Importing Paper Wallet Funds to Electrum WITHOUT creating a watch only wallet?

[swordsrkewl]

So when I go to make new electrum wallet and I  select import bitcoin addresses or private keys, it shows " Enter a list of Bitcoin addresses (this will create a watching-only wallet), or a list of private keys."

Is this saying a watch only wallet is created in the first case, transferring bitcoin addresses?

OR

Is it saying if I list the private keys it will NOT create a watch only wallet?


I should be able to scan in my private key QR code and have the btc imported to my wallet so i can send them on to be sold right? If I scan the QR Private key code into a new electrum wallet will it create a watch only wallet or is that just for importing public keys to wallet?

This private key is not encrypted. Just looking for easiest way to get it off paper wallet and sell it on an exchange. Electrum seems to be best way because I am not waiting 4 days for the bitcoin core wallet to sync....

if there is an easier way I would love to hear it.

Thank you all for your time and help. I really appreciate any insights or guidance.

[pooya87]

If you enter addresses, there is no other option to only watch these addresses in a watch-only wallet. But if you enter private keys it stores the private key in that wallet file you create and you can spend from it.

IF you want to send your entire balance you can also open your existing wallet and "sweep" the key instead of creating a new wallet. Just select Wallet > Private keys > Sweep. Then enter the private key with its script type (click info for details) then change the address to the the  address you want to send the funds to.
Note that this has limited functionality (eg. no change address).

[swordsrkewl]

If you enter addresses, there is no other option to only watch these addresses in a watch-only wallet. But if you enter private keys it stores the private key in that wallet file you create and you can spend from it.

IF you want to send your entire balance you can also open your existing wallet and "sweep" the key instead of creating a new wallet. Just select Wallet > Private keys > Sweep. Then enter the private key with its script type (click info for details) then change the address to the the  address you want to send the funds to.
Note that this has limited functionality (eg. no change address).

Do you have any info on the script type? Are you saying I need to rewrite or add some script to the private key to sweep it into the wallet? Or would doing a QR scan through my webcam of the Private key suffice, or does the scan still require to type some extra script. Sorry I am just confused about the script thing. If you have a link or guide to more about that I can read up on it.

[pooya87]

Do you have any info on the script type? Are you saying I need to rewrite or add some script to the private key to sweep it into the wallet? Or would doing a QR scan through my webcam of the Private key suffice, or does the scan still require to type some extra script. Sorry I am just confused about the script thing. If you have a link or guide to more about that I can read up on it.

In bitcoin you can create many different address types from a single private key, for example legacy addresses known as P2PKH that start with 1 or the SegWit addresses known as P2WPKH starting with bc1. So when you import/sweep your private key you have to tell the wallet what type of address to derive from it. Address type and script type are pretty much the same thing.
If you click the Info button it will show you examples of how it looks like. It is a small 5-6 character long string that you should add before your private key.

[swordsrkewl]

alternatively, couldnt I also use another wallet like exodus? mobile to pc transfer by scanning QR code?

[NeuroticFish]

This private key is not encrypted. Just looking for easiest way to get it off paper wallet and sell it on an exchange. Electrum seems to be best way because I am not waiting 4 days for the bitcoin core wallet to sync....

Some thoughts:

1. Watch only wallet is a wallet you cannot spend from. From what you wrote that may not be clear.
2. If you create a wallet in Electrum from address it'll be watch only; if you create it from private key it will be full address and you can spend.
3. If you just want to send to exchange you most probably don't care about change addresses and such.
4. Sweeping the paper wallet, afaik, means that you already have a wallet you are working from and it creates a transaction from your paper wallet to the wallet you are in "now"; although it could be easier to use (scan qr) it means extra costs (the network fee for the extra tx).
5. If your paper wallet has the private key visible and unencrypted and you think you have the patience to type the entire private key into Electrum, that would be the fastest way to access the coins.
6. Make sure the Electrum you use is downloaded from electrum.org and the signature is verified (https://bitcoinelectrum.com/how-to-verify-your-electrum-download/ )
7. If you import the private key you'll probably have to tell Electrum what type of address is the private key for. This means you may have to type something before the private key, the [Info] button should tell you what. (for address starting with 3 you'll need p2wpkh-p2sh: or, for bc1 you'll need p2wpkh:; for starting with 1 it's p2pkh: )
8. Since my explanations may not be the best, it could be useful to also read https://bitcoinelectrum.com/importing-your-private-keys-into-electrum/
9. Keep in mind that when you'll send away the funds to exchange you'll have to pay the network fee; you better inform yourself about it.

