Thank you very much sir!
One last thing if you don't mind... Right now I'm testing the whole process but for some reason I cannot use the sweep function in my Windows Electrum wallet.
If I understand it correctly my private key is on the right side of the paper wallet (generated on bitaddress.org) but after I paste it into the window the sweep button stays gray. https://imgur.com/a/zwclE
EDIT: Nevermind I'm retarded. Turns out I encrypted my test wallet with bip38 just had to decrypt. Thanks again for your help though!
Topic: Paper wallet questions (Read 259 times)
Yes, bitaddress.org is a fine choise.
The address doesn't need to get into the system, because it's already in there.
It's important to disconnect your computer before generating the address, because you might be hacked or something. When the internet is turned off, you can visit the page more safely.
After generating the address and private key, you can either print it out or write it down. After that, you can close the webpage, and reconnect to the internet.
Then you can send the bitcoins to the address that you've written down/printed out. And yes, you can send multiple transactions without any problem. As long as you don't lose your paper or share the private key with anyone, you should be safe.
Whenever you decide that you want to use the bitcoins, you can import the private key in a wallet, and send the bitcoins to wherever you like.
If you have put your bitcoins on the paper wallet before the fork happens, you have indeed both coins on both forks. You have to import them into your wallet for both forks.
You can decide to follow just 1 chain, and import it only into the wallet of that coin, but you will be able to do it for the other chain as well on another moment.
The address doesn't need to get into the system, because it's already in there.
It's important to disconnect your computer before generating the address, because you might be hacked or something. When the internet is turned off, you can visit the page more safely.
After generating the address and private key, you can either print it out or write it down. After that, you can close the webpage, and reconnect to the internet.
Then you can send the bitcoins to the address that you've written down/printed out. And yes, you can send multiple transactions without any problem. As long as you don't lose your paper or share the private key with anyone, you should be safe.
Whenever you decide that you want to use the bitcoins, you can import the private key in a wallet, and send the bitcoins to wherever you like.
If you have put your bitcoins on the paper wallet before the fork happens, you have indeed both coins on both forks. You have to import them into your wallet for both forks.
You can decide to follow just 1 chain, and import it only into the wallet of that coin, but you will be able to do it for the other chain as well on another moment.
Hey guys
I've got couple of dumb questions so please try to be patient.
I have no experience with wallets whatsoever up until now I've only been using online exchange to hold my BTC but since I'm beginning to invest regularly and I cannot get my hands on HW wallet before the fork (living in shithole where there is only one retailer of Ledger and they are sold out) I have decided to create paper wallet.
Now I've done my research and I'll be using https://www.bitaddress.org to generate my wallet. Can you more experienced users confirm my decision? I've also read that it is possible to save the page go offline and generate the address offline. Is it better? How does the address get into the "system" while being offline?
There are two more things that are unclear to me regarding paper wallets.
I've read that if I want to sweep my BTC off the paper wallet I have to take the entire balance otherwise I'll lose the "change" because of address change. But can I use the same paper wallet to deposit multiple transactions? For example: After I create my paper wallet I'll want to do a test transaction of some sort - depositing minimal amount to see if it goes through. After I do this can I send the rest of my funds onto the same address? Can I use the same paper wallet address to store my BTC every time I buy on exchange?
To my last question. When the fork happens I should own 2 currencies on my paper wallet. How do I withdraw them? I know how to sweep my BTC off the paper wallet but I have no idea what to do about the other currency which is created by the fork.
I very much appreciate any help if I formulated something poorly please point it out and I'll try to fix it.
I've got couple of dumb questions so please try to be patient.
I have no experience with wallets whatsoever up until now I've only been using online exchange to hold my BTC but since I'm beginning to invest regularly and I cannot get my hands on HW wallet before the fork (living in shithole where there is only one retailer of Ledger and they are sold out) I have decided to create paper wallet.
Now I've done my research and I'll be using https://www.bitaddress.org to generate my wallet. Can you more experienced users confirm my decision? I've also read that it is possible to save the page go offline and generate the address offline. Is it better? How does the address get into the "system" while being offline?
There are two more things that are unclear to me regarding paper wallets.
I've read that if I want to sweep my BTC off the paper wallet I have to take the entire balance otherwise I'll lose the "change" because of address change. But can I use the same paper wallet to deposit multiple transactions? For example: After I create my paper wallet I'll want to do a test transaction of some sort - depositing minimal amount to see if it goes through. After I do this can I send the rest of my funds onto the same address? Can I use the same paper wallet address to store my BTC every time I buy on exchange?
To my last question. When the fork happens I should own 2 currencies on my paper wallet. How do I withdraw them? I know how to sweep my BTC off the paper wallet but I have no idea what to do about the other currency which is created by the fork.
I very much appreciate any help if I formulated something poorly please point it out and I'll try to fix it.
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