Help needed to spend from paper wallet

[timybonk]

Long time ago i aggregated my BTC to one single address in paper wallet holding approx 0.7 BTC.

I need to spend 0.0005 and 0.002 BTC to two separate addresses can this be done in one transaction.

After spending i need my remainig change to return to same paper wallet.

Is it anyway possible. If yes then how.

[ABCbits]

1. All you need to do are import the private key from your paper wallet to your Bitcoin wallet.
2. It's possible to send Bitcoin to multiple address in a transaction.
3. While you can send remaining Bitcoin to same address on your paper wallet, it's strongly not recommended to do it due to privacy and security concern.

[timybonk]

1. All you need to do are import the private key from your paper wallet to your Bitcoin wallet.
2. It's possible to send Bitcoin to multiple address in a transaction.
3. While you can send remaining Bitcoin to same address on your paper wallet, it's strongly not recommended to do it due to privacy and security concern.

How to send to multiple address in one transaction.

And under current situation privacy is not my concern. How to send remaining bitcoins to same address as paper wallet.

[Artemis3]

1. All you need to do are import the private key from your paper wallet to your Bitcoin wallet.
2. It's possible to send Bitcoin to multiple address in a transaction.
3. While you can send remaining Bitcoin to same address on your paper wallet, it's strongly not recommended to do it due to privacy and security concern.

How to send to multiple address in one transaction.

And under current situation privacy is not my concern. How to send remaining bitcoins to same address as paper wallet.

No, you do this with two transactions. But they will register in the blockchain as coming from the same address so you shouldn't worry.

What you don't spend remains in there, i don't see the point of this "returning part".

[timybonk]

No, you do this with two transactions. But they will register in the blockchain as coming from the same address so you shouldn't worry.

What you don't spend remains in there, i don't see the point of this "returning part".

this is my first time every spending BTC.

I thought the remaining change gets transfer to different address in wallet. I just dont want to create another paper wallet cause this paper wallet is secured in many different places. I just want to keep on using this wallet.

[jackg]

Which wallet are you using?
I'd recommend making a new paper wallet and sending the remainder of your funds to that.

Can you not buy 0.0007 btc instead so you don't have to risk your 0.7?

[timybonk]

Which wallet are you using?

Bitcoin core wallet.

I'd recommend making a new paper wallet and sending the remainder of your funds to that.

I dont want to create another paper wallet as this paper wallet is secured in different places.

Can you not buy 0.0007 btc instead so you don't have to risk your 0.7?

that would be 0.0025 BTC

[gentlemand]

If you have an Android device you could use the Mycelium cold storage spend feature. The change goes back to the original address. I've used it a few times without any problems. Exposing your private key through the camera is not ideal if you continue to use the paper wallet but Mycelium supposedly immediately wipes itself.

[timerland]

This is pretty easy if your paper wallet is just the private key to a single BTC address that has all your BTC in it. Here are some steps.

1. Download Electrum (this is the wallet I use to send multiple transactions, but other ones work as well).
2. Import your private key when you are making a new wallet.
3. When sending a transaction, after the first address, add a comma and the amount you'd like to send, and then add the second line with the same features (below is an example of the formatting)

[first address], 0.002
[second address], 0.0005

When you click send, it should add up the total amount, and then it'll be sent.

[pooya87]

How to send to multiple address in one transaction.

Bitcoin core wallet.

in your "Send" tab where you are filling the information of the "recipient" there is a little button at the bottom called "Add Recipient", when you click it, it adds a new set of fields to be filled for the other "recipients". click it as many times as you want and fill them with the required information.
to send the change to the same address you can click that button one more time and set the remaining coins minus the fees to go to that address.

[bob123]

What you don't spend remains in there, i don't see the point of this "returning part".

He is referring to the change.

You can't just send as much as you want. You can only consume complete UTXO's.
A standard transactions has 1 input and 2 outputs.

And in OP's case it would be 1/2/3 inputs (depending on the UTXO's) and 3 outputs (0.002, 0.0005 and the change).


@OP
The easiest way would probably to use electrum.
Make sure to download it ONLY from https://electrum.org/. And preferably verify the signature, there is a small guide on electrum.org.

Afterwards create a new wallet by importing the private key.
Then in the menu, click 'Tools -> Pay to many'.
Enter the two addresses you want to send the funds to, with the proper amount as mentioned in the pop-up, adjust the fee.

-> Click on 'Preview' and check the outputs.
You should have 3 outputs (The 2 you want to send funds to, and one should be the same address as the one you are sending from with the amount of [BalanceOfInput - output1 - output2 - fee]).

If everything is correct -> sign -> broadcast.

[Artemis3]

What you don't spend remains in there, i don't see the point of this "returning part".

He is referring to the change.

You can't just send as much as you want. You can only consume complete UTXO's.
A standard transactions has 1 input and 2 outputs.

And in OP's case it would be 1/2/3 inputs (depending on the UTXO's) and 3 outputs (0.002, 0.0005 and the change).

I stand corrected, very good information. I normally don't re-use paper wallets so i didn't think about the change going elsewhere...

Personally i don't like them (paper wallets), I'd rather switch to seed phrases, as explained in the Bitcoin wiki. Besides its unsafe to reuse the same address.

A paper wallet is the name given to an obsolete and unsafe method of storing bitcoin which was popular between 2011 and 2016. It works by having a single private key and bitcoin address, usually generated by a website, being printed out onto paper.

