[Howto] Give Bitcoin as a gift - page 2.

Mahanton

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Quote from: mk4 on October 07, 2019, 08:04:38 AM

Quote from: Velkro on October 07, 2019, 07:48:45 AM

Quote from: mk4 on October 07, 2019, 05:12:28 AM

Or better yet, if you're going to give the BTC in person anyway, let them install the wallet on the spot then send over the funds. Letting them have their first transaction immediately is a good plus in my opinion.

Best learning curve here, best solution but giving fancy paper wallet is good idea for gift. Its quire two separate things.

Yea, giving out paper wallets in contrast to just sending funds to his/her wallet is definitely not bad, and is definitely cool also, but it just might give them an impression that there's such thing as "physical bitcoin", like the paper wallet you've given, hence it's another new thing you would need to explain after the person learns that bitcoin is 100% non-physical(how the paper wallet was generated, etc). Just my 2 sats.

Yes its just the same in general sense if we do compare on typical sending out a fiat money but this kind of way where sending out paper wallets can give out curiosity to someone who had received those paper.Speaking of adoption then this way is simple but it isnt really that bad either.

Further explanation will really be needed if someone will ask it out because its impossible not to think that they wont really have questions in mind from the time they do receive out these gifts.

For OP, this guide is helpful for those people who do plan to sent out these kind of gifts.

MichaelX

newbie

Activity: 27

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If the receiver uses an Android phone, I would recommend either the Bitcoin Wallet for Android, or Electrum Wallet for Android, both of which can be found on the Google Play Store.

They allow you to control your own private keys or seed word list, they both support segregated witness, and both are "light" wallets, the Bitcoin one uses SPV or Simple Payment Verification.

Additionally, you can use the same seed for your mobile device as well as on a desktop or laptop, if you use Electrum.

mk4

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Quote from: Velkro on October 07, 2019, 07:48:45 AM

Quote from: mk4 on October 07, 2019, 05:12:28 AM

Or better yet, if you're going to give the BTC in person anyway, let them install the wallet on the spot then send over the funds. Letting them have their first transaction immediately is a good plus in my opinion.

Best learning curve here, best solution but giving fancy paper wallet is good idea for gift. Its quire two separate things.

Yea, giving out paper wallets in contrast to just sending funds to his/her wallet is definitely not bad, and is definitely cool also, but it just might give them an impression that there's such thing as "physical bitcoin", like the paper wallet you've given, hence it's another new thing you would need to explain after the person learns that bitcoin is 100% non-physical(how the paper wallet was generated, etc). Just my 2 sats.

Velkro

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Quote from: mk4 on October 07, 2019, 05:12:28 AM

Or better yet, if you're going to give the BTC in person anyway, let them install the wallet on the spot then send over the funds. Letting them have their first transaction immediately is a good plus in my opinion.

Best learning curve here, best solution but giving fancy paper wallet is good idea for gift. Its quire two separate things.
If you giving someone BTC gift he should have basic knowledge already how to use it, if not, you need to train him anyway after such gift because otherwise this gift have no sense at all.
I use other site to paper wallets, guide is very narrowed to solutions like how to import to one site and how to create to 2 sites. Could be expanded here.

o_e_l_e_o

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bitcoinpaperwallet have a page on the security precautions you should be taking when generating a paper wallet here: https://bitcoinpaperwallet.com/#security. It would be worth linking to them somewhere in your guide. The most important ones that you have missed from your guide are to running the wallet generator on a permanently airgapped machine, or at the very least, with your internet connection turned off (although I would not recommend this), and using a dumb printer to print the wallet, since smart printers both store copies of what they have printed on internal memory and are more prone to being hacked.

Quote from: Lucius on October 07, 2019, 05:52:50 AM

It would be an ideal gift if we can give BTC on a hardware wallet, but I guess the price is still a limiting factor for that.

