Looking to invest with small group of friends

Ok… Ok, one last time i ask this info… i have most of it down by now, but i just need a bit of help boosting my confidence in the paper wallet process…

Is it as simple as, creating a Bitcoin public address, creating an address, writing it down on paper, and sending my MAID there?

From there, i recall some people saying i need to send some BTC to cover fee’s, this is where i am mostly confused… does this mean i send some BTC to the same address as i will be using for a paper wallet?

If so, last question (I think) is this, how can i check totals/amounts in my paper wallet, once all is said and done?

It is confusing the first time you do it, but becomes very easy and obvious once you’ve been through it once.

Yes, you are right basically. Just go to bitraddress.org or wherever to create a bitcoin key pairing. Omni assets are on BTC blockchain, so that’s where you’ll store MAID, PDC or any other SAFE related Omni coin.

You send your MAID to that public address and write down the private key very carefully (or print it off). Make sure to take a digital copy of the public key/address so you don’t mistype that and send your coins to the wrong place. Do not keep any digital copy of the private key.

Send $10 or so worth of BTC to the same address. This is because when you eventually import that private key into Omni to send the MAID somewhere you will need some BTC to pay the miners fee to move them. Better to have that already there waiting for you in case you’re in a rush.

You can check the balance of your paper wallet in one of two easy ways. Either http://omnichest.info. Or you can use your omni wallet and just import the public key in ‘address/import address only’. Then you can see the coins and fiat value as a balance, but your omni doesn’t have the private key to send them anywhere, it’s just for viewing.

Don’t worry about pestering with questions. We all have to start somewhere. I would recommend doing a test micro tx before doing the real thing, just to make sure you understand it all and don’t make any mistakes.

If this is a large sum of money you should also think about air-gapping your key pair generation (not nearly as hard as it sounds), baby steps though. You can always come back to that when your MAID is suddenly worth a lot more. :wink:

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Just reading this while half asleep, but will take in the details in the morning, thanks so much for the great reply, this place is a god send of good people.

Goodnight!

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So its

  • goto bitaddress.org
  • create an address
  • write down, or print out the address with its private key. Very important to have the private key. The key format that starts with “5” is the important one for omniwallet.org 's wallet. That is the WIF “format”

You now have a paper wallet.


So to send your MAID there

  • send to the address you created

Done


To send your MAID from the paper wallet later on

  • send some BTC to the same addresses your MAID is at. This is to cover fees and I usually do this when I sent my MAID there
  • import the private key of that address into a omni wallet. I use omniwallet.org
    • create wallet at omniwallet.org
    • import the private key using the WIF format (key starts with “5”)
  • send the coins where you want to.
  • You should send any remaining MAID you don’t want to use in the near future to another paper wallet that has not been imported anywhere. But you can not do this if you want your MAID in a “hot” wallet.

Done


Some NOTES

  • I create a number of paper wallets at once using IIRC the bulk feature and that way I can print all of them at once and use ones further down when I need another wallet.
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Thanks as always gang!

Another small question, can you use omniwallet for other coins, yes?

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Bitcoin and other omni assets. So you can keep other SAFE related coins there (PDC, SEEDS, SAFE-FS). There’s a few other things on Omni but nothing very interesting imo… Tether maybe? Steer clear of that from what I’ve heard.

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Ive seen this mentioned a few times, the sequence starting with 5 note… i trail created a paper wallet, and my addresses didnt start with 5, they started with a letter… Forgive the dumbness, as i know im missing something simple here…

https://www.omniwallet.org/wallet/overview [top right]=> [Wallet Options].Backup exports a .json that is a human readable text file with the public address and privkey for each address that wallet is aware of. So, export that put it somewhere very safe and open in a text editor. Beware that the private keys there are everything… there are no ‘coins’, just the ability to actions transactions on the back of knowing the private keys for each address.

Also, public address typically start with a 1. Starting with a letter perhaps you have the Base64 format.

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oh i see, im being really dumb, pardon me, this is for moving the amounts from the ‘MAID’ address? i get it…
So i dont have to worry about the 5 when creating my paper wallet addresses…

am i on the right page now?

Long time since I created offline wallets and likely there are many options for that. Still there will be a public address that will be identical to a BTC Bitcoin address - likely starting with a 1; and a private address that might come in a number of formats… the most useful format is [Bitcoin-qt], which starts with a 5 but sometimes Base64 starting with a letter. Base64 might prove harder to use if omniwallet doesn’t accept it for import - I’ve not tried to be sure of that.

The private key is everything - the public key can be derived from the private key. The public key is useful to have too but holds no value in itself obviously. So, yes do worry enough to ensure you have sight of the privatekey that starts with a 5.

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i trial generated on bitaddress.org and i didnt get any private keys with 5, all started with letters…

Maybe ill wait a little and see if more opinion comes in here.

Thanks a mill for the help mate!

Ok… so, take the privatekey that gives and put it into [wallet details] => [Enter Private Key]+[View details] and that at the bottom shows the 5privkey = Private Key WIF 51 characters base58, starts with a ‘5’

and I’d be tempted to ignore the [Bitcoin Address Compressed] public address as that looks obscure… just note the Bitcoin Address on the left.

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There are different ways of representing the private key, and the omniwallet web wallet apparently only understands the format that starts with a 5. I think you should be able to find a utility to covert the private key format if necessary. Ideally you would have the private key generated in that format right from the start if you plan on using the web wallet. I don’t think the Omni Core full node has this restriction on private key format.

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i wont lie and tell you im not confused as hell right now… but i will trial through this a bit following the explanations above…
sorry, quite new to this and getting my head around it on the go

Once you get it working, it’ll become simpler to understand.

For all the terminology, blockchains are just compressed text files with a list of transactions. Balances are the sum of transactions. As long as you have your privatekey and can make transactions, then you can’t go wrong.

Ask more questions if you hit a hurdle… it all helps those one step behind.

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So you would have seen something like this

Then feed that private key in to the “Wallet Details” (click that link)

And when you do then pops out the private key starting in “5”

EDIT: Now I show you the bulk address mode which is so much better

Do the randomisation thing as you do to generate a single key then click the “Bulk Wallet” link

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I’ve been using bitaddress with omni and making paper wallets for nearly 2 years. They always start with a letter, it has never been an issue to import them into omniwallet? Seems like this might all just complicating matters unnecessarily.

Just do a quick test tx with a couple of MAID. I bet you’ll be stunned by how quick and simple it really is. :slight_smile:

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Thats good to hear. I was going by what some others have said in the past where they have had problems. I think it was to do with omniwallet.org balking at some, not all private keys in other formats. A bug in their
translating s/w for private keys. So I always advise to use the WIF and never had anyone say it didn’t work.

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Yeah, there was some format that was an issue, but omni standard keys are fine afaik.

A quick test will set his mind at rest though. It is the best way to learn I reckon. :slight_smile:

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And I suppose that if in a year or two when we want to import our paper wallets and omniwallet balks at the private key format then we can use bitaddress to translate it to WIF.

Anyhow the bulk address page of bitaddress.org is super easy to use 1 - 2 - 3 and done. I think it should satisfy @daire84 's need and give him a few extra addresses for no extra effort. The extra will come in handy later on anyhow.

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