Moving Money and Addresses from Watch Only Wallet to Mainnet
I am completely new to bitcoin. I recently received bitcoins from a poker site, using a receiving address that I created in Bitcoin Core. When I realized that synchronization takes forever, I decided it was time to take the next step and move my money and address from a watch only wallet to the mainnet.
When I first got into bitcoin, I used a watch-only wallet, which is essentially just a pseudonymous address without any associated funds or ownership of the underlying blockchain. This allowed me to receive bitcoins without having to worry about managing and storing my own coins.
However, as I started to use the bitcoin network more regularly, I realized that synchronizing my wallet with the mainnet could take forever due to the slow syncing times of the Bitcoin Core client. My poker site was using a receiving address created in Bitcoin Core, which meant I had no control over how the funds were being used or transferred.
The Problem with Watch Only Wallets
Watch-only wallets are convenient for receiving bitcoins and not managing your own coins, but they have several limitations. In watch-only wallets, you don’t have direct access to your funds, and any transactions you make must be done through a third-party exchange or transfer service. This means that you’re essentially paying fees to the exchange or transfer service each time you send money.
The Solution: Moving to a Mainnet Wallet
To move my bitcoins from a watch-only wallet to the mainnet, I needed a way to have direct control over my funds and be able to transfer them independently of any exchanges or transfers. This is where a mainnet wallet comes in.
A mainnet wallet allows you to create an address that’s tied directly to your Bitcoin account, giving you full ownership and control over your coins. With a mainnet wallet, I can use the same receiving address to send money to other users on the network without having to pay fees or worry about third-party intermediaries.
Benefits of Using a Mainnet Wallet
Using a mainnet wallet offers several benefits, including:
- Faster transaction times: Since I’m not paying fees or transferring my coins through an exchange or transfer service, transactions can be completed much faster.
- Direct ownership and control
: With a mainnet wallet, I have direct access to my funds and can make changes to them as needed.
- No fees: No more paying fees for transfers or exchanges, which can save me a significant amount of money over time.
Getting Started with a Mainnet Wallet
If you’re new to bitcoin like me, getting started with a mainnet wallet is easier than ever. Here are the steps I took:
- Get a Bitcoin Core client: Download and install the latest version of Bitcoin Core on your computer.
- Create a new wallet: Go to [ and follow the instructions to create a new wallet.
- Set up your receiving address: Create a new account in the Bitcoin Core client, then set up a receiving address that’s tied directly to your account.
- Transfer funds: Use the receiving address you created to send money to other users on the network.
With these steps, I was able to move my bitcoins from a watch-only wallet to a mainnet wallet and enjoy faster transaction times, direct ownership and control, and no fees!