Original Topic: Importing Vs Sweeping Private Keys; What you need to know.Author: logfiles
Some people no too know of sweeping and importing and when them suppose import or export their private keys. So I con decide say make i talk about this topic oo I go explain wetin these two things be and wetin fit make person do one or another.
IMPORTING A PRIVATE KEY
Private key wey you wan import from wallet wey dey online or software or paper wallet go another software wallet like Electrum, Armory, Mycelium or Coinomi mean say you dey move that private key go new wallet wey get existing collections of keys.
For this case, if any coins dey the address before you import em private key, dey go fit see am and access am from both the old wallet wey dey been export the keys from and the new wallets wey them import the keys to.
After dey don import am,the new software wallet go be the same or e go be the copy of your original wallet.
PROS • E dey quick, the whole process to export and import the wallet dey fit do am in a very short time if person knows
wetin he dey do.
• E no need fees at all as e no dey involve any form of transactions
CONS • If dey compromise the original wallet paper keys or if another person get copy of the paper wallet's private keys , e mean say s/he fit dey spend your coins even after you don import am go new wallet.
• E go distorts your new backup wallets especially with
Deterministic wallets (
wallets were dey use seed phrases to take restore the addresses wey dey like electrum). E mean say after every private keys wey you import, you go need to do backup procedure.
CAUTION⚠️Once wen you don import private key of your paper wallet go new software wallet, e dey important say make you back am up immediately even if no plan to use the new software wallet/hot wallet for a long time.
This na because if you wan make Bitcoin transactions, even if na small amount, the go spend the whole Bitcoin amount and they go send the change back to your wallet but na to the one of new addresses and no be the original paper wallet wey you import.
E mean say you don import private key of your paper wallet wey get some Bitcoins say 10 BTC go new software wallet. After that one you go con do online shopping con decide say you wan spend 2 BTC. Wetin you need know be say even if you wan only 2 BTC ,the whole 10 BTC wey dey your address na e dey go spend when you dey do your BTC transactions and the change (for this matter now 8 BTC) dey go send am back to your new address wey get different PK but na the same wallet.
This one go make the original address (paper wallet )empty. Therefore, if you delete the software wallet (hot wallet) wey you no back am up. E mean say you go lose all your BTC wey you been send go the new address because you no go get any other way to take recover the wallet.
SOLUTION TO AVOID LOSING COINS- Back up the new wallet as soon as you don finish to dey import.
- Make you resend the change go back paper wallet before you delete the software wallet (but for his case your privacy go dey compromised). The better advice na to send am go new paper waller address.
Note: Consider this warning well well if you wan make transactions from your new software wallet and you plan to use the paper wallet storage method after or you dey try lose your Bitcoin.SWEEPING PRIVATE KEYS
When you dey sweep a paper wallet or private key go software wallet, you dey create new transactions go public address wey go empty your original wallet e mean say paper wallet.
E mean say after the sweeping process, dey go send your coins go new public address for your software wallet wey go con get new private key wey dey stored for encrypted form for your device.
As e dey like say you dey make transaction for the blockchain go new address, dey go commot transportation fee from your whole balance and the rest of the amount dey go your wallet.
Also, unlike wen dey don import am after any sweep ,dey go fit see and access your coins only from your new wallets wey you don already sweep your private keys.
PROS • Your new wallet recovery seeds no go fit break because say the sweeping procedure mean say you fit easily recover your wallet if you use the seed phrases wey you use take create am without any stress .
• E de safe in case say your original paper wallet dey compromised. New wallet address after you sweep am mean say as at that time na only you know your private keys.
CONS • You go need pay your transaction fee make you fit do this procedures.
• You go need wait make Dem confirm the transactions make the whole process for fit dey complete... E fit dey slow because of network and fees.
WHEN TO SWEEP OR IMPORT PRIVATE KEYS
• E dey very importance say make you import your private keys when na ONLY you know am.
• If you get feeling say your private keys don leak or say another person don copy am. The best thing to do is to sweep your wallet
• You fit also sweep your private keys if you wan take your coins go new address and destroy the paper wallet.
•Also e dey important to know say if you dey receive periodic payments for your old paper wallet before you sweep am , the payment go still continue to dey go old address no be the new wallet address . This one mean say you go either dey manually re-send the coins go new wallet or you go just change the periodic payments details go your new wallet public address. Incase say Dem never compromise your private keys before. To dey import your wallet na one of the most reasonable things to do for here.
SWEEPING? WHY NOT JUST SEND MY COINS TO A NEW ADDRESS I OWN?
Sweeping and sending na actually the same thing, the only difference say with sweeping, you dey make transactions wey go sometimes involve small small inputs .
This na because certain wallets dey generate so many addresses for security and privacy sake so that dey no go fit easily track your transactions and expenditures. So as time dey go your different address fit get different small coins wey we no fit spend (balances).
E fit dey challenging to dey send am go your new wallet address and sometimes e fit even dey impossible but with sweeping, you fit send am easily all your small small coins wey you no spend go go new wallet address and e no go de stressful.
WALLETS WEY DEY SUPPORT IMPORTING AND SWEEPING
• Ledger Nano S
• Trezor
• Exodus
• Bitcoin Core
• Electrum
• Jaxx’s Chrome Extension
• Mycelium
• Coinomi
• MyEtherWallet
• MetaMask
• Coinomi
• Mycelium
• Armory
UPDATE* Caution section added thanks to
LoyceV* Russian Translation by
madnessteat ➖
Импopт или cвипинг пpивaтныx ключeй* Indonesian Translation by
ryzaadit ➖
[EDUKASI] Importing Private Key vs Sweeping Private Key | Mana yang lebih baik?Any other possible additions and suggestions dey welcome,
Thank you.
Sources and Reference:
-
Private Keys: Import vs. Sweep-
Highlighting The Difference Between Sweeping & Importing Private Keys-
Sweep VS Send?-
Bitcoin Wiki
