Topic: Teach me about paper wallets :) - page 2. (Read 3752 times)
The way I understand it, a paper wallet basically has your private key(s) on a sheet of paper. This is secure because it's offline (since duh, it's on paper). So as long as you keep this sheet of paper in a safe physical location, your private key (and therefore the BTC associated with it) remains safe.
I think the private key is basically the account that is automatically generated with a new coin wallet address. What ever is sent to that wallet address will be tied to the private key. When time comes and you decide to load it onto your digital wallet, you would be able to access it by inputing the private key and it would then download the wallet.bat?? If that isn't how it works.. then you guess is as good as mine LOL!
Hello,
I'm really new. I am slowly trying to digest all the information of cryptocurrencies, and have gathered that I do not want to leave coins on exchanges. Now that I have gathered some, I want to keep them safe. Can someone teach me about paper wallets...and explain it to me like I'm 5?
I have a little bitcoin, a little litecoin, and a little blackcoin. I read paper wallets are the safest way to store longterm, which is what I want to do. Just hold for a year or longer, and see what happens. I read through this site: https://bitcoinpaperwallet.com and am assuming it's legit? I can get both my bitcoin and litecoin wallets from there and be good? I just need to find a blackcoin wallet (I did see this: http://paperwallet.ga/BlackCoin/ but don't know anything about it...how do I determine what is, and what isn't legitimate?)
I also read this wiki entry: https://en.bitcoin.it/wiki/Paper_wallet and at the end it talks about how Mt. Gox has a feature that lets you "add Funds using a private key: the exchange will then create a "sweep" transaction that spends any amount for that paper wallet address so that the amount is added to your account with them" So since I can't go to Gox to play around with this, I'm trying to grasp the concept. Is there an equivalent in Coinbase where I can get import coins from my paper wallet to my account? What about litecoin? How do I get it from a paper wallet to say, btc-e?
On a side note, I went to this site: https://liteaddress.org and saw all the different tabs: brain wallet, single wallet, paper wallet, vanity wallet, bulk wallet...what is the difference in each and what do I use?
Thank you everyone.
I'm really new. I am slowly trying to digest all the information of cryptocurrencies, and have gathered that I do not want to leave coins on exchanges. Now that I have gathered some, I want to keep them safe. Can someone teach me about paper wallets...and explain it to me like I'm 5?
I have a little bitcoin, a little litecoin, and a little blackcoin. I read paper wallets are the safest way to store longterm, which is what I want to do. Just hold for a year or longer, and see what happens. I read through this site: https://bitcoinpaperwallet.com and am assuming it's legit? I can get both my bitcoin and litecoin wallets from there and be good? I just need to find a blackcoin wallet (I did see this: http://paperwallet.ga/BlackCoin/ but don't know anything about it...how do I determine what is, and what isn't legitimate?)
I also read this wiki entry: https://en.bitcoin.it/wiki/Paper_wallet and at the end it talks about how Mt. Gox has a feature that lets you "add Funds using a private key: the exchange will then create a "sweep" transaction that spends any amount for that paper wallet address so that the amount is added to your account with them" So since I can't go to Gox to play around with this, I'm trying to grasp the concept. Is there an equivalent in Coinbase where I can get import coins from my paper wallet to my account? What about litecoin? How do I get it from a paper wallet to say, btc-e?
On a side note, I went to this site: https://liteaddress.org and saw all the different tabs: brain wallet, single wallet, paper wallet, vanity wallet, bulk wallet...what is the difference in each and what do I use?
Thank you everyone.
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