An example paper wallet from the interwebs.
Today we’re going to learn how to safely send the bitcoins that reside on your Bitcoin paper wallet. More accurately, we’re going to tell you what to do, and then you’ll know how to do it.
To spend the funds on your paper wallet, you’ll need:
Sending bitcoins from a paper wallet can be summed up in a couple of steps:
Sweep (or import) the private key of the paper wallet into the software wallet.
Send the bitcoins using the software wallet to the recipient’s address.
The bitcoins you’re sending need to be broadcast as a new transaction over the internet. The transaction will then be added to the blockchain, which credits the bitcoins you’re sending to the recipient’s Bitcoin address. This is how bitcoins are transferred.
But I don’t want to spend all of the Bitcoins on my Paper Wallet
You don’t have to if you don’t want to. You can send a portion of them to whomever, and the leftover amount will be stored in your software wallet. Your paper wallet will be depleted of all funds, even if you only spend some of your bitcoins.
But, you can perform an additional step and send the leftover amount back to your paper wallet (though for security, you may want to generate a new paper wallet and send them to that one instead).
Or you can just put all the bitcoins from your paper wallet on to your software wallet without sending them to anyone. It’s your call.
Important Stuff To Consider
Loading bitcoins to a paper wallet is easy — you just send them to the paper wallet’s address. But spending them can be risky if done incorrectly. Improperly importing/sweeping private keys or misunderstanding what you are doing can result in a partial or total loss of your bitcoins.
Make sure you understand:
Importing vs. Sweeping a Paper Wallet: if you don’t know the difference yet, visit the link to the left. It’s important to know whether you should import or sweep your paper wallet, and why. Go ahead — we’ll wait.
Verify Your Actions: It’s best to verify each step of the process is done correctly. When you make a transaction in Bitcoin such as receiving or transferring funds, you can verify each step through the blockchain to make certain that what you thought you were doing actually happened. Some great online tools to do this are blockchain.info, blockr.io, and blockexplorer.com. These websites have a search field where you can copy/paste the public key (a.k.a. Bitcoin address) from your paper wallet, and it’s transactions and total balance will be displayed.
Be Safe: Always remember to keep the private key safe and secure. The paper wallet private key should never be shared; it’s used to spend the paper wallet funds. But the public key can be shared with anyone; this is how you and others send bitcoins to your paper wallet.
How to Spend Your Paper Wallet’s Bitcoins
1. Get Your Paper Wallet Out
The first step is to have your Bitcoin paper wallet nearby — you’ll need access to the stuff written on it. Your Bitcoin paper wallet consists of a private and public key pair, which are displayed as a long sequence of numbers and letters, and their corresponding QR codes (the squares with all the dots in them). Below is an example paper wallet generated using bitaddress.org:
Demonstrational Bitcoin paper wallet.
You have two options to get the bitcoins from your paper wallet to your software wallet; scan the QR code or manually type the sequence of letters and numbers by hand. The QR codes simply display the public and private key as separate images that can be read and translated by a camera or webcam. Of course, scanning a QR code is way easier than typing in a bunch letters and numbers.
Many Bitcoin wallet clients and services provide built in QR code scanning and display functionality. But if your wallet can’t scan a QR code, you can download a stand-alone QR code scanner app. These apps will automatically put the scanned address into the computer’s (or device’s) clipboard so that it can be pasted into your wallet app.
2. Check the Paper Wallet’s Balance (optional)
If you want to verify how many bitcoins are on your paper wallet first, scan/paste or type your paper wallet’s address (it’ll be labeled as “Bitcoin Address” or “Load & Verify”) into a blockchain explorer service like Blockchain.info, blockr.io, or blockexplorer.com. Be careful not to accidentally scan the private key! The current balance of your paper wallet will be displayed.
3. Load the Private Key into a Software Wallet Client Via an Import or Sweep
Below are examples using the Blockchain.info web wallet (import/sweep), Electrum client (import/sweep), and the Bitcoin Core client (import only). If you are using another wallet client or service, the steps outlined below should be relatively similar.
