[HOW TO] Use the Paper Wallet

[Stouse49]

How to use the Paper Wallet (http://goldcoinwallet.com)

The GoldCoin paper wallet is at http://goldcoinwallet.com.  The paper wallet allows a person to securely store GoldCoins in an offline medium, which is paper.  The printed page can be put in a safe, or buried deep underground for a rainy day.

As a reminder your GoldCoins are accessible in two ways.  If you have a GLD wallet, then you can receive GLD if you give someone your Public Address (starts with "D" or "E") and you can send your coins if you have a Private Key (starts with a "6").  The GoldCoin client for your desktop computer or your Android App handles your private keys for you as part of the wallet (You should always keep your wallets backed up, securely).  The Paper Wallet is a third way to store your GLD.  You can send GoldCoins to your paper wallet's Public Address, store the paper somewhere for a long time and then later import your Private Key into the GoldCoin Client when you want to spend them.

If you loose your Private Keys (or your Wallet that contains them) and you have no backup, then the GoldCoins associated with those Private Keys will be lost forever.

Ways of Generating a Paper Wallet at goldcoinwallet.com

• Single Wallet - This mode will allow you to generate one address and private key with QR codes.  If you choose this method, then print it out for safe keeping.
• Paper Wallet - This mode will allow you to generate multiple GoldCoin Addresses and QR codes that are on a nicer looking note.  These are to be rpinted and then could be given away or sold once the Address is loaded.  There is a space on the note to write the amount of GLD present in the Address.
• Bulk Wallet - This mode will generate many addresses in CSV format, which can be used in ways explained at the bottom of that tab.
• Brain Wallet - This mode will generate one address based on the Pass Phrase that is entered.  This should be printed.
• Vanity Wallet - No documentation at this time
• View Details - Enter a private key and all information will be displayed including the Public Address and its associated QR code

How to Securely generate a paper wallet
1. For security do not print a wallet from the site (http://goldcoinwallet.com).
2. You should download the Paper Wallet code/script from GitHub (https://github.com/goldcoin/paperwallet).
3. Print it on your own computer
4. For better security, do it on a computer that isn't connected to the internet. This will prevent your private keys from being seen by someone else.  If someone gets your private key, they will have access to the GoldCoins that are stored with that address.

How to Import a Paper Wallet into the GoldCoin Client
Instructions coming soon.

[chokri]

great infos, i just have few newbie questions : on what basis these addresses are generated ? and if i press generate new address and never use it, would that be ever available to someone else ? and when i import private keys, i am claiming the ownership of the public key.. but where are the goldcoins in this equation? do they became part of the public key address ?

Thanks in advance.

[Stouse49]

on what basis these addresses are generated ? and if i press generate new address and never use it, would that be ever available to someone else ? and when i import private keys, i am claiming the ownership of the public key.. but where are the goldcoins in this equation? do they became part of the public key address ?

Part of the bases of the addresses is a random number generator.  But there are over 100,000 trillion trillion trillion trillion trillion trillion addresses that can be generated.  The chances that someone else would generate the same address is so small, it would be like winning the lottery 6 billion times per second for your whole life.

If you have a private key, then you own the key, whether it is imported into the client or printed on a piece of paper.

GoldCoins are stored on the blockchain and they are associated with your address once they are sent to your address and will be until you send them to another address.

[dille71]

Another mewbie question:
Is it possible to send coins to one paper wallet address multiple times?

[MicroGuy]

Another mewbie question:
Is it possible to send coins to one paper wallet address multiple times?

Yes. You can send coins to any public address multiple times including the paper wallet. 

[ipaint]

Here are some Security Tips. Please follow number 1, It is not a good idea to print Wallets from the site. And that's for any coin that has a Paper Wallet site not just GoldCoin. You should always download the code/script.

1: For security do not print a wallet from the site.
2: You should download the Paper Wallet code/script from GitHub.
3: Print it on your own computer
4: For better security do it on a computer that isn't connected to the net.

[tadspoles]

The chances that someone else would generate the same address is so small, it would be like winning the lottery 6 billion times per second for your whole life.

This is the best example I've ever heard to put this in perspective.  Nice.

[ipaint]

I was watching a video and the guy was talking about the chances of two people getting the same address for a coin. It was something like taking every grain of sand on earth. Every grain times 80, then 80 times 80 again, again and again. There is no way any  two people should end up with the same address.

The total amount addresses is something like this
1,461,501,637,330,902,918,203,684,832,716,283,019,655,932,542,976

I wish I could find the video I was watching because the guy wrote it out so you could read it and it is some real crazy number.

[Stouse49]

Here are some Security Tips....

Thanks for this information, it was added to this HOW TO guide.