Advice on paper wallet - page 2. | Bitcointalksearch.org

Light

hero member

Activity: 742

Merit: 502

Circa 2010

Quote from: PetePete on July 03, 2014, 05:39:03 AM

I cant see what problem can occur. Simply send Bitcoin to the generated public key and when you want to access the funds simply sweep the private key on a site that has this function.

Can anyone provide any caution? Or possible failure points?

I can see a couple of problems. First off, you need to make sure that you keep them in safe but physically isolated locations as if something like a fire happens in your house and all your copies are there you are screwed. Next, you might want to have encrypted it with BIP38 just in case someone managed to break into your house or wherever you are storing it and just copied then private key and stole your coins (possibly not needed if you have it in a safe/bank safe deposit box - although you might not trust the banking staff).

davidgdg

hero member

Activity: 552

Merit: 501

Quote from: PetePete on July 03, 2014, 05:01:35 AM

I need some advice

So, Im planning on putting my bitcoin into cold storage. I have created a paper wallet on bitaddress.org and also made a copy of it. Then I laminated both copies... Provided I keep these paper wallets in secure locations, are they the best options in regards to bitcoin storage? Also is sweeping the private key easy when it comes accessing the bitcoin in the future?

When you want to access them in future, why not just transfer them all to a new address in your wallet or wallet provider?

PetePete

newbie

Activity: 43

Merit: 0

Same I keep hearing newbies should not be doing this, yet on the other hand people say its a secure way of storing your bitcoin..

I cant see what problem can occur. Simply send Bitcoin to the generated public key and when you want to access the funds simply sweep the private key on a site that has this function.

Can anyone provide any caution? Or possible failure points?

remotemass

legendary

Activity: 1122

Merit: 1017

ASMR El Salvador

Having the private key you can import it manually on the bitcoin client. Since Bitcoin-QT/bitcoind v0.6.0, you can import private keys using built-in RPC command importprivkey.

Some people say you need to know what you are doing but they never explain why is that so although they say it is very dangerous to do so I keep thinking it is safe.

Unfortunately the command importprivkey doesn't recognize the private key if you express it in binary, that is if you follow the command by the 256 zeros of your private key.

Once I asked Gavin for such implementation but he didn't say anything. I think it is because is considered dangerous you choose your own private key, so he dismissed my request.

PetePete

newbie

Activity: 43

Merit: 0

I need some advice

So, Im planning on putting my bitcoin into cold storage. I have created a paper wallet on bitaddress.org and also made a copy of it. Then I laminated both copies... Provided I keep these paper wallets in secure locations, are they the best options in regards to bitcoin storage? Also is sweeping the private key easy when it comes accessing the bitcoin in the future?

Topic: Advice on paper wallet - page 2. (Read 1722 times)