Example #1: Blockchain.info Web Wallet Service (Import or Sweep)
In this example, a paper wallet is imported and swept using Blockchain.info’s web wallet service. First, you will need to open your Blockchain.info wallet account and navigate to “Import / Export”. If you don’t already have an account, you can sign up for free.
Navigate to the “Import / Export” tab.
Here you can either type or copy/paste the paper wallet’s private key (i.e. if you have used a stand-alone QR scanner) into the text box and press “Add Private Key”. Or click “Scan With Webcam” to scan the QR code using your webcam.
Choose what type of private key import you wish to perform.
Blockchain.info gives you the option to import or sweep the paper wallet. Please make sure you understand the difference. It’s generally recommend to sweep the paper wallet instead of importing it.
You’ll be prompted whether to import or sweep.
Once you complete this process you should see the entire paper wallet balance added to your Blockchain.info account balance. These bitcoins are now ready to be spent by going to the “Send Money” tab, entering the recipient’s Bitcoin address, the amount, and clicking “Send Payment”.
You can now destroy or securely store the paper wallet.
Example #2: Electrum Client (Import and Sweep)
This section will illustrate using Electrum to import the paper wallet private key, and then performing an internal sweep of the imported private key to a different private key. If you don’t have Electrum installed, you can download it here.
Shown below are the steps using the Mac version (the Windows version will be the same). First open Electrum, then navigate to Wallet > Private keys > Import, as shown below:
Navigating to Electrum’s private key import feature.
If your Electrum wallet is encrypted, you will be prompted with a password dialog. Enter your password to continue. The following window will open asking for a list of private keys to be imported. Electrum provides no QR code scanner, you will have to scan your paper wallet private key yourself and paste it in into the window, or just type it in:
Window to paste or type in paper wallet private key.
Press the “Import” button to proceed.
Electrum private key import success window.
Your paper wallet funds will now be available in your Electrum wallet where you are free to spend them wherever. At this point, the paper wallet private key has only been imported and not swept.
To perform a sweep, open the “Receive” tab. Right click on the private key address you just imported, click “Send From” as show in the image below:
Initiating sweep of private key.
Choose a receive address that you own to send the coins to by copying and pasting an address from the “Receive” tab in Electrum. Enter in the full balance of the paper wallet, minus the minimum 0.0001 BTC miner’s fee. Right now the minimum fee is 0.0001 BTC — in the example 0.001 BTC was imported from the paper wallet, so only 0.0009 BTC can be sent because of the miner’s fee.
Choosing where to send funds.
Click “Send” — the paper wallet private key has now been swept of all its bitcoins as they now reside on a different private key in the Electrum wallet. You can verify this by checking the amount next to the imported private key within Electrum is now zero.
Your paper wallet’s bitcoins can now be spent by going to the “Send” tab, entering the recipient’s Bitcoin address, an amount, fee amount, and clicking “Send”.
Optional: Remove the Paper Wallet’s Imported Private Key
Once you have confirmed the private key has a zero balance and the sweep has been fully confirmed in the blockchain, you can optionally delete the imported paper wallet’s private key from Electrum. You might do this if you want to reuse your paper wallet as cold storage and don’t want the private key lying around on your computer — if your computer is ever hacked, the private key won’t be there for the attacker to steal. Additionally, the imported paper wallet address cannot be recovered using the Electrum wallet’s seed — so if any bitcoins are ever sent to that private key, and you’ve destroyed your paper wallet, and you haven’t performed a manual Electrum wallet backup, those bitcoins will be lost forever.
If you choose to do this, please verify that the internal pending sweep is fully confirmed and has a green check mark icon next to it and not a gear icon and that the private key has a zero amount before removing the private key from wallet. This might take an hour.
Wait for internal pending sweep to be confirmed on the blockchain and verify a zero remaining balance
Once the internal pending sweep is confirmed with a green check mark next to it, you can now safely remove the private key from your wallet.
Removing the imported private key once swept
Example #3: Bitcoin Core Client (import only)
This section shows how to use Bitcoin Core to import a paper wallet private key.
