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tclo (OP)
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August 14, 2013, 12:36:55 AM |
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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..
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"You Asked For Change, We Gave You Coins" -- casascius
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Kris
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August 14, 2013, 12:50:43 AM |
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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.
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Plazmotech
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August 14, 2013, 07:54:25 AM |
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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.
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tclo (OP)
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August 14, 2013, 10:10:46 AM |
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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.
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tclo (OP)
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August 14, 2013, 10:26:12 AM |
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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.
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Raoul Duke
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August 14, 2013, 10:29:18 AM |
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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. |
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Kris
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August 14, 2013, 10:35:45 AM |
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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 ? |
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Abdussamad
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August 14, 2013, 10:56:15 AM |
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@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. |
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Kris
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August 14, 2013, 11:08:03 AM |
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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. |
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westkybitcoins
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Firstbits: Compromised. Thanks, Android!
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August 14, 2013, 02:41:15 PM |
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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. |
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... ... In the future, books that summarize the history of money will have a line that says, “and then came bitcoin.” It is the economic singularity. And we are living in it now. - Ryan Dickherber... ... ATTENTION BFL MINING NEWBS: Just got your Jalapenos in? Wondering how to get the most value for the least hassle? Give BitMinter a try! It's a smaller pool with a fair & low-fee payment method, lots of statistical feedback, and it's easier than EasyMiner! (Yes, we want your hashing power, but seriously, it IS the easiest pool to use! Sign up in seconds to try it!)... ... The idea that deflation causes hoarding (to any problematic degree) is a lie used to justify theft of value from your savings.
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canton
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August 26, 2013, 04:02:45 AM |
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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. |
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Kyle91
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August 26, 2013, 06:09:22 AM |
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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 |
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Its About Sharing
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August 26, 2013, 07:09:55 AM |
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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 |
BTC = Black Swan.
BTC = Antifragile - "Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty. Robust is not the opposite of fragile.
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canton
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August 26, 2013, 08:12:17 PM |
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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?) |
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jackjack
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May Bitcoin be touched by his Noodly Appendage
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August 26, 2013, 09:30:29 PM
Last edit: August 27, 2013, 02:39:01 PM by jackjack |
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trusted
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Good one  |
Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2 Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc. |
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Boussac
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August 27, 2013, 12:13:40 PM |
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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. |
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kik1977
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August 27, 2013, 01:12:22 PM |
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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! |
We are like butterflies who flutter for a day and think it is forever
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Kyle91
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August 27, 2013, 02:06:17 PM |
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trusted
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Good one   |
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Boussac
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August 27, 2013, 03:44:11 PM |
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Yes I have read about it since I am selling casascius coins on microbitcoin.frTamperevident 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. |
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David-M
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August 27, 2013, 04:28:49 PM
Last edit: August 27, 2013, 04:42:37 PM by David-M |
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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
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