Ok so I wanted to test out the usefulness of using a cold storage wallet but I wanted to make sure everything works before I dump everything into it (never tried a paper wallet before). I used the paper wallet generator, i then opened a word document and pasted the private key and wallet address and saved it on an external hard drive. Just to check if it worked I went into my wallet on the vertcoin application and sent 5 VC to the paper wallet address. It said sent successfully so now i've been trying to look up the paper wallet address in the crypto explorer but it keeps coming up that the wallet address doesn't exist?
So then i said ok how about i try importing the private key into the vertcoin app, so i went to the debug window and went to console and typed it importprivkey privatekey and pressed enter and that still doesn't work..
Did i just throw away 5 vertcoins?
Did you unlock the wallet first?
You need to do:
walletpassphrase your-passphrase-here 120
Where the 120 sets how many seconds to keep the wallet unlocked for (so you can add another private key), so you can set it longer or shorter if you like, but 2 minutes should do. Importing private keys does take a while though, so if you're on a laptop or slower machine, maybe set it to 180 or 240.
Then you do
importprivkey your-private-key-from-paper-wallet-here
and it'll import.
Afterwards, either close and reopen the wallet, or press ctrl-E, so you clear the history of your wallet passphrase from the debug window.
After adding a private key like this, your previous wallet.dat backup _will not_ contain the new private key, so you should do a fresh wallet backup, otherwise if your wallet got corrupted the new key(s) would be lost.