Paper wallet - Revision history

Belcher: /* Browser wallets are bad */ Added another reference

2021-01-11T01:08:47Z

Browser wallets are bad: Added another reference

← Older revision		Revision as of 01:08, 11 January 2021
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	=== Browser wallets are bad ===		=== Browser wallets are bad ===

	Almost all paper wallets are made by websites, which therefore involves most of the problems associated with [[Browser-based wallet]].<ref>https://www.reddit.com/r/Bitcoin/comments/771c4z/bitaddressorg_beware_of_possible_scam/</ref><ref>https://np.reddit.com/r/Bitcoin/comments/a7xaej/paperwallet_being_hacked/</ref>		Almost all paper wallets are made by websites, which therefore involves most of the problems associated with [[Browser-based wallet]].<ref>https://www.reddit.com/r/Bitcoin/comments/771c4z/bitaddressorg_beware_of_possible_scam/</ref><ref>https://np.reddit.com/r/Bitcoin/comments/a7xaej/paperwallet_being_hacked/</ref><ref>https://www.reddit.com/r/Bitcoin/comments/kullxn/two_out_of_the_top_three_paper_wallet_generation/</ref>

	== Redeeming bitcoins and withdrawing funds ==		== Redeeming bitcoins and withdrawing funds ==

Belcher: /* Paper wallet flaws */ Javascript cryptography part removed, its not accurate to single out js

2020-03-14T14:48:53Z

Paper wallet flaws: Javascript cryptography part removed, its not accurate to single out js

← Older revision		Revision as of 14:48, 14 March 2020
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	See also: [[Brainwallet#Obsolete_Brainwallet_Style]]		See also: [[Brainwallet#Obsolete_Brainwallet_Style]]

	~~=== Javascript software ===~~

	~~Most paper wallets are created in a website using [[Javascript cryptography]], which is considered unsafe for anything related to bitcoin.~~

	=== Browser wallets are bad ===		=== Browser wallets are bad ===

Gmaxwell: Reverted edits by Holy-Fire (talk) to last revision by Belcher

2019-02-08T02:25:18Z

Reverted edits by Holy-Fire (talk) to last revision by Belcher

Show changes

Holy-Fire: Revert multiple edits by User:Belcher, which are based on a very narrow view of what paper wallets are, and misunderstanding of their use cases.

2019-02-07T17:28:01Z

Revert multiple edits by User:Belcher, which are based on a very narrow view of what paper wallets are, and misunderstanding of their use cases.

Show changes

Belcher: /* Browser wallets are bad */ Added recent example of paper wallet hack

2018-12-20T13:45:15Z

Browser wallets are bad: Added recent example of paper wallet hack

← Older revision		Revision as of 13:45, 20 December 2018
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	=== Browser wallets are bad ===		=== Browser wallets are bad ===

	Almost all paper wallets are made by websites, which therefore involves most of the problems associated with [[Browser-based wallet]].<ref>https://www.reddit.com/r/Bitcoin/comments/771c4z/bitaddressorg_beware_of_possible_scam/</ref>		Almost all paper wallets are made by websites, which therefore involves most of the problems associated with [[Browser-based wallet]].<ref>https://www.reddit.com/r/Bitcoin/comments/771c4z/bitaddressorg_beware_of_possible_scam/</ref><ref>https://np.reddit.com/r/Bitcoin/comments/a7xaej/paperwallet_being_hacked/</ref>

	== Redeeming bitcoins and withdrawing funds ==		== Redeeming bitcoins and withdrawing funds ==

Belcher: Reword slightly

2018-12-19T22:07:04Z

Reword slightly

← Older revision		Revision as of 22:07, 19 December 2018
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	[[File:Water-damaged-paper-wallet.jpg\|thumb\|right\|200px\|Water damaged paper wallet]]		[[File:Water-damaged-paper-wallet.jpg\|thumb\|right\|200px\|Water damaged paper wallet]]

	A '''paper wallet''' is the name given to an obsolete and unsafe method of storing bitcoin which was popular between 2011 and 2016. It works by having a single [[private key]] and bitcoin [[address]] be printed out onto paper.		A '''paper wallet''' is the name given to an obsolete and unsafe method of storing bitcoin which was popular between 2011 and 2016. It works by having a single [[private key]] and bitcoin [[address]], usually generated by a website, being printed out onto paper.

	This method has a large number of downsides and should not be used<ref>https://www.reddit.com/r/Bitcoin/comments/670zhy/summary_pitfalls_of_paper_wallets/</ref><ref>https://www.reddit.com/r/Bitcoin/comments/5pnrjb/mentor_monday_january_23_2017_ask_all_your/dcu36a2/?context=3</ref>.		This method has a large number of downsides and should not be used<ref>https://www.reddit.com/r/Bitcoin/comments/670zhy/summary_pitfalls_of_paper_wallets/</ref><ref>https://www.reddit.com/r/Bitcoin/comments/5pnrjb/mentor_monday_january_23_2017_ask_all_your/dcu36a2/?context=3</ref>.

