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Author Topic: Private / Public, buying a coin or paper wallet  (Read 851 times)
David-M (OP)
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August 28, 2013, 09:07:28 AM
 #1

Maybe a silly question- but when buying/selling a coin or paper wallet 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

Rannasha
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August 28, 2013, 09:15:12 AM
 #2

Maybe a silly question- but when buying/selling a coin or paper wallet 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

You have to trust the issuer of the coin / paper wallet to provide a valid private key that matches the public address.

Or make the paper wallet (or coin) yourself.
Bitalo_Maciej
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August 28, 2013, 11:58:21 AM
 #3

You can "sweep" the funds from the private key on the spot. By "sweeping" I mean send the Bitcoins to an address that you generated private key for. If that succeeds then you can be sure that the funds are yours and you weren't scammed.

Web wallets get hacked all the time. Computer wallets get hacked all the time as well.
Solution? Hybrid P2SH wallets - safer than your online and offline wallets combined. Check it out, store and trade your Bitcoins with ease of mind!
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