Paper Wallet with Bitcoin – What Happens to the Public Key after a Transaction, 99 Bitcoins
Last updated on January 15th, 2018 at Ten:47 pm
I understand that when using a paper wallet to spend bitcoin, it is unlikely to simply spend a portion and have the remainder stay where it is. The entire contents are extracted, the amount you wish to spend is spent spil you wish and the remainder goes into a “change address” OR “change wallet”? Do I have this right?
very first of all you are juist, you can’t spend just a portion of your paper wallet. When you want to use a paper wallet you will te fact invoer the private key into a digital wallet. What that wallet will do with the switch depends on the wallet. Some will send it to a fresh “change” address that you can then use with that wallet. Others will send it back to the original address.
It’s significant to check with the wallet provider what they do with switch. Ter Blockchain.informatie for example you can specify where you want the switch to go. MyCelium I believe will send the switch back to the paper address.
Here is some more reading about this matter:
Bottom line – check with the wallet you’re using how they treat it.
Well that depends on the wallet. A public key is derived from a private key. Depending on the wallet it will either:
- Send it back to the original address and the public key stays the same
- Send it to a fresh switch address and then the public key is different
Just to make sure wij are on the right pagina – a private key generates a public key which then permits you to generate a Bitcoin address. To quote a detailed response from Reddit:
Private keys are 256bit random numbers. Private keys are never made public. They remain secret. Public keys are derived from private keys and are mathematically related to them. You can’t derive a private key from a public key. Each private key has just one public key. They are called a key pair. The public key is exposed to the world and the world uses it to verify transaction signatures generated by your secret private key without you having to expose said private key to the world. Bitcoin public keys are also 256bits. Hash functions – Hash functions take arbitrary sized gegevens and output numbers of a motionless size. They are one way functions. You can’t take the output of a hash function and determine the input. Hash functions are used to create “fingerprints” of gegevens. If even a single bit ter the gegevens switches the output of the hash function will switch. Bitcoin addresses are public keys run through hash functions. The hash functions used result te 160bit addresses. Because 256bits is greater than 160bits all addresses can be unlocked by more than one public/private key pair. That’s where the 296 comes from. But this refers to key pairs behind bitcoin addresses not private keys behind public keys. An address is not the same spil a public key. It is the public key run through hash functions. There is such a thing spil a deterministic wallet and that uses a single random number to generate a entire tree of addresses. Wij don’t call that random number a private key tho’. Wij call it a seed. Each address there has its own private key and they are indistinguishable from randomly generated keys to anyone who doesn’t have the seed.
That’s exactly what you should do. Always keep only a fraction of your Bitcoins ter hot wallets (i.e. on your phone or rekentuig) and the surplus te cold storage (i.e. paper wallet or hardware wallet).
Thanks for the prompt response. It is much appreciated. However, it didn’t fairly response my actual question (which to be fair, I kleintje of buried at the end :D) which wasgoed: “what happens to your public key?”
Wonderful and thanks. You clarified that beautifully and I am very grateful.
That leads mij to my next question: is it possible for mij to have two wallets (one on blockchain.informatie or Mycelium for example) and a paper-only wallet? More specifically, can I use the hot wallet and periodically send some of the balance to the paper wallet (te effect, treating the paper wallet spil a savings account?
Could you explain ter detail the question? Pleeeeease….
If I’ve printed out a paper wallet using bitaddress, how on earth does the online world know that my specific private code and public address are ter anyway linked??
Thanks for your cooperation
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