How to sweep funds from a Polymerbit
Note: This guide is intended for Bitcoin (BTC) only.
Mining fees apply. The Mycelium app on Android (12) has been used for this guide, other apps offer similar features and it is up to the end user to decide which is best to use. Polymerbit doesn't manage these third-party apps, so current or future functionality cannot be guaranteed.
Known working alternatives sweeping (07.2023):
Android alternatives: Exodus
iOS alternatives: Exodus
Your private key provides full access to your wallet. Never share it, and store it securely and offline when not in use.
Reveal the Private Key
Scratch off the metallic scratch off area labeled "private key" on your Polymerbit note. After this step, the note should not be again since the private key has been exposed.
Open the Mycelium App
Find the home screen
Access Menu Options
Tap the three dots in the upper right corner
Select 'Cold Storage'
Under the option labeled 'Cold Storage Spending', tap 'QR Code'.
Tap QR Code
This is where you prepare to scan the private key by scratching the scratch off sticker.
Scan the Private Key:
Once the camera opens, scan the exposed private key to withdraw your Bitcoin.
Select BTC Blockchain
Under Choose blockchain, ensure the 'BTC' is selected and tap 'ok'.
The full amount on the wallet (minus a miners fee) should now be in the hot wallet. You can now spend these funds online.
What is a public key?
A public key, as the name infers, is a key can be shared openly. This key acts like an IBAN or SWIFT code to your wallet. You can also see the balance on the note.
Where are these keys on a Polymerbit?
Typically both keys will be found on either the obverse or the reverse of the bill. The keys are in QR format, with the private key hidden under a scratch off and embedded in the design.
How much should I store on a Polymerbit?
While the amount can be up to the end user, it is recommended to load the amount listed on the denomination. In the event of a non denominated wallet, we recommended amounts between 0.0001 and 0.02 due the miners fee and the risk associated with physical storage,
What is a private Key?
The private key, on the other hand, is extremely sensitive as it acts as a key to unlock all the funds in the wallet. Take extra precautions with this key as there is no way to recover funds if it is exposed or lost.
Why is a Polymerbit called a paper wallet / cold storage document?
'Cold storage' is a term for keeping funds offline. Technically, the funds have never left the blockchain but since the only copy of the keys are stored on the document, the physical QRS become the only way to acess the funds.
What is a miners fee?
The miners fee is a payment made for each transaction in the blockchain. In a Polymerbit, two fees will be observed. One to load and one to redeem (sweep). Handing the note physically carries no fee since the funds have not moved according to the blockchain.