- Purchase steps :
- Select 'Giftcard' or 'BuyBTC' then click associated 'BuyNow' button
- Enter the purchaser details including email and SMS telephone for contact
- The Taaxxii.com current offer price for 0.01 BTC is displayed
- Make payment to Westpac branch or by direct bank transfer
- Receive your BTC paper wallet by post or email
The 'paper wallet' is a well accepted paper printed storage medium for the BTC bitcoin you have purchased.
This storage method provides complete isolation from internet theft and electronic equipment failure modes of loss.
Security used for BTC paper wallet storage is as for any valuable trading commodity; keep in tamper proof location with the added need for no visual exposure.
'Bitcoin value' is transferred when a bitcoin address validly accepts a payment transaction. Thereafter and until forward spent, the bitcoin ledger or 'block chain' records the address as having a value expressed as BTC. BTC value when exchanged with 'fiat', national currency, has increased greatly recently, so that transactions are now commonly made in fractions of BTC. An example is the Taaxxii.com BTC Gift Card being 1/100 or 0.01 bitcoin.
Bitcoin wallet keys explained (please refer to example wallet image above) :
Bitcoin address is the public reference or address for RECEIVING BTC funds. This is the public address key made available for payment, similarly to a bank BSB and account number specifying a payment address. There is no association of the bitcoin address to you as an entity unless the address is separately published as your bitcoin address. Most of the electronic wallet systems will create many bitcoin address for transactional purposes. The software then 'manages' these various addresses to provide a total value wallet balance. If for any reason the electronic storage medium fails and there is not a distinct record of the public addresses used and private key or backup of the storage data - loss occurs.
Private Key this is the 'secret' key which allows tranfer FROM your bitcoin address. Anyone who has this key can tranfer BTC from the associated 'bitcoin address' elsewhere and thus 'spend' the value. Taaxxii.com adds the further security step of encrypting the private key and printing only the 'encrypted private key'. The passphrase you provided on purchase is required to unencrypt this key and allow BTC transfer. For this reason the 'Passphrase' must be kept secure and separate from the printed wallet as this provides that secondary security.
Confirming your BTC balance The bitcoin block chain represents every valid transaction and records the receipient and sending bitcoin public addresses. To confirm your BTC value; On any internet connected computer use an internet browser to access web site www.BlockChain.info Enter your BTC address with careful attention to upper and lower case characters.
Click search to have your Bitcoin address listed for current value in the blockchain at this time.
Making BTC transfer from paper wallet - important to note; When transferring bitcoin from an address ALL of the amount is transferred and the 'change' being difference between the payment + transaction fees is returned to the FROM address. MAKE SURE to transfer all of the funds from the paper wallet to the distinct recipient address. Errors can occur where the 'change' difference amount is attempted to be returned to the paper wallet address.