Ethereum: How to send/receive bitcoins from cold wallet
As a beginner in the world of cryptocurrencies, generating a cold wallet is an essential step. In this article, we will guide you through the process of sending and receiving Bitcoins from the cold wallet generated by Ethereum (ETH).
What is a cold wallet?
A cold wallet is a digital wallet that stores offline private keys, which means they are not connected to the Internet or any other network. This ensures that your cryptocurrencies remain safe and cannot be accessed by unauthorized persons.
step by step on how to send/receive bitcoins from cold wallet
#####. Generate a new Ethereum address
To begin with, you have to generate a new Ethereum address using the Ethaddress (available online) instrument. This will give you a unique public and private key pair, which can be used to send and receive ETH.
[Example:] (https: //etherscan.io/addr? Addr = 0x …) generates a new ethereum address like this: 0x ...
2. Copy the public key
Copy the first part of your generated address, which is the public key (or address). For example, if your address is 0x1234567890ABCDEF, the public key would be 0x1234567890ABCDEF.
[Example:] (https: //etherscan.io/addr? Addr = ... & pk ...) Copy the first part of your ethreum address:[0x1234567890ABCDEF]
#####. Create a transaction
To send or receive bitcoins, you must create a transaction using your public key (or address). You can use theEthers.js(available online) library to help you.
[Example:] ( Use the following code fragment as an example:
Javascript
Const Ethers = requires (‘ethers’);
// create a new Ethereum account using your public key
Const Wallet = New Ethers.Wallet ([0x1234567890ABCDEF], ‘ANY256’);
consist = Wallet.getaccount ();
// generate a new transaction to send 10 ETH to the recipient address
Const tx = await account.Sendransction ({
From: Cont.adress,
to: [0x …],
Value: Ethers.utils.Towei (‘1’, ‘eter’),
});
// send the transaction
tx.Send ({sign: ‘my_secret_key_here’);
`
important considerations
* Private keys: Always keep private keys safe. Store it in a safe place and never share them with anyone.
* Cold wallet security: Make sure the cold wallet is physically secured, such as storing it in a flame retardant box or using a hardware wallet (for example, Ledger). Avoid leaving your cold wallet online.
* IP addresses block: When sending transactions to Ethereum nodes, set the IP address to be blocked. This helps prevent the network spam with malicious activity.
Receiving Bitcoins
To receive bitcoins from someone you need to follow these steps:
- Create a new transaction using your private key (or wallet) and send it to the recipient's wallet.
- Configure the payment method on the recipient's wallet.
[Example:] (https: //etherscan.io/addr? Addr = ... & pk ...) Use the following code fragment as an example:
Javascript
Const Ethers = requires (‘ethers’);
// create a new Ethereum account using your private key
Const Wallet = New Ethers.Wallet ([0x1234567890ABCDEF], ‘ANY256’);
consist = Wallet.getaccount ();
// configure the payment method on the recipient’s wallet
Wallet.Sendransction ({
to: [0x …],
Value: Ethers.utils.Towei (‘1’, ‘eter’),
});
// create a new transaction from the sender’s private key and send -o to the recipient
tx = await account.Sendransction ({
From: Cont.adress,
to: [0x …],
Value: Ethers.utils.Towei (‘1’, ‘eter’),
});
“
Conclusion
Sending and receiving bitcoins from the cold wallet is a safe process that requires some basic knowledge about Ethereum.