About project
Why do you need a paper wallet?
A paper wallet is a way of storing Bitcoin by the way of copying the private keys to a wallet on a simple piece of paper. The main advantage of this approach is that the only way to access your cryptocurrencies isn’t on the Internet. This protects your savings from hacker attacks and makes it very convenient to access and give away.
Instead of worrying about the many security measures you have to take online, you can simply create these private keys and write them down on a piece of paper – possibly varnished. This is one of the safest ways to store money, and you can treat it like you would other valuables in your home. What’s more, it’s a very convenient type of gift. Safer than Hardware Wallet
It’s not that other wallets are not secure, but they simply cannot be compared to paper wallets. Even hardware storage – among the most secure methods – has its flaws. It’s still connected to software, meaning there is a way to access your data and steal your money. If you feel particularly vulnerable to online theft, then cold storage (which is what offline storage is called) is the way to go.
A piece of paper of this sort typically contains a private key to an otherwise unreachable pool of cryptocurrencies. At a glance, it’s a mishmash of symbols, which ensures high level of encryption. You can also include a seed phrase beside the key. The phrase is a string of two dozen words used to reclaim your key if you’ve lost it.
Security Checklist :
- JavaScript wallet generator done in open source
- A browser capable of creating random encryption keys through window.crypto.getRandomValues
- Safe OS without malware
Security Checklist :
- JavaScript wallet generator done in open source
- A browser capable of creating random encryption keys through window.crypto.getRandomValues
- Safe OS without malware
Wallet Creation Process Guide
1. Generate new address
You need to create an address before you can write it down. For it, select the cryptocurrency you hold and press ‘generate new address.’
2. Print the Paper Wallet
Print a piece of paper with this address in the ‘paper wallet’ menu. Alternatively, you can write the keys down manually on a small piece of paper. If you print it, the keys will likely stay as a file on your computer. You’ll need to delete it fully, because it’s still a security risk.
3. Fold the Bitcoin Paper Wallet
Either fold the paper along the lines (if you printed it) or varnish it and put somewhere in safe storage. The latter is important because you need to preserve it for as long as possible. It is better to print.
4. Share your public wallet address
You’ll have your private keys in the form of text or QR-code on a piece of paper. They are the way of accessing your funds, and if someone were to find this wallet, they’d be able to withdraw your cryptocurrency savings wherever. As for your public key, you can give it to anyone. It’s used to receive money and isn’t a security hazard.
5. Keep your private key secret
FAQ
We can help you set up a paper wallet of your own. We do that via an old and flawless algorithm called bitaddress.org. The code generator is available on GitHub, and is in open source. We’ve created this service to help people learn about the paper wallets and their many advantages. We also have plenty of written and video tutorials on how to make them.
You can use the wallet’s public address to send money onto it, like usual with these solutions. It’s the private keys that need hiding. You need the latter to spend your money, which means you need to take every precaution to safeguard them. You can use the BIP38 algorithm to provide an additional layer of encryption to your paper wallet.
To transfer money from an online wallet to a cold storage wallet, you need to open said wallet – either of web-based or live variety – and send money from it directly to the public address that you have for the paper wallet. You can see if the transaction is complete by inserting the public key into the search bar on blockchain.info.
You can empty your paper wallet by inserting the private key into a live wallet or a crypto exchange. This will transfer a specified amount of coins to that place. It is better to empty the wallet and create a new one, because if you don’t it poses a security risk. To do that, find the ‘import private key’ feature, also known as ‘sweep.’ Not all providers have the importation feature available, although big exchanges and live wallets will certainly let you do it. If you need that money on a crypto exchange, you can do it in two steps. There are crypto wallets that definitely have this feature, such as Mycelium or Bread. From there, you can transfer them wherever.
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