How to Create Paper Wallet

[pcannon]

I am looking for "dummy press here and there" instructions for making paper wallet and transferring BTC for safe keeps. Please no smart ass answer, doesn't help anyone except it makes responders look stupid.

Yes, I have searched it on google and I noticed (1) The article on bitcoin.it is somewhat useless, as it is seems to be written by a paranoid person who says everything except for how to do it. (2) A number of web-sites and video focus entirely on the beautiful printing instructions that mimic physical currency (nice!).

But what I do not get is -- what do I need to do transfer BTCs from my online account to the address coin address. Help!

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[Gabi]

http://blockchain.info/it/wallet/paper-tutorial

 

[pcannon]

Thanks. But been there and done that. I do not have an android phone so I cannot use their app.

http://blockchain.info/it/wallet/paper-tutorial

 

[davidpbrown]

Good answer above from blockchain.info but if you want to do it yourself, then you simply need to understand that your wallet is the privatekey.

Whether you choose to have that privatekey online with a 3rd party; in your computer; on your phone; on paper; or in your brain; or even in your brain as something that can be translated back into the privatekey, that is all it is. The public key is then trivial to derive from the private key. The balance then is simply the sum of all transactions.

So if you're running a client in Linux you can dump the private key and do whatever you want with it. So long as it's meaningful to you - make art if you want.

Code:

bitcoind dumpprivkey <bitcoinaddress>

When you want it you import it, you simply need that string that is the private key.

Code:

bitcoind importprivkey <bitcoinprivkey>

Probably that's very similar for other operating systems interaction with their clients too.
Other daemon calls listed in the --help and at https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_calls_list


The only complex factor here is that getting the privatekey from the publickey is orders of magnitude more difficult.

[Gabi]

I don't see the problem, go on bitaddress.org and ta-dah, you will automatically have your paper wallet, print it and that is done.

The rest of the tutorial is about spending them with a smartphone.

[cypherdoc]

The only complex factor here is that getting the privatekey from the publickey is orders of magnitude more difficult.

isn't that intractable?

[pcannon]

Thanks! This is helpful in understanding the process.

Good answer above from blockchain.info but if you want to do it yourself, then you simply need to understand that your wallet is the privatekey.

Whether you choose to have that privatekey online with a 3rd party; in your computer; on your phone; on paper; or in your brain; or even in your brain as something that can be translated back into the privatekey, that is all it is. The public key is then trivial to derive from the private key. The balance then is simply the sum of all transactions.

So if you're running a client in Linux you can dump the private key and do whatever you want with it. So long as it's meaningful to you - make art if you want.

Code:

bitcoind dumpprivkey <bitcoinaddress>

When you want it you import it, you simply need that string that is the private key.

Code:

bitcoind importprivkey <bitcoinprivkey>

Probably that's very similar for other operating systems interaction with their clients too.
Other daemon calls listed in the --help and at https://en.bitcoin.it/wiki/Original_Bitcoin_client/API_calls_list


The only complex factor here is that getting the privatekey from the publickey is orders of magnitude more difficult.

[pcannon]

Well bitaddress.org will print the address with the art. But how to transfer BTC to that location is something I do not understand.

Let me put it in other words, when one goes to bitaddress.org in the print wallet section -- it will generate those paper wallet without asking how much I want to put on it? So what amount is associated with those addresses? Clearly I didn't put anything on them. Try it.

I don't see the problem, go on bitaddress.org and ta-dah, you will automatically have your paper wallet, print it and that is done.

The rest of the tutorial is about spending them with a smartphone.

[davidpbrown]

The only complex factor here is that getting the privatekey from the publickey is orders of magnitude more difficult.

isn't that intractable?

It's interesting to understand how SHA-256 and other similar functions work. Creating ambiguity through XOR functions means you get the same answer reducing the private key but in reverse you don't know where to look because the information has been lost. One grain of sand from all the sand on all the beaches.

What I don't know anything of is what quantum computers do that's different beyond fuzzy logic. I can't immediately see a way that the answer would magically appear even then. I'm also not sure why the military recommends a move to SHA-3 - and I've yet to find an ABC description of that function but it would be interesting to see the difference.


Edit: ignore this above.. keys are more about ECDSA

[pcannon]

Whether you choose to have that privatekey online with a 3rd party; in your computer; on your phone; on paper; or in your brain; or even in your brain as something that can be translated back into the privatekey, that is all it is. The public key is then trivial to derive from the private key. The balance then is simply the sum of all transactions.

Okay now thinking through this, I am getting to understand this. So basically one can generate the bitcoin address (from any of the multiple options online). And the balance as you say is "the sum of transactions" sent to that address. And I assume I would need an app or some other way to use the private key when I want to spend the BTC.

One question -- Is there a way to check the balance? Would it be as easy as peasy as just looking at:
http://blockexplorer.com/address/<address>?

[davidpbrown]

it will generate those paper wallet without asking how much I want to put on it? So what amount is associated with those addresses? Clearly I didn't put anything on them. Try it.

I don't need to try it.

your wallet is the privatekey.
..
The balance then is simply the sum of all transactions.

The blockchain that the clients download, is a history of all transactions.. that's why there's a worry about the size of that. The paper wallet doesn't hold an amount, it allows you access to the account - that is, it allows you to action change in that account, which is the same. You then think that you own something called a Bitcoin.. but your don't own some-thing, you own an idea - that idea has value and that idea is money in your account. Money is an idea, a confidence that tomorrow you can spend what you have today... it's simply a medium that people agree on exchanging.. and that then communicate wealth. Wealth matters; money does not.

