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Bitcoin Beginners Guide-How To Setup Bitcoin Cold Storage-Part 2

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· Bitcoin,BitClub Network,Crypto Currency,Crypto Coins,Cryptocurrency

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Author : Bitcoin.com
 

The Bitcoin.com paper wallet tool is a client-side address generator, which generates public and private Bitcoin key-pairs locally through your browser. The benefit of this technique is you can load the JavaScript locally and trust that the JavaScript did not change after being loaded. The tool is open source at https://github.com/pointbiz/bitaddress.org and the code can be reviewed at any time. Also, make sure you never share your private key with anyone or online. Adding funds to your cold storage wallet. The next step is you want to add bitcoin to the wallet. Just like with any other bitcoin transaction, using a wallet you may have online, scan the public cold storage wallet QR code or copy the address, and send funds to your cold storage. You can check the status of the funds at anytime using a Bitcoin block explorer. Redeeming bitcoin from cold storage.
 

When you are ready to spend from your cold storage wallet, you will need to import the private key to a Bitcoin wallet that is online. Any wallet that supports importing private keys will work. For example, if you download the Bitcoin Unlimited wallet at https://wallet.bitcoin.com/ (which is a full Bitcoin client) you can import the private key. To do so, simply follow these steps. 1. Open the client and click on Help. 2. Select the Debug Window and click on the Console tab. 3. Type in the field “importprivkey <bitcoinprivkey>” (replace <bitcoinprivkey> with your private key and remove quotes). 4. Hit enter to import the private key; this will require a rescan of the blockchain which may take a few minutes to syncronize. In this screen, you can see the “importprivkey” command in the Console. Type “help” in the Console to get a full list of wallet commands.
 

Another alternative online web wallet that supports importing private keys is Blockchain.info at https://www.bitcoin.com/choose-your-wallet/blockchain . To import your private key on this wallet, simply follow these steps. 1. Open the online wallet. 2. Click on Settings and then click on Addresses. 3. Click on Import Address. 4. Copy and paste the cold storage private key and click Import/transfer. 5. You can safely archive the old address and transfer the funds to your wallet. Once you have successfully moved your cold storage funds online, they are ready to spend. Note: Never reuse cold storage wallets. Once you have redeemed them online, follow the process outlined above to create a new one when necessary. Want a cool place to spend your BTC? Check out the Bitcoin.com store at https://store.bitcoin.com/.
 

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