Paper wallet questions

[tclo]

Ok I have been into bitcoin for about 4 months now and very comfortable with all of the major exchanges and moving BTC around all over the place and using blockchain.info, multibit, electrum, etc.

But one thing I hadn't done is create a paper wallet and put any BTC into "cold storage".  I thought that the BTC price was going to continue to drop, so I didn't want to hold any long-term.  But now that the chart is looking more favorable (to my eyes at least), I figure I will start to save some in a paper wallet and put it in a safe place.  I've enjoyed reading about all the different solutions that everyone on here uses.

So I've read up on it and created the address and private key at bitaddress.org and printed out the wallet and sent .05 BTC to the address on it for testing purposes.  I am using blockchain.info in "Watch Only" mode for this address.

So my 1st question is whether or not it is even wise to use the address online like I'm doing to watch it on the blockchain info site?

And 2nd question is to move or spend these coins eventually, is it correct that I just import the private key into Blockchain and then I'll be able to spend the BTC in my paper wallet?

And it's my understanding that once you import the private key anywhere, you should not use that wallet any longer and should spend all the coins or transfer them elsewhere..is that correct?

Ok sorry for the basic questions but I figure some others could benefit from the answers as well.  I'm going to play around with a couple more paper wallets with very low amounts of BTC and try to learn the ropes before I put anything sizable in them.  Thanks in advance for the help..

[Kris]

1. I do not see a "security issue" with monitoring the public key/address, you will have to deposit to this key or have people deposit to this key anyhow, hence making it well public.
2. Correct, any service providing import of private keys can be used to import your funds from the paper wallet. However be sure that you import the whole balance from the paper wallet, and generate a new one when needed.

[Plazmotech]

As far as I can see, the only security issue would be if your Blockchain.info wallet was compromised, one could see what address you own.

And still, the only "security" that is lost is anonymity.

[tclo]

Ok thanks for the information...it sounds fairly straightforward and will test out my paper wallet and then make a proper one.

I also enjoy geocaching and I think I will print out and fund some small wallets and put them in some geocaches and turn some more people onto bitcoin.

[tclo]

And another question...wouldn't it make sense to keep your private key separate from the BTC address that it is associated with?    If someone found both, they could drain your account but if all they have is the Private Key, it doesn't seem like they could do anything with it.

[Raoul Duke]

And another question...wouldn't it make sense to keep your private key separate from the BTC address that it is associated with?    If someone found both, they could drain your account but if all they have is the Private Key, it doesn't seem like they could do anything with it.

If they have the private key they can do EVERYTHING with it.

[Kris]

I also enjoy geocaching and I think I will print out and fund some small wallets and put them in some geocaches and turn some more people onto bitcoin.

This sounds like a great idea! do me a favor and print some out from your BIPS account as well. They look like this:



You might also want to place them in a zip bag.

And another question...wouldn't it make sense to keep your private key separate from the BTC address that it is associated with?    If someone found both, they could drain your account but if all they have is the Private Key, it doesn't seem like they could do anything with it.

I am sure you mean public key in the last sentence, correct ?

[Abdussamad]

@OP please go through this article about the basics behind bitcoin before you end up loosing money:

http://bitcoinspakistan.com/blog/private-key-public-key-bitcoin-address-and-the-blockchain/

Bottom line is that the private key is THE key to spending your coins. The public key and address are not private information and can be safely revealed  to the world.

Also when you want to spend the coins DO NOT import the private key into your existing wallet. Instead create a new wallet, import the private key and spend the coins. Then NEVER use that wallet again.

[Kris]

Also when you want to spend the coins DO NOT import the private key into your existing wallet. Instead create a new wallet, import the private key and spend the coins. Then NEVER use that wallet again.

+1

Or use a trusted online service to perform this task.

[westkybitcoins]

And another question...wouldn't it make sense to keep your private key separate from the BTC address that it is associated with?    If someone found both, they could drain your account but if all they have is the Private Key, it doesn't seem like they could do anything with it.

This is incorrect.

The address you can give out without losing coins; at most, if a malicious entity got ahold of it, you would simply lose privacy.

With the private key, a little math is all it takes to get the address as well, not that they'd really need it. If someone gets ahold of the private key, they get everything.

[canton]

This sounds like a great idea! do me a favor and print some out from your BIPS account as well.

For those who are curious, that wallet design is from http://bitcoinpaperwallet.com -- and you can order properly-sized ziplock bags for geocaching etc. on the same site.

[Kyle91]

Also when you want to spend the coins DO NOT import the private key into your existing wallet. Instead create a new wallet, import the private key and spend the coins. Then NEVER use that wallet again.

+1

Or use a trusted online service to perform this task.

online services always seem to fuck up, not sure about that

[Its About Sharing]

This sounds like a great idea! do me a favor and print some out from your BIPS account as well.

For those who are curious, that wallet design is from http://bitcoinpaperwallet.com -- and you can order properly-sized ziplock bags for geocaching etc. on the same site.

Hey Canton,

Any suggestions for buying paper that will last? Also, anyone try laminating theirs or is that not a good idea?

Thx,
IAS

[canton]

Any suggestions for buying paper that will last? Also, anyone try laminating theirs or is that not a good idea?

I think laminating *should* be fine, and especially will improve inkjet longevity.

Also look into synthetic waterproof tear-proof papers, e.g. "Teslin". These can even make inkjet prints waterproof. However as these are polyester, perhaps they should not be laminated. (Melt?)

[jackjack]

trusted

online service

Good one

[Boussac]

For those who are curious, that wallet design is from http://bitcoinpaperwallet.com -- and you can order properly-sized ziplock bags for geocaching etc. on the same site.

Great work: I just ordered some tamperevident stickers.

[kik1977]

For those who are curious, that wallet design is from http://bitcoinpaperwallet.com -- and you can order properly-sized ziplock bags for geocaching etc. on the same site.

Great work: I just ordered some tamperevident stickers.

Smart move! But please don't assume and take for granted the paper wallet is now safe. It is difficult but still possible to remove the tamperevident stickers, read the privkey, and seal it again if you have physical access to the wallet (http://casascius.wordpress.com/2013/08/04/defcon-21-successful-compromise-of-the-hologram-reported/).
Just a reminder but I am sure you've already thought about it! 

Actually I am using a paper wallet generated offline using bitaddress.org and I have wrapped it with transparent tape. I can easily scan the address with a QR reader but it's almost impossible to open it to read the privkey without being detected. I also keep it in a ziplog bag.
The only big threat I see is still a thief.. hopefully my safe is strong enough!

[Kyle91]

trusted

online service

Good one

[Boussac]

It is difficult but still possible to remove the tamperevident stickers, read the privkey, and seal it again if you have physical access to the wallet (http://casascius.wordpress.com/2013/08/04/defcon-21-successful-compromise-of-the-hologram-reported/).
Just a reminder but I am sure you've already thought about it!

Yes I have read about it since I am selling casascius coins on microbitcoin.fr

Tamperevident stickers were never thought of as bulletproof in the first place.
Difficult is good enough as long as the physical coins are used as cold storage or collectors items or as a way to send coins to a newbie.
Collectors items can be tracked.

I never thouhgt physical coins would be used in my local fish market as medium of exchange.

[David-M]

Maybe a silly question- but when selling a coin with a private/public key on it, you
1) check the balance via the public key
2) transact
3) store or import the private key to an online or mobile wallet and send the full amount to a new address.

But what if public key used isn't the one for that private key?

David