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I have a my.wallet file created by bitcoin-0.8.5. I reinstalled the PC and want to open it again and perform a transaction. I have the old installation file bitcoin-0.8.5-win32-setup.exe. However, the client says that an upgrade is needed. How to migrate the wallet to a new client? Or, is there any way to avoid downloading whole blockchain and open it in a different client?

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Try opening the old client and get the private keys from the wallet. Then, to avoid downloading the whole blockchain, get an SPV client like Electrum and import the keys.

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