Blockchain.info is a multi-coin international cryptocurrency exchange and block explorer service. It is a renowned cryptocurrency exchange that lets you buy and sell bitcoin, ethereum, and bitcoin cash. Also, you can check balance of your bitcoin wallet by using the site’s block explorer facility. As of now 20 million+ accounts are online on the platform; enough to prove its popularity. Blockchain.info is known for its high quality and up-to-date services. You can readily find an exchange that lets your buy and sell bitcoin or other cryptocurrencies. Out of all existing cryptocurrency exchanges, only a few offer paper wallet or cold storage facility and out them few let you import or sweep private keys. Blockchain.info is one of those exchanges that let you import or sweep private keys. Today in this post, I’ll be showing you how to sweep private key using Blockchain.info wallet.
Methods to Redeem Private Key –
Before sweeping private keys, you’d know that there are basically two methods available to redeem your private keys: Import Private Key and Sweep Private Key. In first one, Import Private Key, you simply import your bitcoin wallet to an exchange. This way your bitcoins remain assigned to the same private key but at the same time they appear into your software wallet too. You can spend your bitcoins using either way. On the other hand, in Sweep Private Key option, you simply move your bitcoin to new bitcoin address . This way your private key will no longer be assigned to your bitcoins.
Which Method Should You Use?
One can import private key if he/she is cocksure that nobody has ever, will ever, have access to his/her private key. Frankly saying, it’s associated with many risks for example if someone has already accessed your private key then that person can easily spend your bitcoins, similarly, if any malicious computer program such as Trojan, is running into your machine then your private keys might get stolen.
Sweep Private Key method can be used by an individual who thinks his/her private key has been compromised and someone else has access to it. You can also sweep your private key if you would like to get your funds into your bank account. After sweeping your private key, you can easily sell your bitcoins.
In my opinion, you’d sweep your private key. This eliminates many risks.
Who Should Sweep Private Key?
One can sweep private key if he/she thinks that someone else has accessed his/her private key and that key is no longer private. In that case you’d sweep your private key before theft does. One can also sweep private key if he/she wants to sell his/her cold stored bitcoins or wants to start bitcoin trading. If you’re a long term bitcoin investor then cold storage (saving bitcoins using paper wallet or private key) is best way. You can use block explorer services, like Blockchain.info offers you, to check your offline bitcoin wallet balance. If you’re sweeping private key to store your bitcoins on online wallet then it’d not be a wise decision because online wallets are vulnerable to many threats.
You can follow the steps given below to sweep private key using Blockchain.info.
How to Sweep Private Key Using Blockchain.info Wallet –
Get access your Blockchain.info dashboard by using your login credentials. Note: If you’re a new user then you’ll need to create an account on the website first.
After logging in, from the sidebar, click on Settings and then Addresses.
Scroll down and click on ‘+‘ icon next to Import Bitcoin Address.
Next, a pop-up box will appear on your computer screen, simply enter your Private Key in the given field and then hit Import button.
Next, you’ll be asked to enter secondary password; if enabled.
In the next step, you’ll be able to see your bitcoin address and its balance. To transfer bitcoin from your offline wallet to an online wallet, click on Transfer.
Now select or enter a bitcoin address in which you want to transfer your bitcoins. After entering or selecting a bitcoin address, click on Transfer button.
Note: While sweeping private key, I’d entered another bitcoin address (belongs to another exchange) but I don’t know how bitcoins were added to my Blockchain.info acccount. So please clarify this issue before sweeping your private key.
Now again you’ll be asked to enter secondary password; if enabled, to complete transfer process.
After that you’ll will be asked to archive address. Simply hit Archive button to archive bitcoin address.
That’s it. You’ve successfully swept your private key. Your bitcoins will be transferred to your mentioned address within one hour or more.
Note: Transfer once initiated cannot be stopped so enter all details carefully.
Disclaimer: This post is for information purpose only. We do not hold any financial or legal responsibility in any manner.