[Abdussamad]

a wallet with the private keys is not a watch only wallet. you can spend from it.

[swordsrkewl]

This private key is not encrypted. Just looking for easiest way to get it off paper wallet and sell it on an exchange. Electrum seems to be best way because I am not waiting 4 days for the bitcoin core wallet to sync....

Some thoughts:

1. Watch only wallet is a wallet you cannot spend from. From what you wrote that may not be clear.
2. If you create a wallet in Electrum from address it'll be watch only; if you create it from private key it will be full address and you can spend.
3. If you just want to send to exchange you most probably don't care about change addresses and such.
4. Sweeping the paper wallet, afaik, means that you already have a wallet you are working from and it creates a transaction from your paper wallet to the wallet you are in "now"; although it could be easier to use (scan qr) it means extra costs (the network fee for the extra tx).
5. If your paper wallet has the private key visible and unencrypted and you think you have the patience to type the entire private key into Electrum, that would be the fastest way to access the coins.
6. Make sure the Electrum you use is downloaded from electrum.org and the signature is verified (https://bitcoinelectrum.com/how-to-verify-your-electrum-download/ )
7. If you import the private key you'll probably have to tell Electrum what type of address is the private key for. This means you may have to type something before the private key, the [Info] button should tell you what. (for address starting with 3 you'll need p2wpkh-p2sh: or, for bc1 you'll need p2wpkh:; for starting with 1 it's p2pkh: )
8. Since my explanations may not be the best, it could be useful to also read https://bitcoinelectrum.com/importing-your-private-keys-into-electrum/
9. Keep in mind that when you'll send away the funds to exchange you'll have to pay the network fee; you better inform yourself about it.

THANK YOU for explaining your point #7. All the tutorials I see are from version of electrum prior to 4.0.5. and they do not have steps explained as you described in 7. SO when I type in address of private key, I type" p2pkh: (insert bitcoin address) " Easy enough.

Already did PGP verification through kleopatra.

Why is hand typing the private key into my electrum wallet faster than using a QR code? is that a different transaction that has a cost associated with the transfer?

[NeuroticFish]

Why is hand typing the private key into my electrum wallet faster than using a QR code? is that a different transaction that has a cost associated with the transfer?

If you enter that private key at a new wallet creation, you'll have that wallet inside your Electrum.
As said, it is a somewhat limited wallet, since it has only one address (if you imported only one private key), but since you just want to send the funds away, it does the job.

If you sweep the private keys, as I said at point 4, this will create a transaction that will send the funds from the paper wallet to your current wallet.
Sending a transaction costs money and a transaction needs to be confirmed so you can say that you have those funds into Electrum.
This takes time, depending on the fee you paid, how busy the network (mempool) is and luck (confirmations means mined blocks which may come in the next second or maybe after 30 minutes, depending on luck; the average is at 10 minutes though).

So the time difference is between having something now and having something sent to you.

[swordsrkewl]

a wallet with the private keys is not a watch only wallet. you can spend from it.

Thanks for clearing that up, its what I assumed but the instructions on the sotware were unclear. It seemed to indicated a watch only wallet was created regardless of importing address or private key.

Been using this as a guideand may do it this way https://www.youtube.com/watch?v=-9kf9LMnJpI

[swordsrkewl]

Why is hand typing the private key into my electrum wallet faster than using a QR code? is that a different transaction that has a cost associated with the transfer?

If you enter that private key at a new wallet creation, you'll have that wallet inside your Electrum.
As said, it is a somewhat limited wallet, since it has only one address (if you imported only one private key), but since you just want to send the funds away, it does the job.