	For storage of bitcoins, a much better way accomplish what paper wallets do is to use [[seed phrase]]s instead.		For storage of bitcoins, a much better way accomplish what paper wallets do is to use [[seed phrase]]s instead, where the user writes down 12 or 24 random words generated by their wallet.

	== Paper wallet flaws ==		== Paper wallet flaws ==

Belcher: /* Low error correction */ Add point about getting a single wrong letter

2018-11-22T23:19:39Z

Low error correction: Add point about getting a single wrong letter

← Older revision		Revision as of 23:19, 22 November 2018
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	[[File:Water-damaged-paper-wallet-privkey.jpg\|thumb\|right\|400px\|Water damaged paper wallet [[private key]]]]		[[File:Water-damaged-paper-wallet-privkey.jpg\|thumb\|right\|400px\|Water damaged paper wallet [[private key]]]]

	The private keys is typically printed in rather small font.		The private keys is typically printed in rather small font. Sometimes the characters could be mistakenly read for another letter, such as a B versus an 8 or 1 versus l. If even a single character is wrong or mistakenly typed then the entire private key will be invalid. Private keys in WIF format have a checksum but there are no tools for regular users to correct mistakes.

	QR codes were not designed for secure storage of cryptographic material. QR codes have been damaged and made unscannable by water<ref>https://www.reddit.com/r/Bitcoin/comments/1sc02w/make_sure_to_secure_your_paperwallet_against/</ref><ref>https://www.reddit.com/r/Bitcoin/comments/2ni2fq/reminder_keep_your_paper_wallets_dry_if_you_use/</ref>, crumpling and even folding the paper.		QR codes were not designed for secure storage of cryptographic material. QR codes have been damaged and made unscannable by water<ref>https://www.reddit.com/r/Bitcoin/comments/1sc02w/make_sure_to_secure_your_paperwallet_against/</ref><ref>https://www.reddit.com/r/Bitcoin/comments/2ni2fq/reminder_keep_your_paper_wallets_dry_if_you_use/</ref>, crumpling and even folding the paper.

Belcher: /* Encouragement of raw transactions */ typo

2018-11-17T00:26:26Z

Encouragement of raw transactions: typo

← Older revision		Revision as of 00:26, 17 November 2018
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	=== Encouragement of raw transactions ===		=== Encouragement of raw transactions ===

	[[Raw ~~transactions~~]] are dangerous, unintuitive and have many times resulted in loss of funds.		[[Raw Transactions]] are dangerous, unintuitive and have many times resulted in loss of funds.

	A notable example of such a costly mistake is the address <code>1Acbo3viCYy1TSZB7m2W1nPPNF4rcAPMC9</code> which seems to have been a paper wallet. The owner appears to have been regularly buying bitcoin between April 2014 and January 2017, before apparently making a mistake with raw transactions and sending ''50 bitcoins'' as miner fees.<ref>See transaction <code>d38bd67153d774a7dab80a055cb52571aa85f6cac8f35f936c4349ca308e6380</code></ref> (worth about $50000 at the contemporary exchange rate).		A notable example of such a costly mistake is the address <code>1Acbo3viCYy1TSZB7m2W1nPPNF4rcAPMC9</code> which seems to have been a paper wallet. The owner appears to have been regularly buying bitcoin between April 2014 and January 2017, before apparently making a mistake with raw transactions and sending ''50 bitcoins'' as miner fees.<ref>See transaction <code>d38bd67153d774a7dab80a055cb52571aa85f6cac8f35f936c4349ca308e6380</code></ref> (worth about $50000 at the contemporary exchange rate).

Belcher: /* Encouragment of raw transactions */ Reword, add more warning

2018-11-17T00:25:57Z

Encouragment of raw transactions: Reword, add more warning

← Older revision		Revision as of 00:25, 17 November 2018
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	Users have been known to import the private key into software wallet and then spend part of the funds. They mistakenly believe the remaining funds are still on the paper wallet when in reality they are in a [[change\|change address]].<ref>https://www.reddit.com/r/Bitcoin/comments/1c9xr7/psa_using_paper_wallets_understanding_change/</ref>		Users have been known to import the private key into software wallet and then spend part of the funds. They mistakenly believe the remaining funds are still on the paper wallet when in reality they are in a [[change\|change address]].<ref>https://www.reddit.com/r/Bitcoin/comments/1c9xr7/psa_using_paper_wallets_understanding_change/</ref>

	=== ~~Encouragment~~ of raw transactions ===		=== Encouragement of raw transactions ===

	~~Another situation that has happened is the user has attempted to use~~ [[Raw ~~Transactions\|raw~~ transactions]] ~~to create the spend themselves~~, ~~they ended up getting it wrong~~ and ~~paying most~~ of ~~their~~ funds ~~as miner fees~~.		[[Raw transactions]] are dangerous, unintuitive and have many times resulted in loss of funds.

