Re: How To Convert BTC to Cash

Where does the offline passphrase play into this?

What "offline passphrase" are you talking about? You haven't explained what you're trying to do.

I assume you have a "paper wallet", and you're trying to figure out what to do with the private key when you want to use (spend or sell) the bitcoins, but I'm not sure.

As of now I don't have anything, but you are right. My questions is exactly what you stated. Do you need the private key to spend or send the BTC? Does the paper wallet private key have to go online in order to do this?

Thanks

i think you may be confusing some things.

you send your bitcoins to the address on the exchange you wish to use.. it functions as your wallet. so let's say you have some coins in your blockchain.info wallet.. you would need to transfer them to your bitcoin exchange (localbitcoins.com, btc-e.com, mtgox, or whatever) wallet. this wallet is created once you open up an account.

This is not exactly the question. Danny Hamilton had it right in his previous post. The question is: With an offline "paper wallet" and "passkey" does the "passkey" have to be used to send or spend the BTC? Does this mean that eventually the "passkey" will need to go online?

In most cases people import the private key into a wallet on a computer that is connected to the internet to create the transaction. Then they create a new paper wallet with a new private key and send any remaining funds to the new wallet after they've spend/used the funds they want to.

In the scenario of importing the private key into an online wallet for the purposes of sending funds to another person what is an example of a good online wallet for this purpose? Can portions of funds be imported from an address or does the entire portion have to be imported?
Thanks