This method has a large number of downsides and should not be used.

For storage of bitcoins, a much better way accomplish what paper wallets do is to use seed phrases instead, where the user writes down 12 or 24 random words generated by their wallet.

I know the op doesn't want to bother securing it again, but think about it. What is that security worth when it could be already compromised? Ideally, a private key should never ever be seen by an electronic device.

After importing that paper wallet into Electrum, i would make a new wallet, write down the seed words in the paper that needs to be secured (also manually copied by hand again to store at two physically different places) and transfer all the remaining funds there. (All done from a proper secured os/pc, ie. Tails).

Good tips on doing multiple payments with a single broadcast, but this is still seen as multiple transactions to the blockchain no? Albeit at the same time i reckon.

[timybonk]

My paper wallet was created back in 2014 i forgot about it after the major crash.

Good tips on doing multiple payments with a single broadcast, but this is still seen as multiple transactions to the blockchain no? Albeit at the same time i reckon.

Will i have to pay for multiple transactions fees.

[erikalui]

Will i have to pay for multiple transactions fees.

If you use Electrum, you need to pay only one-time fee (https://electrum.readthedocs.io/en/latest/faq.html#can-i-do-bulk-payments-with-electrum)

You can use 20 sats/byte (as you are sending small amounts) and then use via accelerator to get the transaction confirmed soon.

[Rath_]

You can use 20 sats/byte (as you are sending small amounts) and then use via accelerator to get the transaction confirmed soon.

Instead of recommending a fixed fee, you should explain him how to choose a proper one. @timybonk before sending a transaction in Electrum as others have explained, take a look at this website. Look at the sat/byte parameter. The lower it is, the lower the fee you will pay. If you want to save as much money as possible then you can send a transaction with a 1 sat/byte fee. It should be confirmed within 24 hours.

[HCP]

Good tips on doing multiple payments with a single broadcast, but this is still seen as multiple transactions to the blockchain no? Albeit at the same time i reckon.

No.

It shows as a single transaction, with a single TXID, with a single transaction fee, with multiple outputs... Something a bit like this: https://www.blockchain.com/btc/tx/2dd1a3f30921eff395d06480727b94dac6d7618084a8272d6a060af110d90789

Payments sent to 2 different addresses, with the "change" being returned to the original address.

[bob123]

A paper wallet is the name given to an obsolete and unsafe method of storing bitcoin which was popular between 2011 and 2016. It works by having a single private key and bitcoin address, usually generated by a website, being printed out onto paper.

This method has a large number of downsides and should not be used.

For storage of bitcoins, a much better way accomplish what paper wallets do is to use seed phrases instead, where the user writes down 12 or 24 random words generated by their wallet.

I know the op doesn't want to bother securing it again, but think about it. What is that security worth when it could be already compromised? Ideally, a private key should never ever be seen by an electronic device.
~snip~

Wow.. i do absolutely not agree with the wiki article.
Yes, paper wallets are inconvenient.
Yes, you have to be careful when using paper wallets.

But calling them unsafe and obsolete per se is wrong IMO.


However, i agree with you that one shouldn't continue using the same private key after entering it into an electronic device.


@OP, paper wallets are meant to be cold storage (i.e. never touching online device).
A better alternative would be to create a second paper wallet (if you still want to use them; of course in a safe and secure way) and send the change from your first, to your second one.

[LoyceV]

In addition to what bob123 said already, I would recommend to keep your private key offline.

That means you can import your address into Electrum on an online computer, then create the transaction you want. Keep the raw transaction, and sign it on an offline computer, ideally running from a  Linux LIVE DVD that runs from memory (unplug ethernet and don't enable Wifi), so you can just turn off afterwards without ever going online.
Before signing the transaction, you can use for instance https://coinb.in/#verify to check the transaction and make absolutely sure your change is returned to your own paper wallet.

Note: once your private key has touched an online computer, your paper wallet can no longer be considered cold storage!

I can also recommend to send a small amount (say 0.01 BTC) to a normal Electrum wallet, installed on an online PC, so that in the future you can make small payments without touching your paper wallet.

Note that you also own many different Bitcoin Forkcoins, currently worth a couple hundred dollars. Your current paper wallet can be used to access them later, but before doing anything, make sure to know what you're up against. You wouldn't be the first to lose his Bitcoins while trying to recover a much lower valued Forkcoin.

[timybonk]

Good tips on doing multiple payments with a single broadcast, but this is still seen as multiple transactions to the blockchain no? Albeit at the same time i reckon.

No.

It shows as a single transaction, with a single TXID, with a single transaction fee, with multiple outputs... Something a bit like this: https://www.blockchain.com/btc/tx/2dd1a3f30921eff395d06480727b94dac6d7618084a8272d6a060af110d90789

Payments sent to 2 different addresses, with the "change" being returned to the original address.

Yes this is how i want my transaction to be. I will try using Electrum.

As per the example transaction the fees paid is way too much 0.001 BTC. Do i need to pay high transaction fees?

[Rath_]

As per the example transaction the fees paid is way too much 0.001 BTC. Do i need to pay high transaction fees?

No, you don't have to pay that much. You can change the fee manually in the Send tab. I have already explained it in this post. Setting the fee to 1 sat/byte should get your transaction confirmed within 24 hours. You will pay way less than 0.001 BTC.