How To Create Bitcoin Core Wallet

How to Make a Paper Bitcoin Wallet

Last updated: 26th February 2019

A bitcoin paper wallet is simply a public and private key printed together. It is an offline wallet, and is usually regarded as a type of “cold storage” (extra-secure storage that does not make contact with the hackable internet), although it has some important differences that make its presence in that category debatable (more on this further down).

As the name suggests, paper wallets are usually made out of paper, although technically they could also be made of plastic or any other substance on which information can be durably printed.

What is printed on the paper wallet are the private and public keys, usually in QR form, with the latter also serving as the address. You could just copy and paste the keys onto a text document and print that out (erasing the copy on the computer afterwards). Or you could use one of the free web services that generate the printable wallet for you. The key generation is usually done in your browser, so they are never transmitted on the internet. To be safe, you should clear your browser after printing. And never store an image of the paper wallet on your computer or phone.

Some paper wallet services have a nifty design that you can cut, fold and seal, making them a lightweight and relatively secure form of storing bitcoin offline. You send your bitcoin to the public address displayed on the wallet, and then store it in a secure place.

What makes paper wallets secure is that they are totally offline (generally known as “cold storage”). They are not within the reach of hackers, and your bitcoin are never trusted to a third party. As long as the paper wallet is secure, your holdings are secure.

But, therein lies the relative lack of security. Someone could find your hiding place, take your printout, spend all the bitcoin associated with those keys, and return the paper, so you would never know.

A more secure version would involve folding the paper so that the private key is hidden from sight, taping the fold with a seal that can’t be broken and replaced (just search for “tamper evident seals,” there are many different providers and models), and making sure that the private key cannot be seen even if the folded paper is held up to the light.

Even that is not particularly secure. What if the folder, drawer or box that you keep it in floods?

Sure, it’s unlikely, but when you’re securing a lot of bitcoin, it pays to think of worst case scenarios (and hey, what with climate change and all…). So, a tightly-sealed plastic bag would help.

How do you protect a paper wallet from fire? I have no idea. Keep it in the freezer? (That definitely would be “cold storage,” he he.)

Also, paper itself is not the most durable of substances. Apart from the obvious risks of fire or water damage, the ink could fade with time, making the keys unreadable. No readable keys, no bitcoin.

Even with paper wallets, you can check your balance at any time using blockchain.info (just type your public key into the search box). And most online wallets allow you to import your paper wallet data. To spend those bitcoin, you will be asked to type in the private key information, or scan the private key QR code (sometimes called the “spend” QR code).

Some good paper wallet generators:

Bitaddress.org and Walletgenerator.net are open-source random address and key generators that uses your browser’s JavaScript engine, so no keys are sent over the internet. And moving your mouse around to create entropy and mix up the characters even more is fun. That random sequence is then used to generate your public and private keys, which are displayed on the next screen for printing.

Mycelium offers an original and even more secure way to generate paper wallets, with a USB dongle that you plug directly into your printer. The device generates a paper wallet that automatically gets printed out, without ever having touched your computer.

(Note: specific businesses mentioned here are not the only options available, and should not be taken as a recommendation.)

How to Use the Bitcoin.com Wallet

To send or receive Bitcoin Cash (BCH) or Bitcoin Core (BTC), you will need a Bitcoin wallet app. This guide covers how to install and use the basic features of the Bitcoin.com Wallet to receive and send Bitcoin Cash (BCH) and Bitcoin Core (BTC).

Step 1: Download the Bitcoin.com Wallet

You can download the Bitcoin.com Wallet app for your smartphone or computer.

Look for the Bitcoin.com Wallet logo to download the app

  1. For smartphone users, search “Bitcoin.com Wallet” in the Google Play store or the App Store on your iOS device.
  2. Locate “Bitcoin Wallet” from Bitcoin.com or look for the Bitcoin.com logo.
  3. Then tap the “Install” or “Get” button.
  4. Once installed, the Bitcoin Wallet app will be accessible from your home screen.

Step 2: Navigating the Bitcoin.com Wallet

Your list of wallets will then appear at the top of the screen. Your initial balance will be 0 BCH and 0 BTC.

