Why Create a Paper Wallet?
Exchange accounts can be hacked, mobile wallets breached, and smartphones lost, stolen or destroyed. But paper? It’s impervious to all digital attack vectors. It’s not foolproof – fire, water damage, or theft can still take their toll – but if you’re careful where you stash your paper wallet, it’s one on the safest ways to store cryptocurrency. Be it as a backup of an existing hardware, mobile or desktop wallet, or as a standalone wallet that exists solely offline, paper is perfect.
The ultimate form of cold storage, a paper wallet simply consists of a printout of the private and public keys to your address. (These can even be handwritten if you don’t trust printers or have access to one). Suffice to say that while the public key can be shared so that others can send you coins, you shouldn’t share your private key with anyone. Thus, once you’ve printed your wallet, you need to store it somewhere only your eyes can view it. That could be a safe, a bank vault or a sly hiding place in your home.
If you’re ultra cautious, you can even split your paper wallet into parts and store it in separate locations. Not much use if you’re a day trader, admittedly, but if you’re a hodler for life, a distributed paper wallet (with at least one duplicate to ensure redundancy) is about as safe as cold storage gets.
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How to Make a Paper Wallet
There are numerous websites that allow you to create a paper wallet in seconds before printing it off. Choose a favorably reviewed site whose code is open sourced to prevent the sort of scams that are all too prevalent in the crypto space. Examples of paper wallet generating sites include the following:
Bitaddress.org: A simple but effective open source Javascript wallet generator. Select the BTC wallet type you’d like, generate some entropy, choose how many addresses you want and hit “Print”. You can also create vanity, bulk, split, and brain wallets.
Bitcoinpaperwallet.com: A self-explanatory site that allows you to create BTC and BCH paper wallets. There’s a useful section on paper wallet security tips and you can order tamper-proof holographic stickers for creating your own folding paper wallet. When it comes to print out your wallet, the sensitive details – namely the private key and QR code – are securely taped shut and sealed with a sticker. That way, you know that no one’s accessed your paper wallet and peeked at your private key.
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