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Author Topic: Can't withdraw from paper wallets w/o MtGox??  (Read 1230 times)
velcrovan
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February 16, 2012, 05:20:01 PM
 #1

Was looking into creating a paper wallet, but when I read this on the wiki it concerned me:

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The Bitcoin software does not yet have a built-in way to load private keys, but you can use the "Add Funds" - "Private key" screen at MtGox to recover digital coins from a private key. (source)

So, if I transfer bitcoins to a "paper wallet" (basically a bitcoin address which has no actual wallet.dat file and the private key exists only on paper, right?) then I need MtGox to get those coins back out again some day??

What if MtGox goes down?
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mcorlett
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February 16, 2012, 05:22:00 PM
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There is an "importprivkey" command included in the official Bitcoin client if you pass it over JSON-RPC.

Vandroiy
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February 16, 2012, 05:24:07 PM
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Worst case someone has to re-implement it. It's some series of SHA iterations, not really catastrophic to write. A few people probably already have scripts for it, Casascius might know something.

Edit: or what mcorlett said. Don't know whether this supports the mini-key format though.
stevegee58
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February 16, 2012, 05:26:54 PM
 #4

The paper wallet is just a paper backup of your wallet.dat file.

If you have a HD crash and lose your bitcoin client install you can just re-install bitcoin and import the data from the backup.

They say the paper wallet is the safest but I guess it's just preference.  I store multiple encrypted copies of the wallet.dat file around the internet and on a USB drive.

You are in a maze of twisty little passages, all alike.
realnowhereman
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February 16, 2012, 05:48:43 PM
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Blockchain.info/wallet has excellent import and export facilities.

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velcrovan
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February 16, 2012, 06:41:19 PM
 #6

The paper wallet is just a paper backup of your wallet.dat file.

If you have a HD crash and lose your bitcoin client install you can just re-install bitcoin and import the data from the backup.

They say the paper wallet is the safest but I guess it's just preference.  I store multiple encrypted copies of the wallet.dat file around the internet and on a USB drive.

I think I'm looking at a paper wallet as a hedge against hacking just as much as protection from HD crashes. I.e., a separate savings wallet.
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