Open the Bitcoin Core client application in Mac (steps will be the same for Windows Bitcoin Core client). Ensure that the client is fully synced with the Bitcoin blockchain. It can take up to a few days to sync the blockchain from start. If you do not want to wait this long, please use a “thin” or “web-based” wallet as detailed in Examples #1 and #2.
In the Bitcoin Core client, click Help & Debug Window, illustrated below:
Opening the debug window in Bitcoin Core and verifying the blockchain is synced.
A separate window will open; make sure the “Console” tab is selected. If your Bitcoin Core wallet is encrypted and has a passphrase you will need to unlock the wallet temporarily in order to import a private key. Using the command below will unlock your wallet for 900 seconds.
walletpassphrase "YOUR PASSPHRASE" 900
Using the Console to temporarily unlock your wallet for 15 minutes (if necessary).
Now that Bitcoin Core has unlocked your wallet, you can import your Bitcoin paper wallet private key by issuing the following command.
importprivkey YourPaperWalletPrivateKey "OPTIONAL LABEL"
Note that “OPTIONAL LABEL” is not required, and it is not used in the below example.
Using the Console to import your paper wallet private key.
When you execute the importprivkey command, it will take anywhere from 2 to 15 minutes to complete, depending on the speed of the computer. The reason for the long wait is because the Bitcoin Core client is scanning the entire blockchain to obtain the transactions and balance of the private key. During this process, Bitcoin Core will become unresponsive. When the import is complete, you will see the command prompt return.
Console showing a completed paper wallet private key import.
You should now see the funds from your paper wallet added to Bitcoin Core’s wallet balance. Your paper wallet’s bitcoins can be spent by going to the “Send” tab, entering the recipient’s Bitcoin address into the “Pay To” field, a label, an amount, and clicking “Send”.
Remember that following the above guide only imports the private key into Bitcoin Core, if you wish to perform a sweep of the private using Bitcoin Core you will need to make use of “listreceivedbyaddress” and “sendfrom” commands.
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FAQs
You should now see the funds from your paper wallet added to Bitcoin Core's wallet balance. Your paper wallet's bitcoins can be spent by going to the “Send” tab, entering the recipient's Bitcoin address into the “Pay To” field, a label, an amount, and clicking “Send”.
How does a paper Bitcoin wallet work? ›
A paper wallet is a piece of paper with your keys printed out on it. When you choose to print your keys, they are generally removed from your digital wallet and the network. No one can hack your paper wallet or retrieve your keys unless they physically take the paper on which you have them stored.
Can I spend Bitcoin from a paper wallet? ›
The answer is “YES”. Paper wallets used to be the safest way to store cryptocurrencies. It's still a valid way to store your tokens if you have no other storage method. However, you should consider this a temporary method until you can use another way to store them.
How do I manually send bitcoins? ›
Sending bitcoin is as easy as choosing the amount to send and deciding where it goes. One way to send bitcoin, then, is to simply copy the recipient's address to your clipboard, then paste it in the send field of the Bitcoin wallet app you're using. Bitcoin addresses can also be displayed in QR code format.
How do you use a paper wallet at Bitcoin ATM? ›
“Paper wallets” in the context of ATMs are single pairings of a public address and private key that print out on receipt paper before you insert cash. When you press “Create New Wallet” at the ATM the machine will print you one of these.
How do you scan a paper wallet? ›
Scan the QR code of the paper wallet's private key by initializing your phone camera through the wallet application. Click on “Transfer Funds” to initiate the process of getting your paper wallet to your Blockchain Wallet app.
How do you check money in a paper wallet? ›
You simply have to scan the QR code on your paper wallet using your favorite wallet application to check the amount contained in your paper wallet. You can also press “check wallet balance” on the ATM's screen on the Bitcoin or Litecoin main menu and scan your QR code as well.
