@sotolf It is a fun name. However it is worth noting that this name for them did not actually apear in Norway until long after they had died out from mainstream usage. They were most popular between 1870s and 1880s. However that term first appeared in a newspaper in the 1930s.
Back during their heyday they would have been called simply velociped (note the 'c' due to the stronger influence from Danish at the time).
It seems that both velosiped and veltepetter are valid now.