desijatt510
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How to use a paper wallet for dummies?

Wed Jul 11, 2018 12:32 am

I just created a paper wallet from bitaddress.org. As of right now I have all my bitcoin in coinbase pro, previously know as gdax. I have a few questions on how all this works because I have very ignorant on cold storage of crypto currency. Sorry for all the questions I just want to know as much as possible and if you can be detailed in your explanations then that would be great.
1. How do I transfer my money from coinbase pro to my paper wallet?
2. Can I keep transferring money to my paper wallet in the future or is it a one time transfer?
3. How do I check my paper wallet transactions and storage?
4. How do I get the money back to my coinbase pro account?
5. After the funds are in my paper wallet do I need to do anything after that or do I just leave it in there? I have seen videos of people using copay and other applications after they have created a paper wallet and I have no idea why.
6. Since I am transferring the funds to my paper wallet what is actually being transferred? Am I transferring the private keys to my paper wallet? Or am I transferring the cash value aka money?

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bitkilo
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Re: How to use a paper wallet for dummies?

Wed Jul 11, 2018 9:06 am

I just created a paper wallet from bitaddress.org. As of right now I have all my bitcoin in coinbase pro, previously know as gdax. I have a few questions on how all this works because I have very ignorant on cold storage of crypto currency. Sorry for all the questions I just want to know as much as possible and if you can be detailed in your explanations then that would be great.
1. How do I transfer my money from coinbase pro to my paper wallet?
2. Can I keep transferring money to my paper wallet in the future or is it a one time transfer?
3. How do I check my paper wallet transactions and storage?
4. How do I get the money back to my coinbase pro account?
5. After the funds are in my paper wallet do I need to do anything after that or do I just leave it in there? I have seen videos of people using copay and other applications after they have created a paper wallet and I have no idea why.
6. Since I am transferring the funds to my paper wallet what is actually being transferred? Am I transferring the private keys to my paper wallet? Or am I transferring the cash value aka money?
Paper wallets can be a great form of cheap cold storage, but only if they have been created safely offline.
In answer to your questions, please see below:

1. How do I transfer my money from coinbase pro to my paper wallet?
A: When you print out a paper wallet, you will have both a public key and a private key QR code. To send bitcoins to your paper wallet, just scan the public key QR code and send from your Coinbase wallet.

2. Can I keep transferring money to my paper wallet in the future or is it a one time transfer?
A: Yes, you can make as many transactions to the paper wallet address as you want.

3. How do I check my paper wallet transactions and storage?
A: To check the balance of your paper wallet, just search the public address on a block explorer such as https://explorer.bitcoin.com

4. How do I get the money back to my coinbase pro account?
A: To retrieve bitcoins from a paper wallet, you will need to "sweep" the funds to a bitcoin wallet that has this feature, if Coinbase Pro does not have this feature then you can use the Bitcoin.com wallet. You can then send from the Bitcoin.com wallet, to your Coinbase pro wallet.
Please note that when sweeping a paper wallet you MUST always sweep the full amount, you cannot sweep just part of the balance.

5. After the funds are in my paper wallet do I need to do anything after that or do I just leave it in there? I have seen videos of people using copay and other applications after they have created a paper wallet and I have no idea why.
A: Once you have sent bitcoins to your paper wallet, there is nothing more you need to do apart from keep the wallet safe.
The YouTube videos are probably showing how to sweep the funds.

6. Since I am transferring the funds to my paper wallet what is actually being transferred? Am I transferring the private keys to my paper wallet? Or am I transferring the cash value aka money?
A: When you send bitcoins, you are transferring ownership of the bitcoins to the new address. As mentioned above, you will have a new private key for your paper wallet address.

I hope this helps ;)
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desijatt510
Posts: 2
Joined: Tue Jul 10, 2018 10:39 pm
Contact: Telegram

Re: How to use a paper wallet for dummies?

Wed Jul 11, 2018 9:34 am

wow, thank you so much!! really appreciate it

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bitkilo
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Re: How to use a paper wallet for dummies?

Wed Jul 11, 2018 10:03 am

wow, thank you so much!! really appreciate it
You are welcome.

Just remember that a paper wallet is only safe if it has been created offline
If you created your paper wallet online, then it is no safer than an online wallet, and is not cold storage.

It is also only as safe as the paper it's printed on. It is highly recommended that you laminate the paper wallet and keep it in a fireproof safe.

If you are storing large amounts, then you really should look into buying a hardware wallet.
We currently have both the KeepKey and Ledger Nano S available for sale at our store: https://store.bitcoin.com/collections/hardware-wallets
Please help Ross and his family during this hard time by donating to the https://freeross.org/ fund. Play at the best provably fair Bitcoin games site here: games.bitcoin.com Need a fantastic Bitcoin wallet Pick up some great Bitcoin.com swag here

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