If you sweep the private keys, as I said at point 4, this will create a transaction that will send the funds from the paper wallet to your current wallet.
Sending a transaction costs money and a transaction needs to be confirmed so you can say that you have those funds into Electrum.
This takes time, depending on the fee you paid, how busy the network (mempool) is and luck (confirmations means mined blocks which may come in the next second or maybe after 30 minutes, depending on luck; the average is at 10 minutes though).

So the time difference is between having something now and having something sent to you.

what does it mean by replaceable transaction?

[pooya87]

what does it mean by replaceable transaction?

Transactions that can be replaced easier before they are confirmed.

When a transaction is marked as replaceable (ie. RBF) it helps making it easy for the sender of a transaction to change the fee of that transaction (or make other changes) as long as the transaction is unconfirmed. For example bumping the fee when the mempool has grown a lot and the previous fee was too low to confirm within reasonable time.

[Abdussamad]

This private key is not encrypted. Just looking for easiest way to get it off paper wallet and sell it on an exchange. Electrum seems to be best way because I am not waiting 4 days for the bitcoin core wallet to sync....

Some thoughts:

1. Watch only wallet is a wallet you cannot spend from. From what you wrote that may not be clear.
2. If you create a wallet in Electrum from address it'll be watch only; if you create it from private key it will be full address and you can spend.
3. If you just want to send to exchange you most probably don't care about change addresses and such.
4. Sweeping the paper wallet, afaik, means that you already have a wallet you are working from and it creates a transaction from your paper wallet to the wallet you are in "now"; although it could be easier to use (scan qr) it means extra costs (the network fee for the extra tx).
5. If your paper wallet has the private key visible and unencrypted and you think you have the patience to type the entire private key into Electrum, that would be the fastest way to access the coins.
6. Make sure the Electrum you use is downloaded from electrum.org and the signature is verified (https://bitcoinelectrum.com/how-to-verify-your-electrum-download/ )
7. If you import the private key you'll probably have to tell Electrum what type of address is the private key for. This means you may have to type something before the private key, the [Info] button should tell you what. (for address starting with 3 you'll need p2wpkh-p2sh: or, for bc1 you'll need p2wpkh:; for starting with 1 it's p2pkh: )
8. Since my explanations may not be the best, it could be useful to also read https://bitcoinelectrum.com/importing-your-private-keys-into-electrum/
9. Keep in mind that when you'll send away the funds to exchange you'll have to pay the network fee; you better inform yourself about it.

THANK YOU for explaining your point #7. All the tutorials I see are from version of electrum prior to 4.0.5. and they do not have steps explained as you described in 7. SO when I type in address of private key, I type" p2pkh: (insert bitcoin address) " Easy enough.

Already did PGP verification through kleopatra.

Why is hand typing the private key into my electrum wallet faster than using a QR code? is that a different transaction that has a cost associated with the transfer?

- you don't hand type the private key. you copy paste it or scan in the QR code. obviously hand typing would be error prone and slower.

- a private key can unlock coins sent to a few different types of addresses. the script type prefix is how you tell electrum which address to generate. the prefix is added in front of the private key when importing or sweeping. it is not added to the bitcoin address. the address is derived from the public key which is in turn derived from the private key so the private key is what you import not the address.

- creating an imported private key wallet does not transfer your coins anywhere so there is no fee associated with it. sweeping your private keys to an existing wallet does result in a transfer of coins and a fee.

[swordsrkewl]

This private key is not encrypted. Just looking for easiest way to get it off paper wallet and sell it on an exchange. Electrum seems to be best way because I am not waiting 4 days for the bitcoin core wallet to sync....

