Advice on moving funds to paper wallet

#1

I’m after a bit of advice on this please people.

I’ve just hit my target balance of ETN thanks to @Chris-FreeETNCentral fantastic lottery site, I’m going to keep mining on the mobile app and entering the draws but probably not buy any more ETN for a while now, especially as I was using Cryptopia for my purchases!

Its all held in my mobile wallet for now, would it be worthwhile/a good idea to transfer my ‘target’ holdings to a paper wallet and take them out of the mobile miner?

I have KYC L2 already and we’re not talking about massive sums by some people’s standards, but represents a decent chunk of time and FIAT for me.

What do the hive mind think? worth it or not really?

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#2

Most people I would guess with big holdings use paper wallet/CLI. Need to get up to speed on the CLI wallet and use carefully. Guide is on the forum.

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#3

If you properly create and store your paper wallet, it makes it mathematically impossible for anyone to hack your funds and also keeps you 100% in control of them. No-one should keep ETN online if they don’t need them…that’s what cold storage is for.

There are a few guides available on creating paper wallets, but here is my general process (there are more extreme methods for extra safety such as virtual machines or disconnected computers/ raspberry Pi’s etc, but ill just cover a general method):

  • Update and run a virus check on your computer
  • Download the paper wallet generator (.zip) from the my.electroneum site and extract the HTML file onto a clean, empty USB stick
  • Disconnect your computer from the internet
  • Run the paper wallet generator and create a few separate PDF wallets, save these files to the USB (make sure not to put them on your computer)
  • Open the PDF’s and copy the Public and View keys into a text document on your computer (NOT THE SPEND KEYS). (remember to remove the spaces)
  • Send the PDFs to your printer via cable (not via wifi) and get a few prints of each wallet.
  • Use winzip or 7zip to encrypt the PDFS on your USB with a good long safe password. (safely removing the PDFs as well)

At this point you will have a USB with a zip encrypted version of the PDF wallets, some prints of the paper wallets and a text file with the Public Address and View Key of each of the wallets on your computer.

  • Now copy the zip files onto a few other clean USB sticks so you have several copies.
  • Disconnect the USBs from your computer.
  • Reconnect to the internet.

You can now put the paper PDF and USB encrypted USBs somewhere safe. I suggest in two separate locations in case of fire etc. I personally have mine in a safety deposit box at a bank… but that’s a little extreme.

You can now send your coins to the paper wallet(s). I would recommend testing it first…which also gives you an opportunity to practice on CLI.

  • Download the latest Electroneum executable’s for your OS. Run and Sync your node Electroneumd.exe (or use a remote node if you wish).
  • Create a VIEW ONLY CLI wallet for each of the paper wallets. This only uses the public and view keys (hence why your saved them on a txt file on your computer).

windows: electroneum-wallet-cli.exe --generate-from-view-key WalletName

It will ask you for the Public Address and the View Key…but NOT for the spend key (private key).

  • Let the wallet sync (may take a while).
  • In the meantime, send a few ETN to the public address of the paper wallet as a test
  • Once sync’d you should see your transaction deposit
  • You can now send the rest.
  • Once checked they have been received, Save and close your CLI instance.

Note: you cant view outgoing transactions on a VIEW ONLY wallet, as it requires the private key to see outgoing payments…which defeats the purpose of a paper wallet as you have then just used the private key on your computer and lost its 100% safety. But it does let you know they were received OK for peace of mind.

I would then take this opportunity to create a dummy CLI wallet and test out importing from paper wallets, sending transactions etc etc… just get some practice with the command line so that when you wish to take the balance off your new paper wallets you are not doing it for the first time.

Hopefully that all makes sense, it seems like a lot to take in, but its actually quite simple once you have done it once or twice…and its always worth putting the extra effort in when it comes to your funds safety.

There are some great guides out there for all of this, so make sure to check them out…and ALWAYS practice/test things first as any mistakes can cost your dearly.

Like i said at the start, there are more thorough ways to do this, but its a good place to start.

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#4

Thanks both, I’ll do some reading then have a try with a paper wallet. Its not massive amounts but would be rather galling to lose them. Just looking for somewhere to store them safely for the time being.

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#5

Paper wallet as has been mentioned above. This means that only you will have access to your private keys. Not trying to project fear anyone, but I do know of perfectly legitimate users having they’re wallets suspended due to “suspicious activity” and told their account won’t be unblocked.

For me, my personal Electroneum is on a paper wallet and is held at an undisclosed location in a fireproof safe along with my other holdings. Gives great peace of mind. ETN individually may not amount to much at the moment, but it’s best to treat it as how much it may be worth in future.

Thanks for the mention also! It’s a pleasure to be part of your Electroneum journey!

