Question about paper wallet from new guy

[BillyBobJoe]

I have a question about paper wallets.

While looking into paper wallets I think I have come across conflicting info and now am a bit confused.

At first I was under the impression that when you go to "spend" from the paper wallet you should sweep the entire amount out. Then I started seeing suggestions that when you set it up one should test it to make sure all is good by spending a small amount.

Anybody want to help straighten me out here?

Regards,
BBJ

[1714984196]

1714984196

[CurbsideProphet]

Don't spend it, the purpose is to keep it offline and by spending it you're putting your private key out there.  I wouldn't re-use a paper wallet either, just make another one.

[BillyBobJoe]

Don't spend it, the purpose is to keep it offline and by spending it you're putting your private key out there.  I wouldn't re-use a paper wallet either, just make another one.

Yes, I understand all that. But, at some point in time it will need to come out and be used. Actually in this specific case I am giving my Nephew a paper wallet load with a little BTC for his birthday in hopes of getting him involved. Who knows how long he will be able to sit and look at it, unspent.

Thanks,

[Tirapon]

When you redeem the balance, you'll generally be sweeping the entire amount - then send any excess to a new paper wallet. The only exception I can think of would be if you import the private key from the paper wallet into an Armory wallet for signing transactions offline.

Then I started seeing suggestions that when you set it up one should test it to make sure all is good by spending a small amount.

They probably meant try out the process using a small amount to make sure you understand it, and then repeat using the full amount that you want to save offline.

I'd also suggest making several copies and storing them safely in different places.

[BillyBobJoe]

When you redeem the balance, you'll generally be sweeping the entire amount - then send any excess to a new paper wallet.

Oh. Do you have any input on how to do that? Not sure I know where to start to send the excess?

Thanks,

[jbrnt]

Oh. Do you have any input on how to do that? Not sure I know where to start to send the excess?

You basically create a transaction sending the coins from the paper wallet to two addresses. One of the address is your hot wallet for everyday use and the other address is the new paper wallet.

[BillyBobJoe]

Oh. Do you have any input on how to do that? Not sure I know where to start to send the excess?

You basically create a transaction sending the coins from the paper wallet to two addresses. One of the address is your hot wallet for everyday use and the other address is the new paper wallet.

I will look into the two address option. Never tried that before.
Thank you,
BBJ

[Tirapon]

Which wallet do you use?

[BillyBobJoe]

Which wallet do you use?

I use Multibit, and keep a small amount of BTC at Blockchain.info.

I found that dealing with paper wallets and Multibit is a bit difficult, or so it seems so far.

I did make a paper wallet for a very small amount and was able to import it into Blockchain.

I have installed Electrum, but have found Multibit more to my liking, so far.

[Tirapon]

Blockchain.info is very good in my experience. Just make sure you use a strong password, and don't forget it! Also, back up your wallet identifier. I have one mate who used a terrible password and lost his entire balance, and another who lost his wallet identifier (fortunately we were able to recover the wallet, as he had remembered his password.)

Alternatively, if you have enough disk space just run Bitcoin QT and keep it running. Helps the network 

[Chemistry1988]

Then I started seeing suggestions that when you set it up one should test it to make sure all is good by spending a small amount.

This is what I have done for testing.
1. Create a paper wallet using bitaddress offline and print out the paper wallet.
2. Send a small amount (0.01 in my case) to the address.
3. Import the private key to send my 0.01 back to my other wallet.

At that moment, I am sure both the creation and import of my paper wallet worked.
So then I create a new paper wallet and send 95% of all my bitcoin to the new address.

[Tirapon]

Then I started seeing suggestions that when you set it up one should test it to make sure all is good by spending a small amount.

This is what I have done for testing.
1. Create a paper wallet using bitaddress offline and print out the paper wallet.
2. Send a small amount (0.01 in my case) to the address.
3. Import the private key to send my 0.01 back to my other wallet.

At that moment, I am sure both the creation and import of my paper wallet worked.
So then I create a new paper wallet and send 95% of all my bitcoin to the new address.

Make sure you have several backup copies! 

[Brooker]

I prefer to just keep my wallet offline for storage. I dont trust paper wallets for some reason.