I wouldn't gift someone a pre-initialized hardware wallet with bitcoin already loaded on to it. Even if that other person fully trusts that I'm not still holding a copy of their seed, it's teaching them bad security practices. Better to gift them a hardware wallet, let them set it up themselves, and then send them some BTC.

Lucius

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A good guide for anyone who wants to give BTC as a gift, the paper is cheap, and the process is not too complicated. Although I personally have never used Jaxx wallet, I remember they have some problems in the past as mjglqw mentioned. But I don't think that's a reason to avoid using it for smaller amounts of few mBTC.

Only problem I see is in fact that mobile wallets should not be used for long-term storage, due to various security risks who have recently posted on this forum as well. Apple with its smartphone operating system as well as Android shows too many security flaws, and repairing them takes too long or is not possible at all.

So I would add another step, which is to introduce new owners to secure storage options such as cold wallets or hardware wallets. It would be an ideal gift if we can give BTC on a hardware wallet, but I guess the price is still a limiting factor for that.

mk4

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1. Since you're not using an air-gapped device to generate the paper wallet(hence the private keys could potentially be exposed), I suggest giving the paper wallet to the person as soon as possible after you've sent some BTC to the wallet. Or better yet, if you're going to give the BTC in person anyway, let them install the wallet on the spot then send over the funds. Letting them have their first transaction immediately is a good plus in my opinion.

2. Don't let them use Jaxx[1]. They have a bad reputation of ignoring vulnerabilities in the past. Let them use something bitcoin-only that has segwit support like Mycelium, as I think it's better for you to not overexpose them to other cryptocurrencies so early on as Bitcoin itself could be pretty difficult to grasp for other people in the first place.

+1 Decent guide nonetheless.

[1] https://www.ccn.com/users-report-losing-400000-due-to-jaxx-wallet-vulnerability

aundroid

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Since I plan to give away some mBTC in the near future (birthdays etc.), I have now simply created a step-by-step tutorial on 'how to give away BTC'.

>> The Bitcoin should be given away as Paper Wallet (see pictures below) <<

And this is how the finished Paper Wallet looks like:

(don't bother, there are no btc on the wallet Wink

)

PART 1: Create offline (!) paper wallet and 'fill it' with BTC

I used the offline version of bitcoinpaperwallet for this tutorial: https://github.com/cantonbecker/bitcoinpaperwallet
As an alternative you can also use the offline version of bitaddress.org: https://github.com/pointbiz/bitaddress.org

1. click on Clone or download

2. Then click Download Zip

Now the downloaded zip file can be extracted.

3. Open START-HERE.html

Now the following window opens in the browser:

4. Click on Open generate-wallet.html

Important: You do NOT need an Internet connection!

5. Now move the mouse pointer for a while to ensure the randomness of the private key.

If you want you can now change
6. the design and
7. the language

8. and 10. can be used to print the front and back of the wallet.

9. In addition, you could encrypt the Paper Wallet with BIP38 - I do not(!) recommend this for this tutorial because many Bitcoin Wallet applications cannot import BIP38 password-protected private keys directly(!)

>> Now you can send the desired amount of BTC to the public address of the newly created paper wallet <<

PART 2: Import Paper Wallet

How does the presentee now get access to his/her Bitcoins?

In this tutorial I use Jaxx as an Android application to give the recipient the possibility to get access to his/her Bitcoin on the spot. (Of course there are also other applications available that allow you to import a paper wallet)

1. Install Jaxx

2. Create new wallet

3. Navigate to Settings

4. Navigate to Tools

5. Now you can select Paper Wallet import

6. Select the desired cryptocurrency, in our case Bitcoin

7. Now simply scan the QR- code of the private key and then we are already finished Grin

Info: A transaction is executed here. The Paper Wallet is now empty! The Bitcoin are now exclusively in/accessed through the Jaxx Wallet!

!! Don't forget to create a backup of the Jaxx Wallet !!

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