What is the best Bitcoin paper wallet? ›
Compare the Best Bitcoin Wallets
| Company | Type of Wallet | Compatible Hardware |
|---|
| Ledger Nano X Best Overall | Cold | Yes |
| Trezor Model T Best for a Security | Cold | Yes |
| Exodus Best for Beginners | Hot | Yes |
| Electrum Best for Advanced Bitcoin Users | Hot | Yes |
1 more rowFirstly, you can use a third-party exchange broker. These third parties (which include bitcoin ATMs and debit cards) will exchange your bitcoins for cash at a given rate. It is simple and secure. Or, you use a peer-to-peer transaction to sell your bitcoin.
How do you open a Bitcoin paper wallet? ›
Here's the short way for creating a paper wallet:
- Go to BitAddress.
- Generate a random private key.
- Click “paper wallet”
- Choose how many copies you'd like to print out.
- Encrypt the wallet with a BIP38 password (optional)
- Print and enjoy 🙂
Technically, you cannot send bitcoin to someone without a wallet because bitcoin must be held in a wallet. Plenty of services offer Bitcoin wallets even if they aren't advertised as such. After the receiver signs up for one of these services or wallets, you should be able to send bitcoin to them.
What can you do with a physical Bitcoin? ›
For instance, a physical Bitcoin (typically shaped like a circular gold coin with a Bitcoin symbol) will have a specific digital code on the back, protected by a hologram seal, allowing the owner to tap into a real Bitcoin online wallet whenever they want.
Can I send BTC from wallet to cash App? ›
You can instantly send bitcoin to any $Cashtag or another lightning compatible wallet for free with Cash App.
How do you sweep a paper wallet? ›
Scan the private key QR code for your paper wallet with your device's camera, and tap on the Sweep paper wallet option when the prompt appears. 3. Select and confirm which wallet to sweep the funds to, and tap Sweep.
What is the best way to send and receive bitcoin? ›
Sending Bitcoin
Open your Bitcoin.com wallet app and tap the 'Send' button at the top of the Home screen. Copy and paste the recipient's wallet address into your own wallet app. If you're in person, select “Scan QR code” and simply scan it with your app. Choose which wallet you want to send Bitcoin from.
Can I pull money out of a Bitcoin ATM with a Bitcoin account? ›
Bitcoin ATMs are a way to get immediate access to cash using your bitcoins. Bitcoin ATMs do not operate like traditional ATMs. In order to make a cash withdrawal and sell your Bitcoin from the ATM, the machine provides a QR code to which you send your Bitcoin. You simply wait a couple of minutes and receive your cash.
How do I use my Bitcoin ATM with a barcode? ›
Just insert some bills into the machine and then scan a QR code for your digital wallet or enter its address manually — this is all you'll need to buy Bitcoin using a Bitcoin ATM. The cryptocurrency you get from a Bitcoin ATM is sent from the wallet of its operator company.
What wallets do Bitcoin ATMs accept? ›
One of the best wallets to use at cryptocurrency ATMs is the Ledger Nano S. This hardware wallet allows users to store their private keys offline, which protects them against hackers and other types of security threats. The device itself must be plugged into a computer or phone before any transactions can take place.
Do you need QR code for paper wallet? ›
Once created, a Paper Wallet is very easy to use. To receive funds in your Paper Wallet, you must scan the Public Key (the top QR code) at the time of your purchase.
Can I scan a paper with my phone? ›
If you're using an Android, the best way to scan documents is through the Google Drive app. You can scan documents directly into Google Drive by tapping the “+” button in the lower-right corner of the home screen. When the menu slides up from the bottom, select “Scan”.
Scan a document
- Open the Google Drive app .
- In the bottom right, tap Add .
- Tap Scan .
- Take a photo of the document you'd like to scan. Adjust scan area: Tap Crop . ...
- Create your own title or select a suggested title. Suggested titles are only available in the United States.
- To save the finished document, tap Save .
Conclusion. Even if you've secured your paper wallet from being compromised online, it's still not entirely safe. The paper wallet is subject to a number of real-world but avoidable risks. In some ways, the printed method of storing keys was a distinct improvement over purely online storage methods back in 2011.
