What do you use your paper wallets for? - page 2.

Kprawn

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You do not use paper wallets for your daily activity. Wink

This is what I do...

1. When I buy Bitcoins, I buy in very small quantities. { I have a computer, that never link to the internet, where I generate these paper wallets }
2. I only scan the QR code of the public address, and dump coins onto that.
3. I then visit a Bitcoin Vending machine... Scan the QR code, insert the money and it's funded.

So I spread the risk onto different paper wallets {BIP 38 protected}

When I want to buy something bigger... I just sweep and use. {After the sweep, I destroy the paper wallet}

Paper wallets are meant for offline storage of Bitcoin... The Bitcoins you use daily goes onto a online wallet or a hardware wallet. {Not in big quantities}

Make sure to laminate and store these paper wallets in a fireproof safe. Wink

pooya87

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Quote from: exoro on June 18, 2015, 03:51:30 PM

I just found out that you can't withdraw a designated amount of Bitcoin from paper wallets, you can only sweep or import them.

This seems kind of weird to me. What is the point of a paper wallet if its sole purpose is to later on be swept clean of its coins? If security is an issue, wouldn't it make more sense to have a software bitcoin wallet that runs off an encrypted usb drive?

i think you would better ask your question. i mean what do you really want to do.

if you want to keep your coins somewhere safe, for a long term investment and use them / sell them after the price went up (like 1-2 years later) paper wallet is the best choice.

if you want to keep your coins safe but use them any time you want, for example if you have like 10BTC and want to spend 1 today and add 2 tomorrow, offline wallets like Electrum (offline) is your choice.

the reason you sweep paper wallet is that when you use your private keys if your computer is compromised you can very easily lose that private key. so it is better to sweep it in a new address.

MicroGuy

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Twitter @realmicroguy

Quote from: exoro on June 18, 2015, 03:51:30 PM

I just found out that you can't withdraw a designated amount of Bitcoin from paper wallets, you can only sweep or import them.

This seems kind of weird to me. What is the point of a paper wallet if its sole purpose is to later on be swept clean of its coins? If security is an issue, wouldn't it make more sense to have a software bitcoin wallet that runs off an encrypted usb drive?

You've had some really great responses in this thread. In my view, paper wallets are inferior to the double-flashdrive approach.

Just keep your wallet.dat files on 2 drives stored in separate locations. Then, keep a bitcoin client "containing dust" fully synchronized on your machine on the ready.

Now, when you need to make a withdrawal, close the client, copy over your USB wallet.dat, reopen client and make withdrawal, then reverse the process to restore the dust wallet. Keep one flashdrive hidden and one within easy grasp.

afriezalie

sr. member

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Save my bitcoin as offline storage. And use it as transaction method with my friend or give him reward with paper wallet, like you give money to your friend.

bitbaby

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Quote from: exoro on June 18, 2015, 03:51:30 PM

I just found out that you can't withdraw a designated amount of Bitcoin from paper wallets, you can only sweep or import them.

You can withdraw as much as you like but usually people don't use paper wallets for more than one transaction because the whole point behind having a paper wallet/cold storage is that it's keys have never seen the lights of internet, once you import it to your wallet it is no longer a cold storage, unless you're importing it to a cold storage machine to just sign the transaction. Say you have 1 BTC in your Paper wallet and you want to send 0.5 BTC to 'A', so what you do is send 0.5 BTC to 'A' and the rest of it, 0.5 BTC to another paper/cold storage wallet and you never use the same address again and it's considered the best way of keeping your bitcoins safe.

Quote from: exoro on June 18, 2015, 03:51:30 PM

This seems kind of weird to me. What is the point of a paper wallet if its sole purpose is to later on be swept clean of its coins? If security is an issue, wouldn't it make more sense to have a software bitcoin wallet that runs off an encrypted usb drive?

It's kind of cold storage, that's the basic purpose behind it and if you print it on a good paper and have it laminated you can keep it for a long period of time without having to worry about your USB or Hard drive failure.

odolvlobo

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Quote from: exoro on June 18, 2015, 03:51:30 PM

I just found out that you can't withdraw a designated amount of Bitcoin from paper wallets, you can only sweep or import them.

This seems kind of weird to me. What is the point of a paper wallet if its sole purpose is to later on be swept clean of its coins? If security is an issue, wouldn't it make more sense to have a software bitcoin wallet that runs off an encrypted usb drive?

Paper wallets are used for storing bitcoins in an address that has never been exposed to the internet. It is not necessarily the best way to store bitcoins.

Being on paper means that it is not susceptible to electronic failure or degradation. A properly protected paper wallet has a much longer lifetime than a USB stick or hard disk.

There is also no danger that the device that the keys are stored on becomes obsolete. Imagine that you stored valuable information on an 8 inch floppy disk 30 years ago!

thew3apon

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nothing I don't use paper wallets :p

slaveforanunnak1

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i use them to give bitcoin to new people. I tell them, here is 5 bucks.. i zap it to a PW. I also tell them, " go learn about bitcoin, and then move these funds to a new wallet. If you don't i will take them back in 2 weeks" That way, i don't just lose coins due people who don't care.

randy8777

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paper wallets are fun just to give a small amount as gift, but there are also people storing their coins as a paper wallet. not something i would do.

AgentofCoin

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Quote from: exoro on June 18, 2015, 03:51:30 PM

I just found out that you can't withdraw a designated amount of Bitcoin from paper wallets, you can only sweep or import them.

This seems kind of weird to me. What is the point of a paper wallet if its sole purpose is to later on be swept clean of its coins? If security is an issue, wouldn't it make more sense to have a software bitcoin wallet that runs off an encrypted usb drive?

Well you can withdraw a designated amount.
You need to import the paper wallet into a software/hardware/online wallet, choose the "designated amount", and transfer.
After that, you would then delete your privatekey from the software/hardware/online wallet, to "retain the paper wallet".
But since you have used some of your paper wallet on a online computer, it is now vulnerable to a thief (malware, loggers, etc).

But of course, as soon as you entered the privatekey into any computer to send the "designated amount", you just made the paper wallet useless.
You should transfer all remaining funds on that paper wallet to another paper wallet (you should be generating all paper wallets offline).

Technically, you are supposed to transfer your btc to a new address after each transaction, whether paper wallet or not.

pereira4

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Quote from: exoro on June 18, 2015, 03:51:30 PM

I just found out that you can't withdraw a designated amount of Bitcoin from paper wallets, you can only sweep or import them.

This seems kind of weird to me. What is the point of a paper wallet if its sole purpose is to later on be swept clean of its coins? If security is an issue, wouldn't it make more sense to have a software bitcoin wallet that runs off an encrypted usb drive?

What do you mean? you can withdraw any amount as far I know. At the end of the day it's just a regular public key in QR format..
I use them for cold storage.

exoro

newbie

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I just found out that you can't withdraw a designated amount of Bitcoin from paper wallets, you can only sweep or import them.

This seems kind of weird to me. What is the point of a paper wallet if its sole purpose is to later on be swept clean of its coins? If security is an issue, wouldn't it make more sense to have a software bitcoin wallet that runs off an encrypted usb drive?

Topic: What do you use your paper wallets for? - page 2. (Read 1515 times)