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In the Import section, the first sub-section option you have is to add a Watch Only address. This means you can add any public bitcoin address in the world here and keep tabs on it. By watching the address, it means you have read-only permissions, and cannot spend bitcoins using this address. In the Import section, the second sub-section option is Import Private Key.
This section is specifically for bitcoin addresses that you own, and have both the public and private keys to. Maybe you had your bitcoins in an exchange, and want full control over them — this is the place to do it.
You can import the private key from an address you own into the Blockchain Wallet. This will allow you to actually send and receive bitcoins to and from this bitcoin address. As part of the Import Private Key process, you have the option to import keys directly, or sweep the keys.
This is a safer more preferred method over importing keys to your wallet. In the Import section, the third sub-section option is Import using paper wallet.
Just as it sounds, you can import with a private key but by using a QR code. Instead of typing in your alphanumeric private key, you can scan your QR code instead and import the private key that way. This section keeps a running list of backups of your Blockchain Wallet. Every time there is a change in your wallet, a new backup is created. With the automatic backups, at any time you can import a previous wallet file. In this third section, Blockchain accepts wallets in different formats, with AES encrypted wallet backups being the most common and secure for Blockchain users.
Just copy and paste your wallet backup data into this section to manually import your wallet backup. Make sure you have a full understanding of wallet backups before importing one. This is just another method for Blockchain Wallet users to export their wallet private keys, using AES for more security, so at any time you can import them back to your Blockchain Wallet or any other wallet for that matter.
As we always point out to our users, you control your bitcoins, nobody else. To repeat — there is no encryption — so the keys are in plain text and less secure when saved.
This is fine, but something you should be aware of. You can use this to create cold storage for your bitcoins, and also keep a paper trail in case you lose access to your passcodes to your wallet. Home About Blockchain Support Wallet. Import In the Import section, the first sub-section option you have is to add a Watch Only address. Import Backup This section keeps a running list of backups of your Blockchain Wallet. Our Interview with FXOpen: Newsletter Subscribe to our newsletter.