Electrum Hot Wallet to Cold Paper Wallet

[Tandros]

Hi,

I bought some Bitcoins from an exchange platform and now I transfered them to my hot wallet Electrum on my computer and intend to keep them as savings a couple of years.

To secure them, I would like to transfer them into a cold paper wallet: how can I do that? Is there a step by step guide for Electrum?

I read on the internet that I have to use this site to do that: www.bitaddress.org. Is it like this or there are other sites I can use?

Another question I have: when transfered to the paper wallet - the Bitcoins from Electrum dissaperar, right? How can I import them later again to Electrum: via "sweep option"?


Many thanks in advance for feedbacks!

BR,
Marian

[jackg]

Hi,

I bought some Bitcoins from an exchange platform and now I transfered them to my hot wallet Electrum on my computer and intend to keep them as savings a couple of years.

To secure them, I would like to transfer them into a cold paper wallet: how can I do that? Is there a step by step guide for Electrum?

I read on the internet that I have to use this site to do that: www.bitaddress.org. Is it like this or there are other sites I can use?

Another question I have: when transfered to the paper wallet - the Bitcoins from Electrum dissaperar, right? How can I import them later again to Electrum: via "sweep option"?


Many thanks in advance for feedbacks!

BR,
Marian

Bitaddress.org is quite a good site to use.

There are also a few other options:
1. Bitaddress.org - you should run this offline and it'll produce private keys for you - there have been a few technical issues with this service though in the past.
2. I'd say this is probably a good one to look into as well: https://en.bitcoin.it/wiki/Vanitygen. It is a vanity address generator, and if you run it with the command "1", it'll spit out a private key much faster - but won't give you a QR code like the above option does.

In windows, I'd suggest you download bitaddress.org or vanitygen and run the entire operation in safe mode WITHOUT NETWORKING. If it's a large amount of bitcoins you don't feel are safe storing on your computer.

If you're just printing the text of the private key, ensure the size is big enough that it won't be completely damaged in a few years. (say at least size 20).

[alani123]

The notion of paper wallet has been popularized because of the convenience it offers. In reality, it's nothing more than a QR code of the private key. If you have your own private key securely stored somewhere you won't need to print it out. Some printers have hard drives and it wouldn't be wise to go print in one if your private key is going to be stored there.

Really the simplest way would be to generate an address offline (Using a tool like Vanity gen or even bitcoin core), transfer your coins to that address, and securely store the private key by your own means. This could mean holding copies of it offline in USBs or memory cards (perhaps encrypted), taking a picture of the private key, or perhaps even generating a QR picture of the private key offline. No need to trust bitaddress.

[Tandros]

so vanitygen (or the other one) should be downloaded on to an online computer, then the kit transfered to an offline computer and istall it there?

What do you mean by using it in safe mode? The computer to start it in safe mode?


I intend to have a paper wallet by printing the bitcoins on paper with QR-Code, Key and adress and store them in a safe I have by my bank.


I asked before and have to ask again because it is not clear to me: when transfered to paper wallet, the Bitcoins from the hot wallet electron dissapear?

[jackg]

so vanitygen (or the other one) should be downloaded on to an online computer, then the kit transfered to an offline computer and istall it there?

What do you mean by using it in safe mode? The computer to start it in safe mode?


I intend to have a paper wallet by printing the bitcoins on paper with QR-Code, Key and adress and store them in a safe I have by my bank.


I asked before and have to ask again because it is not clear to me: when transfered to paper wallet, the Bitcoins from the hot wallet electron dissapear?

Yes, the coins will dissappear from the electrum wallet.

Safe mode, is essentially running in an offline computer. There are only major processes running and you'll have to ensure you're an administrator and can then run the vanitygen commands from there.
If you have a spare usb drive, put the private key on there and put the coins on it. Then store them in your vault in the bank instead.

You can also dual boot your computer with a linux operating system to make it safer, you could actually run that on the USB stick andstore that with your coins in the bank.

[Tandros]

what do you mean by "If you have a spare usb drive, put the private key on there and put the coins on it"?


do you mean to let the bitcoins on my hot wallet electron and just to find out my private key for them, put it in a word file encrypted, copy it o the usb drive/CD/memory card and put it in my bank safe?

Because I don'gt want to let them on my hot wallet electron.. this is why I was thinking of a paper wallet.

There are also the option to transfer them from the hot wallet electron to a harddrive wallet - but I don't trust it somehow.

[jackg]

what do you mean by "If you have a spare usb drive, put the private key on there and put the coins on it"?


do you mean to let the bitcoins on my hot wallet electron and just to find out my private key for them, put it in a word file encrypted, copy it o the usb drive/CD/memory card and put it in my bank safe?

Because I don'gt want to let them on my hot wallet electron.. this is why I was thinking of a paper wallet.

There are also the option to transfer them from the hot wallet electron to a harddrive wallet - but I don't trust it somehow.

No, on an offline computer, produce the address using vanitygen software.
Store the private key that it prints straight onto your usb stick.
Encrypt the file (probably windows word encryption isn't very strong in comparison to others).

Then, on a different drive, store the address and send the coins to then. Then the coins will be on your generated private key offline but the addressn that that private key controls will have access to the coins you sent to it.

[Tandros]

hmmm... interesting suggestion. Thanks!

I donn't really know what you mea by this: "then, on a different drive, store the address and send the coins to then".
I am a newbie

[jackg]

hmmm... interesting suggestion. Thanks!

I donn't really know what you mea by this: "then, on a different drive, store the address and send the coins to then".
I am a newbie

You need a way to send the address back to your original computer where the online electrum wallet is.

If you use a different drive (anything, a USB stick, CD drive, DVD drive) and send the address there to ensure you get the addres accurately copied and you don't lose all of your coins.
Otherwise you have to try to transcribe 34 case-sensitive characters into your online wallet.

[Abdussamad]

You can lose your money if you do paper wallets incorrectly. My suggestion is to use the cold storage features of electrum itself:

http://docs.electrum.org/en/latest/coldstorage.html

[Tandros]

The idea with the cold storage from Electrum is not bad at all...with a watching-only wallet and an offline one for signing the transactions.

I guess  I will go for it.

Thank you for feedbaks - was really helpful.

[Tandros]

Here a Step by Step guide to create paper wallets:

https://www.weusecoins.com/bitcoin-cold-storage-guide/


.. and here a guide for transfering paper-wallet to your hot-wallet Electrum:

http://www.thecleverest.com/importing-bitcoin-from-a-paper-wallet-into-electrum


Enjoy!