There are 5 navigation tabs at the bottom of the Bitcoin.com Wallet App:

  • Home | Displays basic information like wallet balance(s) at a glance.
  • Receive | Generates a new Bitcoin Cash address to which others can send you BCH.
  • Scan | Uses your phone’s camera to scan another user’s BCH address (in QR Code form). Makes sending BCH a breeze.
  • Send | Allows you to send your BCH to others by inputting their Bitcoin address.
  • Settings | Application settings: setup new wallets, edit wallet names, change currency display, set spending password, etc.

Step 3: Add Some BCH to Your Wallet

You can now add BCH to your wallet balance. Maybe a friend wants to pay you back for dinner. Or maybe you want to purchase BCH directly from an exchange like Coinbase. Whatever the case, you will want to share your wallet address with the sender. To do this, tap the Receive tab along the bottom of the screen.

Tap the Receive navigation tab to add BCH to your wallet.

Make sure the wallet displayed at the bottom of the screen is the one to which you or someone else should send BCH. To change it, simply tap that area and select the appropriate wallet.

To share this address with a sender, tap the share icon in the top right on the window, or tap the screen to copy the address to your clipboard. Once copied, you can paste it into an email or message app to share with the sender.

You can also simply show the QR code to the sender and have them “Scan” the image with their device. This is the most convenient way to give someone your Bitcoin address.

Step 4: Backup your wallet(s)

Tap on the orange band within a funded wallet to Backup the wallet.

Follow the instructions and write down the 12 words in order from left to right. This is your “recovery/backup phrase”. Note, that the backup phrase used here is for demonstration purposes only. Your unique backup phrase will be different.

Write down your backup phrase and store it somewhere safe. Note the one above is just used for demonstration.

Once you have written down the 12 words, tap “I’ve written it down”. Next, you will be asked to verify the phrase. This is just another measure to ensure that you are backed-up properly. Complete this step by tapping the words in the order in which they appear on your hand-written backup phrase. Once you do this you should see the the backup confirmation screen.

Backup complete. Nice job!

If you ever lose your phone or get a new one you will use this phrase to verify that you are the owner of the wallet before being granted access. This is why it is important to keep the phrase safe and away from the eyes of others. Store the code as securely as you would cash or other valuables, you may lose your bitcoins forever if your device is lost, stolen or damaged and you chose not to backup. Some users laminate the paper or use some other means of keeping it safe from moisture or grime. Also, feel free to make several backup copies and store these in various safe places, e.g. bank safety deposit box, in a secure drawer, home safe, etc.

How to Spend BCH from Your Bitcoin.com Wallet

  1. Tap the “Send” tab.
  2. Input the recipient’s address into the field at the top. Paste from clipboard or tap the “Scan” icon to open camera and scan their address’s QR code. Double-check the address to make sure it a) is correct and b) corresponds to the correct currency. Do not send BTC to a BCH address and vice-versa.
  3. Once you input the address you need to enter an amount to send. By default, you will get an amount in BCH. To toggle to fiat currency, tap the “BCH” icon in the Amount field.
  4. Input the amount to send
  5. Confirm the address and amount. Then swipe to send.

Once a transaction has been sent. You will see the transaction in your history. If sending BCH, the recipient should get the coins within minutes. 100% confirmation may take a few more minutes depending on the network traffic.

Securing Your Bitcoins and Protecting Yourself Online

That wraps up our guide to using the Bitcoin.com Wallet. In closing, we would like to remind you that the security of your Bitcoin Cash and Bitcoin Core is entirely up to you. There is no Bitcoin transaction customer service to email if you lose your backup phrase. There is no “forget password” button. This might seem daunting but such is the nature of using a peer-to-peer, decentralized network like Bitcoin Cash. You are your own bank, that comes with responsibility.

Next Steps

Follow these steps to ensure the security of your bitcoin:

What is the best way to create a wallet with a blank keypool then add keys to it?

The scenario is this:

User has a cold storage wallet and will import their cold storage xpub into Bitcoin Core using getdescriptorinfo and importmulti . User wants to only use the keys associated with the imported xpub as a watch-only wallet and wants to exclude all existing keys in the wallet so as to avoid getting an address not associated with their xpub when calling getnewaddress or getrawchangeaddress .

Would the best way to go about this be to create a blank wallet first with:

createwallet "Cold Storage", disable_private_keys: true, blank: true ?

