matrix01 (OP)
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February 24, 2015, 03:07:24 AM |
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Fellow Forum Members,
I have my offline pc and online pc setup with Windows7 Armory and my online pc is now fully synced to the bitcoin network displaying a green checkmark. In short, I'm ready to start importing several online bitcoins I have on two wallets. One wallet is on blockchain.info and the other one is on coinbase.com.
However, I am confused on what is correct way to import from my hot online wallets to my offline pc for cold storage as it relates to either using the "Sweeping" Armory feature or the "Import" Armory feature. As a newbie I want to do things the right way and not the wrong way. Should I rely on sweeping or importing my online wallets to my offline pc for cold storage? What will sweeping offer that the importing does not offer as it relates to moving several bitcoins cold storage? Any info will be greatly appreciated. Thanks.
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TimS
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February 24, 2015, 03:42:08 AM |
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Importing is most useful when you have a private key and you expect that you might receive payments there in the future. Imported private keys aren't covered by your paper backup (which you should have before you put any money in Armory!). Sweeping is most useful when you have a private key that is not in any online wallet and you wish to take the money from it and move it into your wallet. With blockchain.info, you own your private keys and can do either of the above. With coinbase.com, you do not and cannot do this. Neither of the above options really fits your situation, anyway. This is what I'd recommend: don't sweep or import. Just send the bitcoins from your existing web wallets to Armory addresses (in Armory choose "Receive Bitcoins"). That way, everything is covered by your one paper backup, address reuse is minimized, Armory doesn't have to do any extra rescanning for something that another wallet already has the ability to work with, etc. |
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bitbaby
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February 24, 2015, 05:57:41 AM |
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Sweeping is just like sending Bitcoin from one address to another. Importing is when you import a particular key to a new wallet. Sweeping will cost you a Tx fee. If you're transferring your funds to your cold storage than it's best if you transfer/send all the funds from your other wallets to the cold storage address/es.
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picobit
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February 24, 2015, 09:31:45 AM |
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If I understand your question right, you should definetely sweep. I assume that you have bitcoins on a non-armory wallet and want to move those to the secure offline storage. Then you need to sweep the keys to the watch-only wallet on the online armory machine. That will move the bitcoins to the keys on the offline armory, you can watch those addresses on the online machine, but to spend them you need to use both machines.
You can also just use the original bitcoin client to send the money to an address on your armory wallet. That essentially does the same thing.
If instead of sweeping you imported the keys, then the bitcoins would still be on the original keys, and you gain little security from armory, since compromising your original wallet would also compromise the keys.
IMPORTANT: Whatever you do, try it first with a small amount to make sure you do it right and can get the funds back out.
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matrix01 (OP)
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February 24, 2015, 10:55:31 PM |
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Thanks to all who posted in my thread. I seem to be getting conflicting information. Therefore, I think the best thing to do is to experiment using both techniques and learn for myself what is the best approach to moving bitcoins stored in Coinbase.com / Blockchain.info / Circle.com over to Armory cold storage on my offline PC. Thanks again for all of your comments.
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goatpig
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February 24, 2015, 11:20:52 PM |
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Thanks to all who posted in my thread. I seem to be getting conflicting information. Therefore, I think the best thing to do is to experiment using both techniques and learn for myself what is the best approach to moving bitcoins stored in Coinbase.com / Blockchain.info / Circle.com over to Armory cold storage on my offline PC. Thanks again for all of your comments.
If you're going to experiment, consider Testnet. |
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matrix01 (OP)
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February 27, 2015, 03:05:28 AM |
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Sunnankar,
Thanks for your post. I saw the video and I hope you or anyone in this forum could confirm to me if I understand it correctly.
For example sake, let's say I have 10 bitcoins stored in a Coinbase.com wallet. From what I hear Coinbase.com controls the private key for all of the wallets they issue.
In short, if I use Armory's SWEEP feature I move both my 10 bitcoins and the Coinbase.com private keys to my Offline PC for cold storage.
However, if I use Armory's IMPORT feature I move only my 10 bitcoins and the Coinbase.com private keys remain behind with my Coinbase.com wallet.
Am I understanding it correctly?
I'm a newbie, but the way I see it if Coinbase.com remain with control of the private keys to my 10 bitcoins they can in the future illegally use my bitcoins if they were to get hacked.
Therefore, if I understand the SWEEP feature correctly, it's better to use SWEEP when transferring bitcoins from Coinbase, Blockchain.info, Circle, etc. Because using the SWEEP feature assures Coinbase, Blockchain.info, Circle, etc do not remain in possession of private keys that can be used illegally if hacked.
Am I understanding it correctly? Any comments welcome. Thanks.
