electrum - watch only - how to use? | Bitcointalksearch.org

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Quote from: nakisama on December 23, 2019, 02:44:28 AM

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Have sent funds to a electrum wallet that is "watch only", is there any connection with my electrum default wallet?

The name is really clear. a 'Watch only' wallet is just that. An addy to watch, but you can't use those funds because you don't have the private keys of that wallet.

maybe if you know who is the owner of that wallet you can talk with him to try to recover your btc.

NeuroticFish

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For example I have some addresses as watch only on my phone because those are wallets I use for long term holding and I only want to check the amounts / new funds there now and then.

I still want to receive money there, so why would the address be locked?

OP may be missing a point: the money is on the blockchain, not in the wallet. So it would be a bad move to lock an address if it's watched by someone.
(Just imagine I can set your address as watch only in my wallet!)

TravelMug

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Quote from: nc50lc on December 30, 2019, 10:35:39 PM

Quote from: nakisama on December 30, 2019, 04:40:22 PM

While this functionality of creating a watch-only wallet is a "nice to have" and has as main feature the fact that funds cannot be sent out of that wallet,
why wasn't the feature of receiving funds in that btc address not permitted as well ?

These bold words are quite a headache Tongue

So, you're saying that "why is it permitted to receive funds using a watch-only wallet"?
-It's for people that prefer keeping their keys offline but still able to monitor their funds;
-after-all, any valid address can receive bitcoins whether it's imported/belongs to a wallet or not.

Or "why isn't receiving to a watch-only wallet permitted"?
-It's permitted as I explained above.

In simply terms, it's for your security. This is so true specially for those who 'love' to save some BTC regularly or for those long term holders. You send BTC on that address and 'watch' it grow.

nc50lc

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Quote from: nakisama on December 30, 2019, 04:40:22 PM

While this functionality of creating a watch-only wallet is a "nice to have" and has as main feature the fact that funds cannot be sent out of that wallet,
why wasn't the feature of receiving funds in that btc address not permitted as well ?

These bold words are quite a headache Tongue

So, you're saying that "why is it permitted to receive funds using a watch-only wallet"?
-It's for people that prefer keeping their keys offline but still able to monitor their funds;
-after-all, any valid address can receive bitcoins whether it's imported/belongs to a wallet or not.

Or "why isn't receiving to a watch-only wallet permitted"?
-It's permitted as I explained above.

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Quote from: nakisama on December 30, 2019, 04:40:22 PM

...

A watch-only wallet uses only the xpub (master extended public key) which only controls the public keys of that address. This is used only to receive bitcoins, the private keys are the requirements to send.

Why does a 'watch only' wallet not disable receiving bitcoins? In this case, the wallet does not technically exist, the blockchain only recognizes transactions and not wallets, so unless a wallet can be involved in a transaction it can not be registered on the blockchain. As mentioned earlier, it's used so you can not 'spend from that particular address, so there's no need to disable receiving funds

nakisama

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So finally managed to recover the correct wallet to send the funds.

With all this, I have a question to make.

While this functionality of creating a watch-only wallet is a "nice to have" and has as main feature the fact that funds cannot be sent out of that wallet, why wasn't the feature of receiving funds in that btc address not permitted as well ?

NeuroticFish

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Quote from: nakisama on December 23, 2019, 06:32:23 PM

But if I understand correctly I cannot change this wallet into a spendable one.

Do I need to then find what is the public/private keys from the wallet tracked with this watch only wallet?

OK, you need further explanation, it seems.
Your bitcoins are not in a wallet file on your computer, the bitcoins are "on the network". The wallets only handle the private keys (to say it in a simple manner).
If you create a new wallet with the correct private key, you'll get the same address as in the watch only wallet and you'll be also able to spend them.
Indeed, you cannot change a watch only wallet into spendable, but it doesn't matter, you can create a new proper wallet by restoring it from the known private key or seed.

So yes, you need to find the private key (or seed, if the wallet was created with Electrum, for example).

nc50lc

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Quote from: nakisama on December 23, 2019, 06:32:23 PM

Do I need to then find what is the ~~public~~/private keys from the wallet tracked with this watch only wallet?

Yes, that's one way.
If that watch-only wallet has a public key (wallet->pub key), you might have a backup seed of it (12-word mnemonic).
If just labeled as "imported", the private keys are your main option.
Though your seed may contain those keys, so look for both seed and prv keys.

nakisama

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some clarification

the watch only wallet is mine but I do not remember when I decided to open it as I usually use the "default wallet" from electrum.

And by mistake, I have transferred my own funds to this watch only wallet.

When I say to manage to find the keys is because I might have them written somewhere, just need to find where.
But if I understand correctly I cannot change this wallet into a spendable one.

Do I need to then find what is the public/private keys from the wallet tracked with this watch only wallet?

crairezx20

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Do you plan to get the private keys from the watch only wallet from someone's wallet?
That's impossible to get unless you have contact with the wallet owner and ask for his private key for the watch-only wallet you are talking about.
you don't know when you have created the watch-only wallet? You will not know this they don't have a timestamp if when it was created.

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Quote from: nakisama on December 23, 2019, 02:44:28 AM

Hi

Have sent funds to a electrum wallet that is "watch only", is there any connection with my electrum default wallet?

what are the steps I need to do once I manage to find the private keys?

Can I see somehow when was that wallet watch only created?

The idea of a watch only wallet is just to keep fracking your funds without any risk.
For example, if you have a cold storage wallet but you need to daily check balances . You can make a watch only wallet in your phone or in a personal online computer.

You can only "find" the private keys" if someone give them to you.
If someone gave you funds in a watch only wallet it may be a scam. There are many people getting scammed by watch only wallets

nc50lc

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Quote from: nakisama on December 23, 2019, 02:44:28 AM

Have sent funds to a electrum wallet that is "watch only", is there any connection with my electrum default wallet?

Does your default wallet have the same addresses as your watch-only wallet?
Because if they aren't the same, there will be no connection between the two and you wont be able to spend the balance of your watch-only wallet.

Quote from: nakisama on December 23, 2019, 02:44:28 AM

what are the steps I need to do once I manage to find the private keys?

"I manage(d) to find the private keys"? Means you don't have the private keys or an (offline) standard wallet for that watch-only electrum?
It's impossible to "find" a private key just by having the addresses.

Did you create that wallet yourself?

Quote from: nakisama

Can I see somehow when was that wallet watch only created?

AFAIK No, if you opened a wallet using electrum, the date/timestamp of the wallet file in the data directory will be updated, including the creation date.

NeuroticFish

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A watch only wallet is something you create without seed or private keys. So you cannot spend. One great use is to build transactions which you'll sign later with the cold wallet.
A watch only wallet can be created with the address or the master public key. Tutorials are here: https://bitcoinelectrum.com/creating-a-watch-only-wallet/
The watch only wallet has no info at all about the private keys.

When you'll have the private key or seed, you'll just import into a new wallet. If it's a private key instead of seed, you'll go this path: https://bitcoinelectrum.com/importing-your-private-keys-into-electrum/
(I have the feeling that you went this path already and instead of pasting there a private key, you pasted the address)

About the creation date, I don't think you have that. Maybe the file date can help though.

PS. You may want to move this topic into Electrum board: https://bitcointalk.org/index.php?board=98.0

nakisama

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Hi

Have sent funds to a electrum wallet that is "watch only", is there any connection with my electrum default wallet?

what are the steps I need to do once I manage to find the private keys?

Can I see somehow when was that wallet watch only created?

Topic: electrum - watch only - how to use? (Read 265 times)