Private Keys

[TraceyAcomb]

My dad has held a small amount of Bitcoin on a paper wallet for many years as an investment. I told him about all the forks going on and he’s asked my to try and cash out things like Bitcoin Gold etc.

It’s fairly easy to do without Coinomi and Electrum so I’ve got Bitcoin cash and gold covered by sweeping the private keys.

However, I need confirmation of what I think is the answer for things like Bitcoin diamond. Ideally I don’t want to set up a new paper wallet and move funds. If I use BitPie to IMPORT the private keys I get a bitcoin balance on the original paper wallet and BitPie. I can then claim the forked coins from here whilst still being able to use the private key for the paper wallet at dimension later date. As long as I don’t sweep the key or send the bitcoins anywhere I’m still good?

[Newboybb]

No, you need to move your bitcoins to another address, then transfer the bitcoins back to the original address after you get the fork, which doesn't guarantee the security of your private key.

[TraceyAcomb]

What’s the need to move them? Once I send from the paper wallet I can never use it again. Importing the keys should give a balance in both wallets and since my dad and me control both security issues are minimalised.

[yashjaat]

In cryptography, a private key (secret key) is a variable that is used with an algorithm to encrypt and decrypt code. Quality encryption always follows a fundamental rule: the algorithm doesn't need to be kept secret, but the key does. Private keys play important roles in both symmetric and asymmetric cryptography.

[franky1]

What’s the need to move them? Once I send from the paper wallet I can never use it again. Importing the keys should give a balance in both wallets and since my dad and me control both security issues are minimalised.

if you just type your dad bitcoin private key into an alternative wallet..
people can then copy that tx of the altcoin.. into bitcoin whereby. your dad no longer has the bitcoin in his old paper wallet.

exchanges own the privkey of the destination altcoin.
meaning they too own/know the privkey to the bitcoin equivalent address.. as its all the same

so sending a bitcoin gold tx is the same as sending a bitcoin tx. whereby the exchange has both the gold and bitcoin privkeys for the deposit. and so can receive your dads bitcoin even if you only desired to get the altcoin

meaning while you are moving the altcoin. they can immorally move your dads bitcoin if you just push a tx from his old paper wallet key via an alt.

so it is best to move the bitcoin to a fresh address you independently own(new paper wallet) and keep your bitcoin away from the exchange knowing its safe now on a fresh address the exchange cant touch

and then use the old paper wallet privkey to move the altcoins within the exchange

[BrewMaster]

if you just type your dad bitcoin private key into an alternative wallet..
people can then copy that tx of the altcoin.. into bitcoin whereby. your dad no longer has the bitcoin in his old paper wallet.

only if these altcoins didn't have replay protection which it seems like they all have implemented it. so copy of the tx won't work in bitcoin.

his bitcoin will stay safe but he should consider the private key compromised since he has used it, specially if he is using it on an online machine and on these unknown altcoins with shady devs.

[franky1]

if you just type your dad bitcoin private key into an alternative wallet..
people can then copy that tx of the altcoin.. into bitcoin whereby. your dad no longer has the bitcoin in his old paper wallet.

only if these altcoins didn't have replay protection which it seems like they all have implemented it. so copy of the tx won't work in bitcoin.

the alts MAY have it.

whats best is assurance..
if your moving coins. unless you have read the code itself. dont automatically think your protected because the forker said so.
bitcoin is about being in control of your own security and funds, not trusting others. so its best to be safe, then risk it on trust


just move your bitcoins to a new paper wallet not to a service that holds the keys. then your bitcoins are independently safe in a new home that no one else can touch..

then feel free to use that old redundant bitcoin paper wallet on the alts knowing it wont harm your bitcoins because your bitcoins are no longer at that old address, thus nothing to move even if they tried to replay the alt tx on the btc network

[TraceyAcomb]

if you just type your dad bitcoin private key into an alternative wallet..
people can then copy that tx of the altcoin.. into bitcoin whereby. your dad no longer has the bitcoin in his old paper wallet.

only if these altcoins didn't have replay protection which it seems like they all have implemented it. so copy of the tx won't work in bitcoin.

his bitcoin will stay safe but he should consider the private key compromised since he has used it, specially if he is using it on an online machine and on these unknown altcoins with shady devs.

This was my thought. The original bitcoins are fine although I’m trusting BitPie to not compromise the private key in anyway. The safest method is to obviously create and move the original bitcoins but he wanted to keep the old paper wallet. It seems to all come down to trusting the online wallet not to broadcast or compromise the private key.

[BrewMaster]

if you just type your dad bitcoin private key into an alternative wallet..
people can then copy that tx of the altcoin.. into bitcoin whereby. your dad no longer has the bitcoin in his old paper wallet.

only if these altcoins didn't have replay protection which it seems like they all have implemented it. so copy of the tx won't work in bitcoin.

his bitcoin will stay safe but he should consider the private key compromised since he has used it, specially if he is using it on an online machine and on these unknown altcoins with shady devs.

This was my thought. The original bitcoins are fine although I’m trusting BitPie to not compromise the private key in anyway. The safest method is to obviously create and move the original bitcoins but he wanted to keep the old paper wallet. It seems to all come down to trusting the online wallet not to broadcast or compromise the private key.

since all of these new useless altcoins are based on bitcoin core you can always use the offline signing method described for that client in a similar way for these altcoin clients.
http://people.xiph.org/~greg/signdemo.txt
https://bitcoin.org/en/developer-examples#offline-signing
that way you never expose your private keys at all.

but also franky1 had a good point in the second comment, if you haven't already read it then scroll up and read again.

[mangkanor]

Thats very risky move BTC moving from wallet to wallet will give you more chance to be in a great danger why you will need these forked coins?they are mostly just a coin worth hundred dollars??

[TraceyAcomb]

Thats very risky move BTC moving from wallet to wallet will give you more chance to be in a great danger why you will need these forked coins?they are mostly just a coin worth hundred dollars??

$100 is better than $0. Just want to safely claim and cash them in without risking the original investment. I agree they are shit coins with no potential but ignition someone walks up to you offering free money you don’t turn it down!