The process of sending or transferring bitcoins from a paper wallet is easy. You can do it perfectly well once you know a few of the common pitfalls. Here we are informing you about the complete method of how to send bitcoins anywhere in the world quickly.
You will have to download Blockchain.com or any bitcoin wallet app which provides services of importing paper wallets to your mobile phone.
The following apps are quite popular in providing support in importing a private
from a paper wallet:
- Blockchain.com
- Airbitz
- Mycelium
- Breadwallet
Here just to make things easy to understand we will use Blockchain.com, although the techniques are quite the same on each app.
Sending Bitcoins from a Paper Wallet Step by Step
Step 1
After opening the app, start creating a new wallet and follow the instructions in step two.
Step 2
Now you will write down your backup phrase on any piece of paper. You should not use a computer to save this information. This is a very important step! Remember that nearly all bitcoin wallets create a phrase that contains 6-24 words. You can use it to backup and restore your wallet. Also, it is important to note that the backup phrase is not the same as the password for your app. It is a risky step as if you lose the backup phrase, you may lose your bitcoins forever! And in case someone else has access to that backup phrase it becomes quite easy for them to steal all your bitcoins, so secure that phrase in a secure place carefully. It is better to write this phrase on paper using a pen. Do not take a screenshot of the phrase. In the same way, it is quite risky to write or store the phrase on any computer or phone. It is a simple task for any computer hacker to steal your bitcoins if they find your phrase.
Step 3
In the next step, you will press the menu button to start the paper wallet import process. This process depends on what apps are using. As it is different in each app. On Blockchain.com, the users find this option on the homepage of the app and press the menu icon in the upper left of the screen.
Step 4
Next, you will press the address button.
Step 5
You will also see the + icon next to the option of imported addresses. It is a kind of instruction for the app that you want to import to another address.
Step 6
After this, you will scan the QR code of your paper wallet’s private key by using your phone camera. This private key is made with the collection of around 60 random letters and numbers shown by the QR code. On some paper wallets, you will find the private key as the “secret” side of the wallet.
Step 7
Now press the option of the transfer This will start the process of importing your paper wallet into your app. In case you do not go further and stop here, your Blockchain app will have access to your paper wallet funds, but the funds will continue to remain on your paper wallet as well. It is not secure, so proceed to the next step.
Step 8
In the next step, you will tap Send. By doing so you will send 100% of the funds in your paper wallet to your app. A small amount of bitcoin is deducted as it is used to pay the bitcoin miners for doing the transaction for you
Step 9
It’s done.! Now you can avail all the contents of your paper wallet on your phone. From now onwards, it is a simple thing to send any portion of your bitcoin to any bitcoin address in the world. If you want to send Bitcoin Mastery to another location, tap send from your app and send the coin to any address you would like.
Spending a Limited Amount of Bitcoins on Paper Wallet
If you don’t want to spend the complete amount of bitcoins, it’s up to you. There is no compulsion. You can send a portion of them to whomever, and the remaining amount will be safely stored in your software wallet. It is totally your choice to spend as much as you want.
Important Stuff To Consider
It is right that loading bitcoins to a paper wallet is easy. The users just need to send them to the paper wallet’s address. But spending them can be risky if done incorrectly. When you spend your Bitcoins using a paper wallet and unfortunately end up Improperly importing private keys or misunderstanding what you are doing, you will surely lose a partial or total amount of your bitcoins.
Make sure you understand the following things before doing so:
- Importing vs. Sweeping a Paper Wallet: Be clear to understand the difference between the two.
- Verify Your Actions: If you verify each step of the process through blockchain, it will be an error for the procedure. You can verify each step through the blockchain by using some great online tools like blockchain.info, blockor.io, and blockexplorer.com.