What is the difference between a cold wallet and a paper wallet? ›
The two most common types of cold storage wallets include hardware wallets and paper wallets. You can use hardware wallets just like a USB device for accessing your crypto and making transactions with it. On the other hand, a paper wallet is basically a printout of your public and private keys on a piece of paper.
Can paper money be traced? ›
Dollar bills are recorded and sometimes markings are made to assist law enforcement officials in tracking down paper currency. Ordinary individuals can track the history of their own currency and are also able to contribute to its history by logging the details of the bill when it is in their possession.
Is paper money real money? ›
Paper Money
But they are still legal tender and may still be in circulation. All U.S. currency issued since 1861 is valid and redeemable at its full face value.
How does the paper money work? ›
Paper bills, or “fiat” money, also have no intrinsic value; their worth is determined solely through supply and demand, and they are declared legal tender by government decree. The most important element that separates one national currency from another is its value.
Is a paper wallet safer than a hardware wallet? ›
Hardware wallets are more secure than paper wallets as they have a secure chip in them meaning a private key never has to be entered on a connected computer. Instead, a pin is entered on the hardware wallet itself.
What is the best paper wallet generator? ›
The most popular BTC paper wallet generators are:
- BitAddress (a paper wallet generator which uses browser's Javascript engine)
- WalletGenerator (a paper wallet generator which uses browser's Javascript engine)
- Mycellium Entropy (a hardware device for generating highly secure paper wallets)
Best for Beginners Exodus
Exodus is a non-custodial wallet that supports a diverse selection of crypto assets, including Bitcoin. The wallet's interface is easy to navigate, making it one of the best Bitcoin wallets for beginners. Exodus has an easy-to-use interface that new Bitcoin investors may find interesting.
What does a physical Bitcoin look like? ›
On the surface, physical bitcoins are similar to their fiat counterparts. They are usually made from metals like brass, silver or even gold. They also have a logo printed on one side and their value on the other.
Are physical bitcoins worth anything? It depends. If they've got bitcoin loaded onto them, then they are worth at least that amount of bitcoin. Even if they're empty, they could still be worth something, because they can be of interest to coin collectors.
Why can't I cash out my Bitcoin? ›
If you've recently purchased crypto via card or ACH, your crypto may be subject to a holding period. During a holding period, you cannot withdraw from your cash (GBP, EUR, or USD) account, send funds to your Private Key Wallet, or send to an external wallet.
How do you read a bitcoin White Paper? ›
To better understand Bitcoin, here's a breakdown of the 12 sections in its white paper:
- Introduction. Nakamoto starts by describing the electronic payments system and its weaknesses. ...
- Transactions. ...
- Timestamp server. ...
- Proof of work. ...
- Network. ...
- Incentive. ...
- Reclaiming disk space. ...
- Simplified payment verification.
Court documents indicated that investigators traced bitcoin transaction records to a digital wallet, which they subsequently seized under court order. Officials were then able to access that wallet with something called a “private key,” or password.
What is crypto paper wallet? ›
In a paper wallet, QR codes containing the user's private and public keys are printed on – you guessed it – a sheet of paper. It's thus considered a cold wallet, in which users store and control the keys themselves, and cannot be accessed through the internet.
Do all Bitcoin wallets require ID? ›
On the vast majority of cryptocurrency exchanges, using fiat currency to buy bitcoin without ID is impossible. However, there are several platforms where you can exchange one cryptocurrency for another without needing to verify your ID.
What happens if you send crypto to a wallet that doesn't support it? ›
If you've tried to send a cryptocurrency asset that Coinbase doesn't support to your Coinbase account, the deposit will not reach your account.
What happens if I send bitcoin to an old wallet address? ›
Due to the irreversible nature of cryptocurrency protocols, transactions can't be cancelled or reversed once initiated. If you sent funds to the wrong address, you'll need to contact the receiving party and ask for their cooperation in returning the funds.
