Timeline for Taking out bitcoin from offline wallet
Current License: CC BY-SA 4.0
7 events
| when toggle format | what | by | license | comment | |
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| Nov 6, 2019 at 17:27 | comment | added | chytrik | @Darius yes, but if you don’t realize that the wallet app has sent your change to a new address, and you remove that app from your computer (thinking the remainder is still on the paper wallet), then your change will be lost. This has happened to many users in the past, hence my comments. | |
| Nov 6, 2019 at 13:56 | comment | added | Darius | @chytrik, realistically if you want to send from a paper wallet, you'll use an app which imports your private key from the paper wallet, then creates, signs, and broadcasts your transaction for you. The app will most likely make a 'change' address for your 9 bitcoins. If you want to store those 9 bitcoins in another paper wallet, you should get the app to send it to that new paper wallet. You could re-use the old paper wallet although it's a bit less secure (realistically probably secure enough though) and makes your transactions easier to track. | |
| Nov 6, 2019 at 13:55 | comment | added | Darius | yes that's a good point about paper wallets. When @oliber said 'offline wallet', I assumed it was a hardware wallet, in which case the wallet would take care of the change address. | |
| Nov 6, 2019 at 1:21 | comment | added | chytrik | @oliber yes (but that also depends on how many UTXOs represent those 10 BTC). Each UTXO must be spent in it's entirety, so the remainder will be sent to a new address you control (a 'change address'). Generally, whatever software you use to send craft and send the transaction will automatically create a change address for you (but it will not be the paper wallet address! It will be a new one). See: bitcoin.stackexchange.com/questions/736/… | |
| Nov 6, 2019 at 1:07 | comment | added | oliber | care to explain? let's say I have got 10 bitcoins on a paper wallet, now i only want to take out 1 bitcoin, you mean the remaining 9 will be changed to another address? | |
| Nov 6, 2019 at 0:50 | comment | added | chytrik | Note: sending a transaction that doesn't spend the entire offline wallet's balance will most likely create a change address. It is VERY important to understand how a change address works, for example if OP has a paper wallet and spends only part of the balance, the remaining balance will no longer be stored at the paper wallet's address. This can (and has) lead to a loss of funds for users in the past. | |
| Nov 5, 2019 at 23:57 | history | answered | Darius | CC BY-SA 4.0 |