Dave explained he is helping move 5 BTC from a 2011 paper wallet used for a car purchase. Landy advised using a Bitcoin-native wallet like Electrum or Sparrow on a computer, warned to verify the official electrum.org site, and noted it is an old WIF key that many hot wallets no longer support.
0:00:21The setup
NatNat discussed strong earnings beats from tech companies and the possibility of QE starting in December that could heat up markets for a year-end run. The group stressed using a clean computer before importing the key into Electrum while Rolex worked through wallet options and script types.
0:28:30The mBTC display
A speaker explained that the 2011 uncompressed private key must be swept to a new modern SegWit wallet since the original key cannot be upgraded. The team guided Rolex to create a fresh Electrum wallet with a new seed phrase first then use the sweep function to move the funds.
Shaksi shared old LocalBitcoins receipts from 2011-2014 showing BTC bought for hundreds of pounds that he later spent on travel and other things. Shaksi said it triggered trauma and depression while the group laughed and sympathized about missed gains.
Rolex sent a $5 test to Coinbase that arrived as mBTC. He then swept the full 5 BTC from the paper wallet into the new Electrum wallet and confirmed the old address now shows zero balance after two transactions.
Landy said the successful recovery proves Bitcoin is both money and a store of value that hedges inflation. Landy noted few people still hold from 2011.
“Yeah. And what it is is it's because it's a WIF key. It's old enough to be a WIF key, and you don't... More... The... What... A lot of the hot wallets won't support it if it's that old.”
Landy0:13:59Share on X
“I was gonna say, know, this this is 100% proof that Bitcoin is more than just a store of value, but it can definitely store your value and hedge against inflation. Because for those of us, I just so happen to have, dove headfirst into Bitcoin in 2011 as well. I was fairly... It was right at the end of 2010 into 2011…”
“Got it. Got it. Got it. Got it. Let me see what Landy writes back so that we can figure this out. Yeah. Roger, did you wanna... Did did you have anything that you can... Wait. Is cool stuck?”
Dave0:05:46Share on X
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