A redeposit is a transaction that moves your wallet’s bitcoin to a new address within your wallet.
If you are using a Bitcoin 2-of-2 or Liquid standard wallet, you will be prompted to redeposit any funds in your wallet that have not moved for 12 months (or a custom timelock period). The redeposit is required to refresh the timelock used in Blockstream Green’s special multisig security model.
Warning: If the timelock expires, the funds in your wallet can be spent without two-factor authenticator (2FA) confirmation until you complete a redeposit.
Make a Redeposit
If you have 2FA enabled and the timelock on some of the funds in your wallet is about to expire, you will receive an in-app notification prompting you to complete a redeposit.
If you have funds in your wallet that use legacy nLockTime timelocks, you will receive the notification prompting you to complete a redeposit via email (you need to set up an email address to receive nLockTime notifications).
A redeposit is as simple as sending the funds in your wallet back to yourself.
Warning: As with all Bitcoin transactions, entering an incorrect address for your redeposit can result in a permanent loss of funds. Take care to ensure you have entered the correct address shown by your app in step 3.
Mobile
1.
Open Blockstream Green. Make sure the correct network is selected (Bitcoin or Liquid) and log in.
2.
Tap Receive.
3.
Take note of the first and last five characters of the address. Then tap the QR code or receiving address to copy the address to your clipboard.
4.
Return to the main wallet page and tap Send.
5.
Paste the address into the address field and tap Add Amount.
6.
Tap Send All Funds. Then select a network fee and tap Review.
Tip: Unless you urgently need to use your funds after the redeposit, you can set a lower fee.
7.
Confirm the address shown matches the address you took note of in step 3. Then Slide to Send.
8.
Once this transaction has been confirmed, your wallet’s funds will continue to be protected by 2FA security.
Desktop
1.
Open Blockstream Green. Make sure the correct wallet is selected and log in.
2.
Click Receive.
3.
Take note of the first and last five characters of the address. Click the copy symbol next to the address to copy the address.
4.
Close the receive window and tap Send.
5.
Paste the address into the address field. Activate the Send All Funds toggle switch and select a network fee from the dropdown. Then click Review.
Tip: Unless you urgently need to use your funds after the redeposit, you can set a lower fee.
6.
Confirm the address shown matches the address you recorded in step 3. Then click Send.
7.
Once this transaction has been confirmed, your wallet’s funds will continue to be protected by 2FA security.
Note: Be aware that this redeposit transaction is a regular Bitcoin transaction, and as such is subject to the usual transaction fees for the miners.
Tip: Funds stored in a 2-of-3 account do not require any redeposits.