How do you know if a physical bitcoin is real? ›
Each coin has a unique Bitcoin address and a redeemable "private key" under a hologram on the coin. That key can be used to redeem the value of the Bitcoins online, but the hologram sticker leaves a honeycomb mark when peeled back, so you'll know if your Bitcoins have been tampered with.
How much is a 2013 physical bitcoin worth? ›
Even peeled Casascius bitcoins still hold value and some of them are being sold for $1,999 (for a 2012 piece). A loaded silver Casascius physical bitcoin with 0.1 BTC ($4,834) from 2013 is selling for $20,000 today.
A physically delivered bitcoin futures contract is a physically settled derivative contract to buy (“long position”) or sell (“short position”) a specified quantity and quality of bitcoin at a certain time in the future for a certain price (“contract price”) at a certain location.
Can you receive BTC to Cash App? ›
You can use Lightning to send and receive bitcoin on Cash App. The Lightning Network is a second layer technology applied to the bitcoin blockchain that is intended to enable faster transactions with little to no fees.
How do I buy and send Bitcoins instantly? ›
You can buy bitcoin and a number of other cryptocurrencies at CEX.IO by using the Instant Buy/Sell service. This service is available in our mobile app as well. You can also place a market order on the spot market, and it will be filled instantly.
Which Bitcoin wallet can transfer to bank account? ›
How Can You Move BTC To A Bank Account? There are several ways to convert bitcoin to cash and ultimately move it to a bank account: Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account.
How do I transfer bitcoins from paper wallet to trezor? ›
Transferring BTC from paper wallet to Trezor
- Withdraw coins from exchange direct to Trezor.
- Import BTC private key from paper wallet into Electrum.
- Send BTC from the paper wallet with Electrum to Trezor.
You can also send bitcoin using lightning or the blockchain:
- Tap the Money tab on your Cash App home screen.
- Tap the Bitcoin tile.
- Tap the Airplane button.
- Choose Send Bitcoin.
- Enter the amount and the recipient's $Cashtag or BTC address.
- Tap Next.
- Select a speed.
- Tap Confirm & Send.
Crypto exchange
Centralized crypto exchanges are one of the best ways to turn your Bitcoin (or other cryptocurrencies) into cash. With access to hundreds of coins, multiple supported fiat currencies, and low trading fees, exchanges offer the most flexibility when cashing out your crypto.
How do I check my bitcoin paper wallet balance? ›
You simply have to scan the QR code on your paper wallet using your favorite wallet application to check the amount contained in your paper wallet. You can also press “check wallet balance” on the ATM's screen on the Bitcoin or Litecoin main menu and scan your QR code as well.
What is the best bitcoin paper wallet? ›
Compare the Best Bitcoin Wallets
| Company | Type of Wallet | Compatible Hardware |
|---|
| Ledger Nano X Best Overall | Cold | Yes |
| Trezor Model T Best for a Security | Cold | Yes |
| Exodus Best for Beginners | Hot | Yes |
| Electrum Best for Advanced Bitcoin Users | Hot | Yes |
1 more rowA paper wallet is a non-custodial cold storage wallet — meaning you control the keys yourself, and the wallet is not connected to the internet. While paper wallets were once considered one of the best ways to secure large holdings of cryptocurrency, other methods of cold storage are now the gold standard.
If you want to transfer crypto from your cold wallet to another address, it's a similar process. Connect the cold wallet to your computer, enter the address, and send your crypto.
Can I send bitcoin to someone without a wallet? ›
Technically, you cannot send bitcoin to someone without a wallet because bitcoin must be held in a wallet. Plenty of services offer Bitcoin wallets even if they aren't advertised as such. After the receiver signs up for one of these services or wallets, you should be able to send bitcoin to them.
What app can i use to send bitcoin to another wallet? ›
Crypto.com App: Buy, sell, and send Bitcoin and other cryptocurrencies.
Can I access my bitcoin from any wallet? ›
Yes. You cannot access your cryptocurrency without your private keys and an interface that accesses a blockchain. All wallets can store keys, but only hot wallets can access the blockchain, so it's important to keep your keys off your hot wallet until you need them.