Some thoughts:

1. Watch only wallet is a wallet you cannot spend from. From what you wrote that may not be clear.
2. If you create a wallet in Electrum from address it'll be watch only; if you create it from private key it will be full address and you can spend.
3. If you just want to send to exchange you most probably don't care about change addresses and such.
4. Sweeping the paper wallet, afaik, means that you already have a wallet you are working from and it creates a transaction from your paper wallet to the wallet you are in "now"; although it could be easier to use (scan qr) it means extra costs (the network fee for the extra tx).
5. If your paper wallet has the private key visible and unencrypted and you think you have the patience to type the entire private key into Electrum, that would be the fastest way to access the coins.
6. Make sure the Electrum you use is downloaded from electrum.org and the signature is verified (https://bitcoinelectrum.com/how-to-verify-your-electrum-download/ )
7. If you import the private key you'll probably have to tell Electrum what type of address is the private key for. This means you may have to type something before the private key, the [Info] button should tell you what. (for address starting with 3 you'll need p2wpkh-p2sh: or, for bc1 you'll need p2wpkh:; for starting with 1 it's p2pkh: )
8. Since my explanations may not be the best, it could be useful to also read https://bitcoinelectrum.com/importing-your-private-keys-into-electrum/
9. Keep in mind that when you'll send away the funds to exchange you'll have to pay the network fee; you better inform yourself about it.

THANK YOU for explaining your point #7. All the tutorials I see are from version of electrum prior to 4.0.5. and they do not have steps explained as you described in 7. SO when I type in address of private key, I type" p2pkh: (insert bitcoin address) " Easy enough.

Already did PGP verification through kleopatra.

Why is hand typing the private key into my electrum wallet faster than using a QR code? is that a different transaction that has a cost associated with the transfer?

- you don't hand type the private key. you copy paste it or scan in the QR code. obviously hand typing would be error prone and slower.

- a private key can unlock coins sent to a few different types of addresses. the script type prefix is how you tell electrum which address to generate. the prefix is added in front of the private key when importing or sweeping. it is not added to the bitcoin address. the address is derived from the public key which is in turn derived from the private key so the private key is what you import not the address.

- creating an imported private key wallet does not transfer your coins anywhere so there is no fee associated with it. sweeping your private keys to an existing wallet does result in a transfer of coins and a fee.

So if I imported my keys to mobile wallet, and it shows a balance, i can send those funds? It has same addresses on the paper wallet that are on my phone, I tried sending the coin back to paper, but the transaction is uncofirmed, but there was a fee charged of course. Should I not have done this? Should I just send my coin to the xchange where I am trying to sell? Where can I get some hands on help ?Is that even possible?

[BrewMaster]

So if I imported my keys to mobile wallet, and it shows a balance, i can send those funds? It has same addresses on the paper wallet that are on my phone, I tried sending the coin back to paper, but the transaction is uncofirmed, but there was a fee charged of course. Should I not have done this? Should I just send my coin to the xchange where I am trying to sell? Where can I get some hands on help ?Is that even possible?

if you wanted to sell all the coins that were in the addresses you had in your paper wallets then you should have directly sent the coins from those addresses to the exchange address and sold your coins that way.
sending coins first from paper wallet to another address and then sending it to exchange will cost you twice the fee.

if this is what you want and those transactions are still unconfirmed and are marked with RBF then you may have chance to still change them and replace them with a new transaction that sends the coins directly to exchange.

[Abdussamad]

So if I imported my keys to mobile wallet, and it shows a balance, i can send those funds? It has same addresses on the paper wallet that are on my phone, I tried sending the coin back to paper, but the transaction is uncofirmed, but there was a fee charged of course. Should I not have done this? Should I just send my coin to the xchange where I am trying to sell? Where can I get some hands on help ?Is that even possible?

it's free and open source software. we are volunteers who help out in this community forum. i don't know what you are expecting?

[bob123]

So if I imported my keys to mobile wallet, and it shows a balance, i can send those funds?

Yes.

It has same addresses on the paper wallet that are on my phone, I tried sending the coin back to paper, but the transaction is uncofirmed, but there was a fee charged of course. Should I not have done this? Should I just send my coin to the xchange where I am trying to sell? Where can I get some hands on help ?Is that even possible?

What? 

I think you didn't understand the concept of BTC yet.
Your coins are not stored on your paper wallet. And they are not stored on your mobile.

The BTC are assigned to you on the blockchain.
In order to spend them, you need the corresponding private key.
Sending your coins "from your imported mobile wallet" to your "paper wallet" is basically just a transaction to yourself.

You should have simply sent them to the exchange.