Bitcoin Forum
June 22, 2024, 12:47:28 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Why support for paper wallets require a deterministic wallet?  (Read 870 times)
thms (OP)
Sr. Member
****
Offline Offline

Activity: 427
Merit: 250


View Profile
July 17, 2014, 07:39:44 PM
 #1

I was thinking of installing multibit in an offline computer so that it could generate some paper wallets offline.

But then I read this thread about multibit support for paper wallets:
https://bitcointalk.org/index.php?topic=112826.0

Jim said:

Quote
At the moment Multibit does not have a deterministic wallet so there is no support for paper wallets.

So why it has to be a deterministic wallet to support paper wallets?

He then said in the same thread that we can create some addresses and exports their private keys... well isn't this exactly what a paper wallet does?


Wusolini
Legendary
*
Offline Offline

Activity: 1190
Merit: 1000


no need to carry heavy money bags anymore


View Profile
July 18, 2014, 05:11:23 AM
 #2

....
He then said in the same thread that we can create some addresses and exports their private keys... well isn't this exactly what a paper wallet does?


Hi, by doing this you create only "paper address" (not whole wallet), and you have to create new backup (paper wallet) everytime you generate new address.

Reason why to use deterministic wallet is that then you have also backup for all future generated addresses of this wallet.


 

thms (OP)
Sr. Member
****
Offline Offline

Activity: 427
Merit: 250


View Profile
July 18, 2014, 01:02:17 PM
 #3

Hi, by doing this you create only "paper address" (not whole wallet),

I think it still is a paper wallet because it will create the address and the corresponding private key right? If you go to bitaddress.org you will create the address + private key pair and they also call it paper wallet.


and you have to create new backup (paper wallet) everytime you generate new address.

Reason why to use deterministic wallet is that then you have also backup for all future generated addresses of this wallet.

I know the benefits of a deterministic wallet, what I don't understand is why a deterministic wallet is needed to create a paper wallet.


Wusolini
Legendary
*
Offline Offline

Activity: 1190
Merit: 1000


no need to carry heavy money bags anymore


View Profile
July 18, 2014, 02:39:17 PM
 #4

Hi, by doing this you create only "paper address" (not whole wallet),

I think it still is a paper wallet because it will create the address and the corresponding private key right? If you go to bitaddress.org you will create the address + private key pair and they also call it paper wallet.

Yes, in this situation it is wallet, I misread plural: "adressess keys"


and you have to create new backup (paper wallet) everytime you generate new address.

Reason why to use deterministic wallet is that then you have also backup for all future generated addresses of this wallet.

I know the benefits of a deterministic wallet, what I don't understand is why a deterministic wallet is needed to create a paper wallet.


I don't think it is NEEDED, because you can paper backup ANY address or bunch of addresses, (as you said before, by just printing private keys on paper) but question is whether then it can be called paper wallet or just paper backup or something.

Meaning of the thread you refer to is, IMO "proper paper wallet" should cover all, in future generated adresses (so user can print just one paper wallet ... forever) thus wallet has to be deterministic.


Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!