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How To Perform A Transaction Offline And Why Should You?

October 15, 2018

Why performing transactions offline?

Using your wallet offline is safer, because it minimizes the potential for hackers to steal your money.

How does the process look like?

Ideally, the approach involves having two computers sharing some parts of the same wallet. The first one must be unplugged from the internet. It is the only one that holds your private keys, has a special software and is able to generate and sign transactions.The second computer is connected to the network, hosts the network node and sends the transaction to blockchain.

What should I use to perform a transaction offline?

There are only a few platforms that support the option. The most reliable one is MyEtherWallet. Check out our previous Crypto 101 instalment to see what it is and what it does.

How do I sign an offline transaction?

Step 1

Navigate to the "Offline Transaction" tab via your online computer. Here you will generate the current gas price and nonce.

Step 2

Copy in your Ethereum wallet address in the “From Address” field, and click “Generate Information”.

Step 3

Move to your offline computer. Enter the “to address” and the amount you wish to send.

Step 4

Then fill in the “value” and ‘type”, and leave the Gas Limit and Gas Price to the default.

Step 5

Then select your keystore file, type in your password, unlock it, and click “Generate Transaction”.

Step 6

Now, copy the “Signed Transaction” text. You can then take this transaction to a different computer connected to the internet, or just use the same computer and turn the internet on.


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