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Ethereum: Does Blockchain.info Store Your Paper Wallet Private Keys?
When it comes to storing private keys, especially for cryptocurrency transactions like Ethereum, safety and security are paramount. Recently, concerns have been raised about the storage of paper wallet private keys on the blockchain.info website.
Paper Wallets and Offline Storage
A paper wallet is a physical or digital document that contains confidential data, including your Ethereum private key. It is a secure way to store cryptocurrency offline. When using a paper wallet, it is important to keep it in a safe place, away from prying eyes.
Blockchain.info is a popular website where users can create and manage their Bitcoin addresses and store them securely. However, the question remains: are paper wallet private keys stored offline?
Does Blockchain.info Store Paper Wallet Private Keys?
In 2022, several cryptocurrency enthusiasts and security experts raised concerns about the storage of paper wallet private keys on blockchain.info. They pointed out that Bitcoin addresses created on blockchain.info use the “Watch Only” (WoO) mode by default to send Bitcoin.
While WoO addresses do not allow you to send transactions directly from the watch-only address, this does mean that you can use the “Copy Wallet” feature to send Bitcoin back to your paper wallet. However, this raises concerns about offline storage and security.
Security Concern
Using a watch-only address on blockchain.info means that your private key is still accessible, but your transaction history and other sensitive information are hidden from public view. This poses a potential security risk if the website or blockchain information servers are compromised.
Additionally, some users have reported that their paper wallet private keys have been copied multiple times using the “copy wallet” feature, which could compromise their security.
Are watch-only addresses safe to use?
While it is possible to store your Bitcoin private key offline using blockchain.info’s watch-only addresses, we must consider the security implications. It is recommended that most users use secure methods to store and manage their paper wallet private keys, such as a hardware wallet or a secure online storage service.
What happens after the transaction is complete?
When you send Bitcoins from your watch-only address on blockchain.info, they are sent to the Bitcoin network. Your transaction history remains publicly available, allowing others to track your activity and compromise your security.
Once the transaction has been sent, the private key of your paper wallet is still at risk of being hacked by unauthorized parties, or as mentioned earlier, even if you copy your wallet using the “copy wallet” feature.
Conclusion
In summary, while blockchain.info’s watch-only addresses can be used to store Bitcoin addresses and send Bitcoin offline, we should be cautious when weighing the risks associated with this approach. If possible, we recommend using more secure methods for managing your paper wallet private keys, such as hardware wallets or dedicated online storage services.
If you choose to use a watch-only address, make sure to follow these best practices for protecting your private key:
- Keep your paper wallet offline.
- Use strong passwords and two-factor authentication.
- Store your paper wallet in a secure location.
- Avoid using public Wi-Fi when accessing your paper wallet.
Remember that security is paramount, especially when handling sensitive information such as private keys.