What do you use your paper wallets for?

[exoro]

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?

[pereira4]

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.

[AgentofCoin]

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.

[randy8777]

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.

[slaveforanunnak1]

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.

[thew3apon]

nothing I don't use paper wallets :p

[odolvlobo]

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!

[bitbaby]

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.

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.

[afriezalie]

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.

[MicroGuy]

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.

[pooya87]

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.

[Kprawn]

You do not use paper wallets for your daily activity. 

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. 

[RustyNomad]

When working with paper wallets you need more than one in order to use them effectively.

Following is an example of how I use them:

I create paper wallets A, B, C, D etc.... I then transfer my coins to wallet A and leave the others empty.
When I need funds I import paper wallet A into MyCelium on my phone and send the balance I do not need back to paper wallet B. So if paper wallet A for example has a balance of say 10 coins and I only need say 2 for the week I then keep 2 coins in MyCelium and transfer the balance of 8 coins to paper wallet B. Paper wallet A is never used again.

If I need funds again say the next week I do the same. I import paper wallet B and transfer the balance I do not need back to paper wallet C. So a paper wallet is only used once.

Any funds I'm to receive I have sent to my MyCelium wallet and whatever I do not need at that stage is sent to the paper wallet in use at that stage. So if you send me say 10 coins to my MyCelium wallet and I only need say 3 then the balance of 7 will be sent to the paper wallet that is in use at that stage.

By doing this you always keep the bulk of your coins in paper wallets and only what you need in a 'hot' wallet on your phone.

Important to remember: If you do this never give the paper wallet addresses out to anybody in order to receive funds. If you do this you might end up with funds being send to an 'old' used paper wallet. Always give out your 'hot' wallet address and then move what you do not need from there to your paper wallets.

[Amph]

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.

it is exactly what i'0m doing, best way indeed, but you need to be sure that your pc is clean, i guess that dust is there for this purpose, still it is better to add a virtual enviroment, to strengthen your security

only be aware of usb randomly undetected by the OS that can occur, sometime they appear to be detected and then when you copy the wallet.dat, you will get a good corruption...this gave me nightmare more than thieves....

[BTCjust]

Bitcoin paper wallet, it is generally used as a gift for a friend.

[dollarneed]

i never using paper walet before but i heard that paper wallet save your bitcoin for secure (aka cold wallet) , and as a gift to actually i've been watched using paper wallet on youtube and i think that was awesome

[AT101ET]

I use mine for long term storage, travel and gifts.
I've got a few for storage which is kind of like my savings. Because they're locked away somewhere I can't access them easily and therefore I don't spend them.
I have a few others that I use here and there. My Laptop has a lot of sensitive information on it and I don't like taking it with me everywhere I go. If I think I need some BTC when I go somewhere I'll make sure I can either access blockchain.info or bring a few paper wallets with small denominations with me.
To avoid your issue of having to import the whole wallet balance, I always make sure that my wallets never have more than a certain amount to prevent that problem from happening. If I need more than that amount then I'll use one of my higher denomination wallets or use multiple small ones.

[iram66680]

Paper wallets are much less likely to spoil unless you didn't laminate it or use high quality papers. USB drives and hard disk have a much failure rate than paper wallets. They are most ideal for use with cold storage but I use it daily since I have a mycelium app in my phone.

[eyeknock]

personally i think that paper wallets is a nice way to store your BTC, so in the end i think that ppl use it as a cold storage, you know, to store your BTC like your own personal bank , ofc you must laminate it and use high quality papers.

[TinEye]

i find them good, for storing bitcoin, but you need a good paper, that don't start a reaction with air, or your paper wallet, will burn slowly, that yellow color is the paper burning, if you 've ever wondered about it, so they are not immune to the time, but they still last much longer than anything else