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matrix01 (OP)
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February 27, 2015, 03:26:16 AM |
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Thanks to all who posted in my thread. I seem to be getting conflicting information. Therefore, I think the best thing to do is to experiment using both techniques and learn for myself what is the best approach to moving bitcoins stored in Coinbase.com / Blockchain.info / Circle.com over to Armory cold storage on my offline PC. Thanks again for all of your comments.
If you're going to experiment, consider Testnet. Goatpig, Thanks for introducing me to testnet coins. I didn't know valueless Bitcoins existed for the purpose of testing. My question to you or anyone in this forum is whether or not it is possible to be scammed with testnet coins. Lets say I purchase 20 bitcoins from some fellow living in Alaska and I live in New York. Is there any way possible the fellow in Alaska can scam me by sending me 20 testnet bitcoins and not real Bitcoins? I'm asking this because I am a newbie and I would like to learn how to tell the difference from Testnet coins and Bitcoins and avoid possibly getting scammed. Any comments welcome. |
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goatpig
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February 27, 2015, 04:10:54 AM |
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Goatpig,
Thanks for introducing me to testnet coins. I didn't know valueless Bitcoins existed for the purpose of testing. My question to you or anyone in this forum is whether or not it is possible to be scammed with testnet coins. Lets say I purchase 20 bitcoins from some fellow living in Alaska and I live in New York. Is there any way possible the fellow in Alaska can scam me by sending me 20 testnet bitcoins and not real Bitcoins? I'm asking this because I am a newbie and I would like to learn how to tell the difference from Testnet coins and Bitcoins and avoid possibly getting scammed. Any comments welcome.
Testnet and mainnet are 2 independent networks with separate magic words and chains. Testnet addresses are not valid on mainnet and vice versa. The addresses don't even starts with the same prefix (1 for mainnet, n and m for testnet) Also, to receive payments, you have to provide the payer with an address first. Unless you give them a testnet address and expect testnet coins, you won't be getting any testnet coins. |
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picobit
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February 27, 2015, 12:44:47 PM |
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In short, if I use Armory's SWEEP feature I move both my 10 bitcoins and the Coinbase.com private keys to my Offline PC for cold storage.
If you use SWEEP, your coinbase.com private keys stay with coinbase, but your bitcoins are now associated with private keys in your Armory wallet. Only you can spend the money, using Armory. This is what you want. However, if I use Armory's IMPORT feature I move only my 10 bitcoins and the Coinbase.com private keys remain behind with my Coinbase.com wallet.
If you use IMPORT, then your bitcoins remain associated with your coinbase.com private keys, but these private keys are now available BOTH in coinbase and in Armory I'm a newbie, but the way I see it if Coinbase.com remain with control of the private keys to my 10 bitcoins they can in the future illegally use my bitcoins if they were to get hacked.
Therefore, if I understand the SWEEP feature correctly, it's better to use SWEEP when transferring bitcoins from Coinbase, Blockchain.info, Circle, etc. Because using the SWEEP feature assures Coinbase, Blockchain.info, Circle, etc do not remain in possession of private keys that can be used illegally if hacked.
Exactly! You understand it correctly. An alternative to sweeping which is probably easier is to just send you BTC from you Coinbase.com wallet to your Armory wallet. Get a bitcoin address from Armory, copy-paste it into the coinbase wallet. It does exactly the same thing. |
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TimS
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February 27, 2015, 12:57:02 PM |
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For example sake, let's say I have 10 bitcoins stored in a Coinbase.com wallet. From what I hear Coinbase.com controls the private key for all of the wallets they issue.
In short, if I use Armory's SWEEP feature I move both my 10 bitcoins and the Coinbase.com private keys to my Offline PC for cold storage.
However, if I use Armory's IMPORT feature I move only my 10 bitcoins and the Coinbase.com private keys remain behind with my Coinbase.com wallet.
Am I understanding it correctly?
You can only sweep or import bitcoins if you have access to the private key(s). Coinbase.com does not give you access to the private keys. This is what is meant by "Coinbase.com controls the private key". Your only option for your bitcoins that are currently at this particular site is to send the money to another address. For blockchain.info, you control the private key, meaning that you alone (not blockchain.info) have access to your private keys. For this one, you have the option to sweep, import, or send the money. |
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picolo
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February 27, 2015, 03:49:02 PM |
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Sweeping is just like sending Bitcoin from one address to another. Importing is when you import a particular key to a new wallet. Sweeping will cost you a Tx fee. If you're transferring your funds to your cold storage than it's best if you transfer/send all the funds from your other wallets to the cold storage address/es.
Importing is useful if you want to keep using the address. |
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