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RE: Trezor/Ledger Nano Wants You to Pay 500USD Fee for Sending 1 BTC, Blocks Full, Transactions Stuck

in #bitcoin • 7 years ago

thank you!

so, if i want to receive BTC, i show my "public" key to the sender?
and, if i want to send BTC, i show my "private" key to the recipient?

correct?

7 years ago in #bitcoin by
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     7 years ago (edited)

    The first sentence is correct, but the second is not. If you want to send BTC you use your private key, not showing it to the recipient. Your ''private key'' enable you to send BTC , without which you cannot send. The recipient or any other person MUST NEVER see your private key.

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     7 years ago 

    the question is, since we are using a paper wallet, how do i send it to him? this is where i am confused.

    is a paper wallet a one time use?

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     7 years ago (edited)

    I see. The paper wallet serves as a way you keep your information away from your PC. However, as soon as you generate your address that is on the paper wallet, it is registered on the blockchain . When you are ready to send bitcoins for any reason, you will have to go online. Those who use hardware wallets like Trezor must also go online to be able to send bitcoins. The paper wallet is not a one time use. You can use it forever. The challenge there is that anyone can monitor your public key, if you keep using the same public key. To prevent that you may decide to use https://blockchain.info/wallet/#/login . On blockchain.info, you can generate a new public key for every new transaction. In addition to exodus wallet, I also use blockchain.info . Personally, I've not had any reason to use paper wallets. I only know they exist and have a good idea on how to use them. I could do a video for you and other interested newbies on how to use blockchain.info . How about that?

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     7 years ago 

    thank you. i need to wrap my head around this.

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     7 years ago 

    It's my pleasure. Never mind, very soon you'll be able to. Cheers.

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     7 years ago 

    never show your private key

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     7 years ago 

    NEVER!!!! You only need the address (public key) for receiving. If you are sending you just send from your wallet to the receivers address.

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     7 years ago 

    Please send me your private key and ill ahem check it for errors for free!

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