Post
Topic
Board Bitcoin Discussion
Strategy for pre-printing transactions from paper wallet to hot wallet
by
thinkloop
on 09/10/2014, 06:17:58 UTC
I would like to generate and print an HD (bip32) paper wallet, and at the same time, pre-generate and print signed transactions that transfer funds from the paper wallet to a predefined hot wallet. The paper wallet would be stored safely in the bank, and the pre-signed transactions would be kept handy at home, ready to be broadcast to the network whenever the hot wallet needed a refill. When the hot wallet runs out of money, one of the pre-signed transactions, say for 1 btc, is executed, replenishing it for the week. If the pre-signed transactions get stolen, the worst that could happen is for the hot wallet to get loaded with bitcoin. The criminal would have to steal both the pre-signed transactions and hot wallet to gain access to lots of funds.

A couple of questions about making this happen: would receive addresses first have to be generated, so that they could be included in the transactions as the spending addresses? Additionally, would there have to be some management to make sure that the right address had the right amount of funds before a particular pre-signed transaction were executed?

If it works out, it seems like a nice way of getting offline security with near online convenience.

Thoughts?