MtGox adds redeemer for private keys including Casascius Physical Bitcoins

[casascius]

I'm pleased to be able to report that MagicalTux has just added the ability to redeem Bitcoin private keys on MtGox.

Simply go to the "Add Funds" screen.  There is a new choice: "Redeem Private Key".  There are sub-choices for full length private keys versus the ones used on Casascius coins.

When you enter a code, it is treated as a new deposit to your account (including you must wait for six confirmations).

MagicalTux says that when you redeem a code, MtGox keeps the private key and will auto-sweep any future funds sent to that key into your MtGox account.

I did a quick test, tearing open one of my coins.  For the time being, the only immediate response is "Sending code...", the balance of the coin is not shown on the screen, possibly until the six confirmations are received.  However I could see that the coin balance got swept by checking the unconfirmed transactions list at bitcoincharts.

Round of applause for MagicalTux for these and the other newly released features on MtGox.

[Yankee (BitInstant)]

GREAT JOB!

Will add some nice liquidity + boost your sales

I'm thinking of buying a few of your Casascius Physical Bitcoins as gifts now. Maybe for the future you can add like a 'How to Redeem' for newbies instructions using MtGox.

Charlie

[payb.tc]

hmmm more ways to put money into gox.

if i weren't having trouble getting money out of gox, i'd find this really handy.

well, hopefully it sets the scene for more websites to do something similar.

good stuff.

[worldinacoin]

This is great!  Another venue to get hold of these lovely coins!

[Yankee (BitInstant)]

if i weren't having trouble getting money out of gox, i'd find this really handy.

We're working on that right now 
Soon, we'll have instant withdrawals in addition to our current instant deposits. Supporting 5 bitcoin exchanges.
Will keep ya updated

BitInstant.com

[BkkCoins]

So am I right in thinking this allows using bitaddress.org to print a paper wallet.

Then do some transactions receiving BTC and then easily dump the balance into MtGox?

All without the vulnerability of wallet.dat being hacked or needing to use a client or download the block chain? This seems like a nice way for lightweight Bitcoin users to get going quickly.

[casascius]

So am I right in thinking this allows using bitaddress.org to print a paper wallet.

Then do some transactions receiving BTC and then easily dump the balance into MtGox?

All without the vulnerability of wallet.dat being hacked or needing to use a client or download the block chain? This seems like a nice way for lightweight Bitcoin users to get going quickly.

YES.  In my ideal vision of Bitcoin, the average unbanked (and computer illiterate) Joe should be able to use bitcoins without needing to run software or download a block chain.  Joe should be able to think of paper wallets much the same as gift cards.

[Tonka Branded Truck]

This is so awesome!! Glad you're doing strong work.

[Cryptoman]

I tried it too and still have the "Sending code..." message at the top of the screen.  I sent some coins to the address, so we'll see what happens.

[2112]

I did a quick test, tearing open one of my coins.

How much do you charge for a "circulated physical bitcoin"? I mean a complete used coin, that was loaded, tamper-evident seal torn off, bitcoin then spent. Something of numismatic quality "very fine grade circulated", I guess the seal will be evidently damaged, but still recognizable and 100% readable, maybe glued back to a piece of transparent plastic?

Terms: payment in USPS money order, shipment 1st class contiguous states.

Thanks.

[Cryptoman]

8 confirmations and no joy.    


EDIT: So what's the easiest way to import a private key to gain control over my missing coins?

[BurtW]

I use StrongCoin.com because all private key math is done on my computer in Javascript and not on the server.  The server only keeps encrypted versions of the private keys so the server (and server owner) does not have access to the Bitcoins.

[casascius]

Hopefully the sweepprivkey proposal will become more of a reality than a proposal, and then every website that accepts Bitcoins can be easily made to also accept Bitcoin deposits directly.

[MagicalTux]

We have fixed the bug with the "sending code" message remaining.

Please also make sure you did not make any mistake when writing the private key (it'll show you any bitcoin that was swept).

[mndrix]

We have fixed the bug with the "sending code" message remaining.

It looks like a new bug has been introduced.  On the page for redeeming private keys, there are two options labeled "Standard private key". It looks like this:

[Cryptoman]

OK, so I tried entering the private address again and got a message:

Private address added to your virtual wallet with address 1xxxxx......

This has me a little confused.  I originally generated the keypair using bitaddress.org.  It provided me with both a Bitcoin address and a private key.  Mt Gox doesn't have the public key from this keypair, so they cannot generate a corresponding address.  The address they gave me is not the correct one for the original keypair, of course.  What does this new address do, specifically?  Why do I need another address if I still have the original?  Does Mt Gox now own my private key, and should I no longer use the associated address?  The balance from the imported key still hasn't shown up in my account.

[nhodges]

Does it support sending back out via that private key? That would be awesome.

[casascius]

Does it support sending back out via that private key? That would be awesome.

You wouldn't want this.  It has non-ideal security implications.  If you want to stay safe, don't re-use private keys once you've typed them into a website.  Use a new one.

[BurtW]

Of course it supports it all you have to do is tell Mt Gox to send Bitcoins to the corresponding public key, however since you have imported the private key into your Mt Gox account the coins would just be sent from your Mt Gox account back into your Mt Gox account, unless I am missing something in your question.

[andrewbadr]

Great work! I'm handing out some of my casascius coins to friends, and having this feature will make the explanation a lot easier.