Author Topic: How to use Paperwallets in Groestlcoin Core  (Read 5460 times)

Offline jackielove4u

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How to use Paperwallets in Groestlcoin Core
« on: July 02, 2015, 02:33:50 pm »
Paper wallets are identical in function as the local wallet software, except they have the added benefit of being physically transferable like cash. They are also one of the safest ways to store groestlcoins if proper precautions are taken.

In general, creating a paper wallet consists of:
1.generating a new wallet (private / public key pair) and printing it
2.sending groestlcoins to the newly created wallet
3.withdrawing the entire paper amount when ready

Generating and printing a new wallet
For this guide, we are going to use the most popular way of generating a paper wallet. First, go to https://github.com/GroestlCoin/Groestlcoin-PaperWallet/archive/1.0.zip and download the zip file. You can use the online version instead here: http://www.groestlcoin.org/paper.html but this way is less safe.
If you downloaded the file, extract the zip and navigate to the folder. Within Groestlcoin-PaperWallet, open "bitaddress.org.html " with your web browser.
You will be asked to move your mouse around in the box. You must have Javascript enabled (in most cases, it will be enabled by default). This is used in the wallet generation process, so more random movement is better!
Follow the steps in the browser and you will have a paper wallet! The printing calibration is important to ensure the QR code is printed correctly. During this process, it generates a public key and a private key. Do not reveal the private key to anyone.
The public key is your deposit address, and the private key is used to redeem the entire balance. If someone finds out the private key, they can claim the entire balance on the wallet. This is why the wallet printout is designed to fold over and hide the private key.

Adding Groestlcoins to the paper wallet
While you now have a paper wallet, the balance is 0. To add groestlcoins, simply send Groestlcoins to the paper wallet's public key as the address.

Redeeming a paper wallet
When you are ready to redeem the wallet, you reveal the private key on the paper wallet and enter it into your local wallet client. To do this, first, open the local wallet software.
In the local wallet (Groestlcoin Core), go to help > debug window
Select the console tab
At the bottom, enter in "importprivkey PAPER_WALLET_PRIVATE_KEY", replacing PAPER_WALLET_PRIVATE_KEY with the paper wallet's private key.
It will take a moment to import everything, but you should be done! You may need to restart the client for the additional funds to show up.
Note: redeeming a paper wallet consumes the entire balance. You cannot opt to redeem only part of the wallet.
« Last Edit: August 28, 2015, 03:46:07 pm by jackielove4u »