Question about the paperbased backup

achow101

staff

Activity: 3374

Merit: 6530

Just writing some code

Quote from: Aurik on July 10, 2016, 06:22:14 AM

Thanks for the answer first

Just to get it right:
At the moment, i can just recover my wallet using the paperbackup with armory?
Or how can I import my private keys in my "blockchain.info" wallet for example? As this is a rootkey I cant simply import it there, right? Is there any tool besides from armory itself to get the privatekeys related to the rootkey so i can import them with a third-party wallet?

As of now there are no third party tools or wallets that can open armory wallets. You can export individual private keys from Armory though.

Aurik

newbie

Activity: 24

Merit: 3

Thanks for the answer first

Just to get it right:
At the moment, i can just recover my wallet using the paperbackup with armory?
Or how can I import my private keys in my "blockchain.info" wallet for example? As this is a rootkey I cant simply import it there, right? Is there any tool besides from armory itself to get the privatekeys related to the rootkey so i can import them with a third-party wallet?

achow101

staff

Activity: 3374

Merit: 6530

Just writing some code

Armory users a heirarchical deterministic (HD) wallet. This means that each private key is derived from a root key via a fixed method. This means that the derived private keys will always be the same so long as the same method is used. This only one backup is every needed in order to back up a wallet.

Other wallets do in fact use HD Wallets. They also only require one backups ever. However those wallets are not yet compatible with Armory. Armory uses its own key derivation method. Most other wallets use the BIP32 standard. Migration to that standard is planned.

Aurik

newbie

Activity: 24

Merit: 3

Hi there,
im relatively new to the hole Bitcoin System and the Armory in specific.
Im just in the moment, where I have to choose a wallet - and I like Armory so far

My question belongs to the Paperbased backup: I have read, that a paperbackup covers ALL addresses you will create in your wallet - even after making the backup. But how is that technically possible? For my understanding, each time u receive bitcoins (to a new address of course) you will create a new set of private and public keys - and therefor they cant be covered in the "old" paperwallet.
Is it made by simply only using a single address so that each transaction will received with the same one?
Arent there any privecy problems?
Why does other wallets not offer these freature?

Im always happy for detailed answers as I try to accumulate new knowledge about every part of Bitcoins.
Thank you for your help

Topic: Question about the paperbased backup (Read 650 times)