Paper Wallet Private Key Sweep and Import Guide
- Reading time: 6 minutes
Understanding the Difference Between Private Key Sweep and Import
It’s really important to know the difference between importing and sweeping a private key, particularly when you're dealing with paper wallets. Let’s break down these two methods to help clarify them.
Sweep vs. Import Overview
When you want to transfer a private key to a software wallet, you usually have a couple of options to choose from:
Import: This keeps your Bitcoins tied to the original private key.
Sweep: This moves your Bitcoins to a new private key within the software wallet.
Generally, sweeping is the more favored option over importing.
Importing a Private Key
When you import a private key, you’re essentially just adding it to the list of private keys your wallet holds:
Included Balance: The Bitcoins that are associated with that private key will show up in your wallet balance, but they’ll still be linked to the original key.
Accessibility: You’ll be able to access your Bitcoins through both the paper and software wallets. However, if someone else gets hold of the paper wallet, they could also spend your Bitcoins.
Future Transactions: Any new Bitcoins sent to the paper wallet will be reflected in both wallets.
Depletion: If you spend Bitcoins from your software wallet, it will consume the entire balance connected to that private key—regardless of whether you only spent part of it. The leftover amount will be transferred to a new private key in your wallet.
When to Import a Private Key: Only do this if you created the private key or paper wallet yourself, and no one else has seen it. If there’s even a tiny chance someone else might have accessed the paper wallet, you’re better off sweeping.
Sweeping a Private Key
Sweeping lets you transfer Bitcoins from a private key to a new Bitcoin address in your software wallet:
Transaction Required: This method involves making a Bitcoin transaction, so you'll need an internet connection.
Funds Transfer: Once you sweep, the original private key will be emptied, and all Bitcoins will be secured under a new private key in your wallet.
Miner Fee: Sweeping does come with a miner fee because it involves processing a transaction.
When to Sweep a Private Key: You should sweep if someone else has had access to the private key—like if you received a paper wallet from someone or it was shared publicly. Sweeping helps safeguard your Bitcoins from potential threats. If you’re unsure, it’s generally safer to choose sweeping over importing.
Import and Sweep Support
Here’s a list of Bitcoin wallets that let you either import or sweep a private key:
Conclusion
Both importing and sweeping from a Bitcoin paper wallet are legitimate ways to transfer a private key to a software wallet, but sweeping usually provides better security. Despite needing an internet connection and incurring a miner fee, the extra security and peace of mind often make it worthwhile.