To check your account you can put the public address into https://blockchain.info/
Do not ever post your private key to an online website!

Some third party sites will store the private key for you; you will have a public address and a more traditional password - Andriod blockchain.info app does that - but that's not as secure because you are trusting that 3rd party.. blockchain.info is probably ok but still not as secure as d.i.y.

[cypherdoc]

Well bitaddress.org will print the address with the art. But how to transfer BTC to that location is something I do not understand.

Let me put it in other words, when ones goes to bitaddress.org in the print wallet section -- it will generate those paper wallet without asking how much I want to put on it? So what amount is associated with those addresses? Clearly I didn't put anything on them. Try it.

I don't see the problem, go on bitaddress.org and ta-dah, you will automatically have your paper wallet, print it and that is done.

The rest of the tutorial is about spending them with a smartphone.

when you go to bitaddress.org you will automatically generate a key pair.  example:

Bitcoin address:  1HSLPBjJ6UF9hPKmWNtQ3drZgUECZukUxa

private key:  5JZ74h718stdbnDz5Db3Vxksot4MfVfWHccbp3y6Wo6gt2WA4Ph

Of note is the fact that the Bitcoin address is a double hash of the public key, which you really don't need to know from a user's standpoint.

paste the Bitcoin address into your online wallet (blockchain i assume?) and hit send.  make sure you save the private key somewhere safe as that will be needed to access your coins from the Bitcoin address.

edit:  you should ideally generate the key pair from a computer that is not connected to the internet.  you'd do that by going to bitaddress.org and unplugging your ethernet cord from the wall before generating the keypair.  even this won't protect you from preloaded malware.

[Gabi]

Please learn how bitcoin works before trying to transfer bitcoins and risk to lose everything.

[kik1977]

I personally use Blockchain.info which had a very straightforward process to create a paper wallet. But just this morning I bumped into this: https://bitcoinpaperwallet.com/
I haven't tried it so I cannot guarantee, but from the video tutorial it seems quite easy.
Hope it can help.

[pcannon]

it will generate those paper wallet without asking how much I want to put on it? So what amount is associated with those addresses? Clearly I didn't put anything on them. Try it.

I don't need to try it.

This was not for you. It was for another poster.

your wallet is the privatekey.
..
The balance then is simply the sum of all transactions.

The blockchain that the clients download, is a history of all transactions.. that's why there's a worry about the size of that. The paper wallet doesn't hold an amount, it allows you access to the account - that is, it allows you to action change in that account, which is the same. You then think that you own something called a Bitcoin.. but your don't own some-thing, you own an idea - that idea has value and that idea is money in your account. Money is an idea, a confidence that tomorrow you can spend what you have today... it's simply a medium that people agree on exchanging.. and that then communicate wealth. Wealth matters; money does not.

To check your account you can put the public address into https://blockchain.info/
Do not ever post your private key to an online website!

Some third party sites will store the private key for you; you will have a public address and a more traditional password - Andriod blockchain.info app does that - but that's not as secure because you are trusting that 3rd party.. blockchain.info is probably ok but still not as secure as d.i.y.

Of course. This is like "open sesame" situation. Any body who knows how to access it, can spend (or put) BTC on it. Thanks.

[pcannon]

Please learn how bitcoin works before trying to transfer bitcoins and risk to lose everything.

Thanks for your concern. Don't worry about me I am fine. And I promise, I won't bother you if when I lose everything.

[pcannon]

Well bitaddress.org will print the address with the art. But how to transfer BTC to that location is something I do not understand.

Let me put it in other words, when ones goes to bitaddress.org in the print wallet section -- it will generate those paper wallet without asking how much I want to put on it? So what amount is associated with those addresses? Clearly I didn't put anything on them. Try it.

I don't see the problem, go on bitaddress.org and ta-dah, you will automatically have your paper wallet, print it and that is done.

The rest of the tutorial is about spending them with a smartphone.

when you go to bitaddress.org you will automatically generate a key pair.  example:

Bitcoin address:  1HSLPBjJ6UF9hPKmWNtQ3drZgUECZukUxa

private key:  5JZ74h718stdbnDz5Db3Vxksot4MfVfWHccbp3y6Wo6gt2WA4Ph

Of note is the fact that the Bitcoin address is a double hash of the public key, which you really don't need to know from a user's standpoint.

paste the Bitcoin address into your online wallet (blockchain i assume?) and hit send.  make sure you save the private key somewhere safe as that will be needed to access your coins from the Bitcoin address.

edit:  you should ideally generate the key pair from a computer that is not connected to the internet.  you'd do that by going to bitaddress.org and unplugging your ethernet cord from the wall before generating the keypair.  even this won't protect you from preloaded malware.

Thanks. This helps me in understanding whats going on -- and yup, I got the security concerns. I work in the IT sector, so I have a pre-planned protocol for printing off-line with other precautions ... but I have learned in last 17 yrs is nothing is 100% safe.

[FinShaggy]

I don't understand paper wallets.

[pcannon]

I personally use Blockchain.info which had a very straightforward process to create a paper wallet. But just this morning I bumped into this: https://bitcoinpaperwallet.com/
I haven't tried it so I cannot guarantee, but from the video tutorial it seems quite easy.
Hope it can help.

Yes I saw this just minutes before posting this. I liked the video and the effort this guy has put it into the art (didn't care much about the back-ground music). Everything was fine, except they missed an obvious step in video, how to load the paper wallet -- which turns out is straight-forward.

[Gabi]

As i said, learn how bitcoin works.

You will "load" it exactly like you send bitcoins to any other address. It IS an address.