Or is there a simpler way to specify which addresses are generated when calling getnewaddress ?

2 Answers 2

Yes, you will want to create a new wallet and specify true for disable_private_keys . It is not necessary to specify blank as disable_private_keys will already ensure that no private keys will be generated or imported and as such, the newly created wallet will be blank anyways.

You can then import xpubs, public keys, and addresses into Bitcoin Core using importmulti . By setting "keypool":true for every public key, the keys will be added to Bitcoin Core’s keypool and allow you to use getnewaddress to get addresses. Additionally, for change keys, specifying "internal":true will mark change keys as change and allow you to use getrawchangeaddress , fundrawtransaction , and walletcreatefundedpsbt more easily.

However, be careful when importing an xpub that you use the correct derivation paths. If the child keys that you will eventually be using are derived using hardened derivation, you cannot import an xpub as hardened child keys can only be derived from the master private key. In that case, you will have to import each key by itself, which can also be done using importmulti .

User has a cold storage wallet. User wants to import their xpub into Bitcoin Core and only use the keys associated with the imported xpub as a watch-only wallet.

You must pay attention about the xpub you are talking about and how bitcore core handle HD wallet.
If you already got an xpub, it means it has been generated and derivated from a mnemonic(most likely seed phrase BIP39) with a specific path (BIP44 for xpub -> legacy, BIP49 for ypub -> segwit compatible p2sh(p2wpkh)).

If you restore an xpub which follows BIP44 in electrum for instance no worries. However you simply can’t do it in bitcoin core as their derivation path are specific to BIP32 if I’m correct (or their own choice see list) and not BIP44. It means if you got btcs within the xpub following BIP44 you will not find them in bitcoin core and if you use bitcore core new address from your xpub and import it to another wallet you probably won’t detect your btc.

Also note that when talking about extended public key for export/import, by convention it’s about an extended public keys after harden derivation.

Regarding your initial question, I suggestion to play around rpc and read its commands as you can definitively do it, but stay aware about wallet interoperability.

Bitcoin Core

Bitcoin Core is a full Bitcoin client and builds the backbone of the network. It offers high levels of security, privacy, and stability. However, it has fewer features and it takes a lot of space and memory.

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Control over your money

This wallet gives you full control over your bitcoins. This means no third party can freeze or lose your funds. You are however still responsible for securing and backing up your wallet.

This wallet is a full node that validates and relays transactions on the Bitcoin network. This means no trust in a third party is required when verifying payments. Full nodes provide the highest level of security and are essential to protecting the network. However, they require more space (over 200GB), bandwidth, and a longer initial synchronization time.

This wallet is open-source and built deterministically. This means any developer in the world can audit the code and make sure the final software isn’t hiding any secrets.

This wallet can be loaded on computers which are vulnerable to malware. Securing your computer, using a strong passphrase, moving most of your funds to cold storage, or enabling two-factor authentication can make it harder to steal your bitcoins.

Prevents spying on your payments

This wallet makes it harder to spy on your balance and payments by rotating addresses. You should still take care to use a new Bitcoin address each time you request payment.

Avoids disclosing information

This wallet does not disclose information to peers on the network when receiving or sending a payment.

Tor can be used

This wallet lets you setup and use Tor as a proxy to prevent attackers or Internet service providers from associating your payments with your IP address.

Full control over fees

This wallet gives you full control over fees. This means that this wallet allows changing the fees after funds are sent using RBF or CPFP. This wallet also provides fee suggestions based on current network conditions so that your transactions are confirmed in a timely manner without paying more than you have to.

Take time to educate yourself

Bitcoin is different from what you know and use every day. Before you start using Bitcoin for any serious transaction, be sure to read what you need to know and take appropriate steps to secure your wallet. Always remember that it is your responsibility to choose your wallet carefully and adopt good practices in order to protect your money.

Choose your Bitcoin wallet

Select a wallet to store your bitcoin so you can start transacting on the network.

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Take time to educate yourself

Bitcoin is different from what you know and use every day. Before you start using Bitcoin for any serious transaction, be sure to read what you need to know and take appropriate steps to secure your wallet. Always remember that it is your responsibility to choose your wallet carefully and adopt good practices in order to protect your money.

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