	An example of such a costly mistake is the address <code>1Acbo3viCYy1TSZB7m2W1nPPNF4rcAPMC9</code> which seems to have been a paper wallet. The owner appears to have been regularly buying bitcoin between April 2014 and January 2017, before apparently making a mistake and sending ''50 bitcoins'' as miner fees.<ref>See transaction <code>d38bd67153d774a7dab80a055cb52571aa85f6cac8f35f936c4349ca308e6380</code></ref> (worth about $50000 at the contemporary exchange rate).		A notable example of such a costly mistake is the address <code>1Acbo3viCYy1TSZB7m2W1nPPNF4rcAPMC9</code> which seems to have been a paper wallet. The owner appears to have been regularly buying bitcoin between April 2014 and January 2017, before apparently making a mistake with raw transactions and sending ''50 bitcoins'' as miner fees.<ref>See transaction <code>d38bd67153d774a7dab80a055cb52571aa85f6cac8f35f936c4349ca308e6380</code></ref> (worth about $50000 at the contemporary exchange rate).

	Also note the terrible privacy due to [[Address reuse]] that allows us to get such a complete picture of what happened.		Also note the terrible privacy due to [[Address reuse]] that allows us to get such a complete picture of what happened.

Belcher: /* Encouragment of raw transactions */ Use `tags`


2018-11-17T00:22:38Z
Encouragment of raw transactions:  Use <code> tags

				
				
				
				
				
				← Older revision
				Revision as of 00:22, 17 November 2018
				
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Another situation that has happened is the user has attempted to use [[Raw Transactions|raw transactions]] to create the spend themselves, they ended up getting it wrong and paying most of their funds as miner fees. Another situation that has happened is the user has attempted to use [[Raw Transactions|raw transactions]] to create the spend themselves, they ended up getting it wrong and paying most of their funds as miner fees.



An example of such a costly mistake is the address `1Acbo3viCYy1TSZB7m2W1nPPNF4rcAPMC9` which seems to have been a paper wallet. The owner appears to have been regularly buying bitcoin between April 2014 and January 2017, before apparently making a mistake and sending ''50 bitcoins'' as miner fees.<ref>See transaction `d38bd67153d774a7dab80a055cb52571aa85f6cac8f35f936c4349ca308e6380`</ref> (worth about $50000 at the contemporary exchange rate). An example of such a costly mistake is the address <code>1Acbo3viCYy1TSZB7m2W1nPPNF4rcAPMC9</code> which seems to have been a paper wallet. The owner appears to have been regularly buying bitcoin between April 2014 and January 2017, before apparently making a mistake and sending ''50 bitcoins'' as miner fees.<ref>See transaction <code>d38bd67153d774a7dab80a055cb52571aa85f6cac8f35f936c4349ca308e6380</code></ref> (worth about $50000 at the contemporary exchange rate).



Also note the terrible privacy due to [[Address reuse]] that allows us to get such a complete picture of what happened. Also note the terrible privacy due to [[Address reuse]] that allows us to get such a complete picture of what happened.

← Older revision		Revision as of 00:22, 17 November 2018
Line 49:		Line 49:
	Another situation that has happened is the user has attempted to use [[Raw Transactions\|raw transactions]] to create the spend themselves, they ended up getting it wrong and paying most of their funds as miner fees.		Another situation that has happened is the user has attempted to use [[Raw Transactions\|raw transactions]] to create the spend themselves, they ended up getting it wrong and paying most of their funds as miner fees.

	An example of such a costly mistake is the address `1Acbo3viCYy1TSZB7m2W1nPPNF4rcAPMC9` which seems to have been a paper wallet. The owner appears to have been regularly buying bitcoin between April 2014 and January 2017, before apparently making a mistake and sending ''50 bitcoins'' as miner fees.<ref>See transaction `d38bd67153d774a7dab80a055cb52571aa85f6cac8f35f936c4349ca308e6380`</ref> (worth about $50000 at the contemporary exchange rate).		An example of such a costly mistake is the address <code>1Acbo3viCYy1TSZB7m2W1nPPNF4rcAPMC9</code> which seems to have been a paper wallet. The owner appears to have been regularly buying bitcoin between April 2014 and January 2017, before apparently making a mistake and sending ''50 bitcoins'' as miner fees.<ref>See transaction <code>d38bd67153d774a7dab80a055cb52571aa85f6cac8f35f936c4349ca308e6380</code></ref> (worth about $50000 at the contemporary exchange rate).

	Also note the terrible privacy due to [[Address reuse]] that allows us to get such a complete picture of what happened.		Also note the terrible privacy due to [[Address reuse]] that allows us to get such a complete picture of what happened.