While I appreciate that a paper wallet is perhaps mostly used for long term storage, I’m intrigued to know why it can take many hours to import from a paper wallet to the web or mobile wallet.
I’ve had to do this 3 times in the last 24 hours and it seems amazing it says on the screen that it can take up to 7 hours. And I can testify to that! My current import is still going after almost 7 hours.
I saw a previous message about this saying that it’s because the data has to be written to the blockchain. Well yes! Is this how long ETN transactions take behind the scenes and the instant transfer mechanism hides this and makes ETN suitable as a payments system? I saw another message saying that transfer from a CLI wallet is 10 minutes so again, why is a paper wallet so slow.
The paper wallet has to be synced to the blockchain before it can be processed. The older the wallet is the longer this will take.
The reason the CLI wallet only takes 10 min to transfer is because the sync step was done when the wallet was imported by the CLI program. Now it only needs to be processed by the blockchain which takes a relativity short time.
Thank you for the great explanation. I understand now.
It took about 12 hour to change from pending to processing and has been on processing for about 18 hours. The mobile wallet just shows processing with the wallet and available balance as it was before. The web wallet is a little better. It shows the wallet balance as including the imported amount and the available balance as before. So that one makes sense but 18 hours on processing is a bit crazy.
thank you for your elaborated response
Yeah it’s just one of those unfortunate things with paper wallets is that they do take a long time, sometimes as long as 72 hours time to transfer. It also depends on how busy the network is as well .
You can make it transfer quicker if you’re using the CLI by increasing the priority of the transaction however this will incur a higher fee.
Thank you for the additional info. I’m holding anyway. I was just interested in why it takes so long. Plus I was concerned there may have been a problem.
Great to hear and happy to help.