Author: J P Moneybags
Mon Apr 19 2021
MY HOUSE - Last year sometime I wrote a story touting the benefits of cold storage wallets and how they work. I am not about to backpedal that story, because I still totally stand by what I wrote there. But I did run into a minor issue. That being, how do you get your money out of one of those wallets?! As I stated in the previous article, you can sweep the wallet to somewhere else. But what I didn't realize when I wrote that was that, that is hardly an easy thing to do. And it's different for every coin.
What got me thinking about this was when I was talking with a buddy of mine about what to do with the crypto that he had been collecting. When the subject of the cold storage came up, he asked, "How do you get you money out when you need it?" And I didn't really have an easy answer. Because the only one that I knew how to safely move funds around is DOGE. This is because DOGE has a convenient online tool that lets you sweep wallets, as well as create new ones, and transfer partial funds at will. (I will say more about this.) But, I know of no such service for BTC, BCH, LTC, ETH, or any other wallet that I may have offline.
In case you're interested, the story with my buddy finishes where I helped him create a DOGE wallet. Because that is the safest right now. And let's face, now is the time to be working with DOGE.
But what about the other wallets?
Right... What about the BTC, BCH, and LTC wallets that I have? It may not have escaped your attention that they are all WAY up right now. My BCH that was worth something like $20 a few weeks ago is worth more like $90 right now. And I'd really like to liquidate that. And what I found is that, that seems to be impossible so far.
I said I'd get back to the DOGE system. There is a site out there called MyDOGEChain that allows you to create and manage your own offline wallet. They cannot see or do anything with your funds. They just work as a bridge to allow transfers in and out of your existing wallet, as well as creating new wallets. This is fast, reliable, and secure. I've been using that site since the beginning of my working with this stuff.
And here is my question... Why on Earth is there not a site like that for EVERY single coin out there? Or more to the point, why isn't there one for at least the rest of the big 10, including BTC, LTC, and ETH. At the very least ALL of those coins should be just as easy to access as DOGE. Especially considering that DOGE was the one that was created as a joke, meant to mock the entire crypto industry. Go figure. That is the one that is managed the best.
In a perfect world, there really should be a system where you can sweep ANY wallet of ANY kind off to another system. Those wallets are unique enough that no matter what kind of wallet it is, it can be identified by its type instantly. Yet, we constantly hear stories of people sending their coins to the wrong wallet, and then they are lost. Why is that still going on? Is it really that friggin hard to identify the wallet and at least warn the user? Is it really that friggin hard to identify the wallet and rout its contents to the correct place? Evidently it IS that hard. Because no such system exists.
What to do with my current cold storage
I started looking into this last night. And this is how far I've made it... I was able to move my LTC to Coinbase. I did this by downloading the client for the Litecoin Core. Once up and running, it had to sync up with the network. I had to let that run overnight. This morning, I was able to import my cold storage wallet, and move it off to Coinbase. So that's one down. And I suppose I will keep that client around. At the very least I know it worked.
Now, BTC and BCH are proving to be problematic. None of the current exchanges I use support importing a paper wallet. Google searches yielded a few ideas, like apps or sites, none of which worked. The closest I've gotten was the bitcoin.com app which allows you to sweep a wallet into the system. It can see the contents of the wallet. But the actual sweep fails. No explanation. No help. Even Google searching returns exactly zero help with this.
As of the time of my writing this, I still have not solved this issue. I can see my coins. They are there. The private key allows me to unlock them. What I can't do is move them anywhere. And this is really what prompted me to write this article this morning.
How has this been allowed to go on like this?
I am seriously baffled by this. Especially with Bitcoin. You know, the flagship of the entire cryptocurrency fleet. Basically no support. No help. No information, unless you count the most cryptic and arcane sort of information. Why the hell is there not a site like DOGE has where I can easily access these wallets? Why is the only method I've found so far an app that doesn't really even work? And what do I do now?
I suppose for the time being I will have to treat my paper wallet BTC and BCH the same as I would if I had just purchased the Mona Lisa. I own it. But I can never touch it or do anything with it.
I'm not giving up yet, of course. Once I find a solution, I will update this article. Looks like it's back to the research for me.
#bitcoin #cryptocurrency #paperwallet #coldstorage
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