are my own thoughts and I do not in anyway affiliated to the byteball team so you do all these at your own risk but it is a tried and tested means}

Comments

[accro]

Hi @anaman

• Incorrect tag.
  To view those questions and the relevant answers related to your post, click here.

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[anaman]

okk, so the correct tag should have been tutorial? as the sub tag, it been a while since I submitted an utopian post

[accro]

Yes.

[odsam2]

Really solve my issue with byte -ball ....that is why I always call u crypto daddy...Thanks @anaman

[papabyte]

I strongly recommend to everyone to set up a multidevice wallet, you can add it on top of your current wallet (1 device can handle several wallets).
Great benefits using it:

• the definitions of smart-contracts and private load of Blackbytes are replicated through all your devices. If you lose a device, you can still spend them using other device(s) even if you don't have an up-to-date backup.
• security is greatly increased if you set-up a multidevice wallet that requires at least 2 signatures to send a transaction. An attacker would have to take control of multiple devices to steal your bytes or assets, which is very unlikely.

A 2 of 3 sig multidevice wallet is perfect, for example using your phone, your tablet and your laptop. If you lose one of your device, you can still use the 2 other ones to spend what would require a full backup to be restored. And since 2 signatures are required, your funds are almost as safe as if you used an hardware wallet.

[anaman]

thanks very much for the additional info.
This means can only be backed up by full backup

[cryptkeeper]

This is a very valuable information, thanks for sharing.

I have to correct one error in your description:
‘For single wallets, a seed backup is ok
For a multisig wallet, a full backup is necessary’

The type of backup has nothing to do with single or multi-sig wallets. The seed backup can only recover Bytes and other (non-private) assets which are publicly visible on the DAG-chain. All other information, like smart contracts or Blackbytes, can only be restored by a full wallet! And keep in mind that you should create another backup every time you create a new smart contract or receive more Blackbytes.
Look into @papabyte’s reply how a multi-device setup can be a convenient replacement for a full backup.

[dwiitavita]

Thank you for sharing it, I'll do asap

[anaman]

sure, we are all entrusted with these funds. let's keep it well, a year from now crypto may be so valuable that even $5 may be more valuable

[dwiitavita]

Thanks @anaman

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[sujonxr]

Useful information.

Like your discription sir @anaman. And thanks for resteem sir @tytran.

[anaman]

thank for passing by pal

[sujonxr]

My pleasure.

[manzon]

Thanks for the reminder...

[anaman]

welcome pal

[maxiemoses-eu]

I have seen this information before on a floating stream spreading on the internet
but yours did a work with the shots and footage

[anaman]

Thanks pal.... I was looking at my pals who were having issues and the basic way to make them understand

[maxiemoses-eu]

your welcome...
.............and this something else I found out from your blog

[nattybongo]

Thanks for the headsup bro

[anaman]

Welcome bro

[raskhern]

Thanks @anaman useful information

[anaman]

thanks for passing by

[dailyupvotes]

You got a 9.28% upvote from @dailyupvotes courtesy of @anaman!