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#6

Whether on purpose, or by accident, people who have had their account banned will have broken the terms of use. Ignorance is no defence, people need to properly read the terms of use they signed when creating the account.

Also, legitimate funds are never removed from accounts. If an account is frozen to be reviewed, the user may not have access to them while the review takes place, but the ETN held will not be removed.

Putting that aside, paper wallet is certainly the safest place to hold coins. I really would advise people to familiarise themselves with using CLI anyway…when it comes to money, having a good understanding of how ti all works will help you.

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#7

I think I remember a while back there was a thread with someone talking about having their account frozen/blocked. Apparently it had something to do with the server being pinged to many times with a certain period.

If i remember correctly, that user received a response letting them know the account would not be unblocked. I think that user persued the case and was eventually granted access again.

Where the experiences I’ve heard, users basically received the correspondance regarding the account being blocked and they basically gave up there and then.

It could be that these users have had the same problem that the user in the mentioned thread has had. There is always a possibilty for error and if those errors aren’t resolved well it leaves a sour taste in the mouth.

To say that Electroneum can have a 0% error margin and that anyone that has faced a situation like this must be doing something bad probably will probably just add insult to injury. I trust that the team isn’t going to run off or steal any electroneum from users accounts. The fact still stands that some users may have been blocked due to errors, especially after reading about a user who was blocked in error. I can’t vouch for the users that I know of, because im not physically with them 24/7. One thing I do know is that they were pretty stable normal people with a passion for Electroneum as a project. If I’d been given a piece of paper with a list of names of those most likely to be doing something underhand, those are not the names I would have expected to see.

Saying that, I’ve never encountered any problems with the app and will continue to hold the website funds on the app. Still leaves a little bit of concern in the subconcious for me now though.

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#8

As i said, legit funds are not taken from accounts. Period. The team have been very clear on that.

If anyone has been blocked and they feel its incorrect after reviewing the terms of use, they certainly should speak to the support desk about any funds in the account. Nothing would happen while its being reviewed but the team wont withhold legitimate funds :+1:

I’m in the same boat as you, never had a single problem with the wallet.

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#9

I do trust the team to ensure that everything is delivered ethically and that they have the correct moral stance. It was Richard’s response to fiasco right at the start, where facebook users were calling for Electroneum to release the funds and let those who didn’t follow best practice for username and email registration lose their funds that got me 100% devoted to Electroneum.

From that day forward I was in, so to speak. Certainly Electroneum having custody of keys is no problem for me. That concern has already been squashed as previously mentioned.

I would say to anyone that the mobile/web wallet are safe, but I would recommend as you have that anything for use is on app and holdings are on paper wallet.

If it’s ok with you, I’d like to basically take of what you’ve said on this matter and include it on a new page I’ve been working on called “keeping you safe”. I’ve decided that we need a section on the site for new users to help get them up to speed with matters for security. I’ve got users so new to crypto, they ask if I can send their etn to coinbase! With everything going on re cryptopia, clones of sites etc, I think even just small pieces of info for things like understanding https etc could help to avoid folk being robbed.

I always refer people here since it has such a wide and accurate range of information, but they don’t always come.

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#10

Thanks for the help @BegaMutex - I’ve created a paper wallet acording to your instructions, transferred 25 ETN to it and then tried to withdraw the balance back to my mobile wallet, just waiting for it to go through then I’ll be happy with the process and will put the amount I intend to hold into it properly.

Thanks again for the help

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#11

:+1:

Keep a practice wallet with a few 100 etn on it and try things out…get used to CLI.

…and remember to not let the private key hit your computer in any way until you are ready to take the funds off that wallet and not use it again.

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#12

The CLI wallet is definitely the way to go.

If you just transfer to a paper wallet, you’ll be wondering if it transferred safely.

You can import that paper wallet to the CLI, which you’ll eventually have to do to move it in future anyway.

Initially it’s a slow process, but download the latest Blockchain zip to sync quicker and then regular weekly syncs are very fast.

There is plenty of info on this forum how to do it.

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#13

thats an assumption , you dont know if people with big holdings use paper wallets ! wheres your evidence for this ?

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#14

From comments by big holders on this community forum like the Electroneum Whale King @M-kid. QED.

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#15

still secondary information , not primary !

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#16

Contemplating too, and will leave it in the online wallet if cold storage will be effective anytime soon

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#17

The high majority of users with large sums will not be holding them with exchanges or the ETN wallet.

That primarily leaves paper wallets, custom cold storage (encrypted drives etc) or CLI on offline hardware. Not sure on the split between those…I guess it depends how technical they are.

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#19

@BovrilCat here is a great guide towards the CLI-Wallet

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