Topic: imported public key bitcoin wallet with private key! (Read 267 times)

Great post, a lot of stuff in here i did not know about 

You may try Mycelium Testnet wallet and do practicing send and receive using it. if already proficient go to a real Bitcoin wallet.

https://play.google.com/store/apps/details?id=com.mycelium.testnetwallet

Faucet: https://tbtc.bitaps.com/

Alright, thank you for this link and I do hope that it will be easy to install and set up bitcoin mobile wallet. I will check which suggested wallet could be a user friendly or to which I am comfortable to use. However, I may try to use them in the future.
Ok thank you for this link provided. Playstore is accessible to android phones which I am using android phone. I hope I will not get any technical problems in the installation.

Yeah my bad, I edited it already. Tsk2x..Thanks for the correction I did not mean it actually probably while I was doing the reply my mind thinks too much about custodial wallet to which it reflected in my previous reply. I was not able to notice it until such it was being corrected.Thanks anyway, that was a very good thing that happen because we know that the post could mislead someone especially the newbie or new to cryptocurrency. My bad, anyway I known that there were good users here willing to extend help for those who ask and I am also learning from them especially the users that are technically inclined of these technology or system.

Although this is true OP, you should not do this. Although you could import a 12 word seed phrase from blockchain.com in to your own wallet, the seed phrase would still have been created by a website and exposed to the internet (not to mention we have no idea of knowing whether blockchain.com created it securely or do indeed store a copy of it themselves). Importing a seed to your own wallet only duplicates the private keys there, and they would still exist inside the blockchain.com platform, which means they would never be truly secure.

If anyone wants to get their funds off the blockchain.com platform (or any web wallet or exchange wallet for that matter), the only safe way to do it is to create your own wallet from scratch and send everything to one of your new addresses.

What you have described is a non-custodial wallet, i.e. one in which you own control the private keys yourself. A custodial wallet is one where someone else (the third party custodian) owns your private keys.

Storing bitcoin in an exchange would not be good. Try  using a bitcoin wallet that is NON- custodial which means that it is a wallet you own like the hardware wallet to which no one can access it except you with your private keys, password or seed phrase either way. Just be careful to save important details of the wallet creating password or the seed phrase to which it will be the key to access your funds. Besides, bitcoin now is very valuable and very hot to the eyes of the scammer to own or hack wallets offline or online wallets. The easiest wallet that could get phished out or hack were the online wallets and that include your exchange wallet.

Edited,

While I don't endorse the use of blockchain.com web wallet... it does give you a BIP39 compatible, 12 word seed mnemonic... so, technically, you can still export your "keys".


I agree with BitMaxz... go with Mycelium, Electrum... or maybe Samourai.


Good idea. Exchanges should NOT be used for long term storage of coins.

Take note Blockchain wallet doesn't have the option to export private keys, unlike other wallets.

So, I suggest you use other wallets so that you have full control of your wallet like Electrum.

About the wallet apps for mobile, you can also try Mycelium or Electrum mobile you can find them on PlayStore(Becareful on phishing apps).

Use this link for Electrum mobile.
- https://play.google.com/store/apps/details?id=org.electrum.electrum

and for Mycelium
- https://play.google.com/store/apps/details?id=com.mycelium.wallet

Ok so one can still spend the bitcoin even if it is imported to other wallet as long as it has the private keys but if private keys was not imported then it will be a non-spendable or watch out wallet only.
Oh, so wallet to wallet importing should have compatible so that one can see all the addresses being imported.

Thanks for this info, I might try it probably when I can download mobile bitcoin wallet. However, I am afraid that there are many phishing apps now, fake bitcoin wallets and the likes which gave me the reason to doubt when downloading it. Is there a list of trusted mobile bitcoin wallets? I think I need to do a quick search but I think I need to verify it here to see if I am in the right mobile bitcoin wallet.

I want to transfer my bitcoin that for now is in the exchange. I do not think I should trust the exchange wallet for bitcoin in the long term.

Your understanding is a little bit "backwards"... you start with a private key... and derive the public key from the private key. Although most wallets these days tend to work with "seeds" and "master" private (xpriv) and "master" public (xpub) keys.


If you import the private keys from one wallet to another, then the wallets will effectively be "clones"... they'll see exactly the same transaction history/balance... and either wallet will be able to spend any coins controlled by those private keys.

Nothing stops any hackers or the operators themselves to capture the seeds/private keys by injecting malicious code. Online wallets cannot be considered fully non-custodial as there is still a good chance that the codes can be modified without your knowledge.
You need the xpriv to generate the individual keys to spend the coins. That brings the issue of having having the compatible derivation path by importing it in a compatible wallet. If you don't use a wallet with the same derivation path, you won't be able to see some/all of your addresses.

No one has access to it except you. At least if you believe what blockchain.com is telling you. And if you are sure what code you are running.
If you aren't sure what code exactly is being run inside your browser, you shouldn't assume that.

Additionally, the encrypted wallet file is stored on their server. So you better choose a strong password. Or (which would be way better), you stop using web wallets and start using proper wallets (mobile-, desktop- or hardware wallets).




You shouldn't disclose the xpub because of privacy reasons and security implications in some specific cases.
But you definitely can without automatically having security issues.




The xpriv is the master private key. It is used to derive private keys.
You do not want to share private keys at all. That's the reason they are called private. They allow you to spend the coins associated to your public keys (and therefore to your addresses).

To import a watch-only wallet (without the ability to spend coins), you need to import public keys (for specific addresses) or the xpub (master public key) for all addresses of your wallet.




Coins are "stored" on the blockchain, not your wallet.
They are associated to public keys. And the corresponding private key can access/send them.

So, anyone who has access to the private key, has access to the funds.

I am looking information regarding bitcoin wallet. Ever sine I join this forum I only learn about altcoins and their wallets which are usually online wallets or some known platform for altcoin wallets.

Based on the information I have read in the forum that blockchain wallet is a non-custodial, the who owns the private key owns the blockchain wallet and no one had access on it except the owner of the private keys or the seed phrase of the wallet. Bitcoin wallet can generate public keys from xpub which should not be disclose to anyone. The generated public keys had also corresponding private key (xpriv) and this could be use when one like to import bitcoin public key to other platform or bitcoin wallet.

Now, what will happen to the imported bitcoin public address with its corresponding private key to other bitcoin wallet if the imported public wallet has a balance? Could I spend the balance when it was only being imported to the new bitcoin wallet?