Are you interested in Bitcoin Paper Wallet? Do you want to know how to generate a paper wallet for Bitcoin? In this article we will explain everything step by step. You will learn what to remember and pay attention to, when creating paper wallet. Here are some tips!
What is Bitcoin paper wallet?
Holding cryptocurrencies in the long term on both browser wallets and crypto exchanges may risk losing our funds. Why? Because online wallest as well as the exchanges may cease to exist at any time and with it our money may be lost. Unless our account is hacked by a hacker beforehand. If you want to hold more bitcoins, it is worthwhile to transfer our Bitcoins and other coins to the so-called "paper wallet". The great advantage of such a wallet is that it is not connected to the Internet, which makes it impossible for a hacker to steal. The disadvantage, however, is that the paper wallet can quickly be destroyed. Therefore, remember to keep a few copies on paper or another medium in a safe place known only to you. It is one of the safest forms of holding cryptocurrencies.
What should be done before you generate your Bitcoin paper wallet?
To ensure the security of your own resources, make sure that there are no dangerous viruses on your device. It is good to run fresh version of Linux - you do not have to delete the operating system you are currently using. Remember also to never generate wallets on public computers.
Once the device is "cleaned" and you are sure that your data is safe, you can move on to the next step.
How to create a paper wallet in for Bitcoin?
To do this, go to GitHub (link).
You can see the 'Code' button on the right hand side. Click on it and then select the option 'Download ZIP'.
At this point, you should disconnect the Internet so that no one can intercept your data. Generating an offline wallet will provide greater security for the funds you assign to it. If you click on the downloaded file, you should see a window and a folder called bitaddress.org-master - open it.
Open the file "bitaddress.org-master" using your web browser. Remember not to connect to the Internet.
Perform random mouse movements to generate your keys. Do this until you reach 100%.
And you're done! Your public key is on the left. You can transfer Bitcoins purchased on the cryptocurrency exchange to its address. To the right, you can see your private key, which you can use to access your wallet's funds and confirm transactions - never share it with a third party. Both addresses can be handwritten on a piece of paper. Never save your private keys on your computer. Due to your frequent connection to the Internet, there will be a greater risk of someone stealing your private keys.
You can also print this wallet - but remember to do this at home, do not use public printers. To do this, click Print. By going to the Paper Wallet tab, you have the option of generating more key pairs - as you like.
What should you know about bitcoin paper wallet?
The most important thing is that you know that the wallet you generated only works with Bitcoin. You can't send Ether or other cryptocurrencies to it because it's not dedicated for them.
If you are worried about its vulnerability, cryptosteel may be the solution.This is a metal plate with a series of numbers and letters, which you set in any order, thus permanently saving your passwords. Its advantages are that it is resistant to fire, water or time.
Always keep your private keys in a safe place so that others do not have access to them!