Paper Cryptocurrency Wallet (Paper Wallet) – this is a sheet of paper, printed on a printer and containing a Private Key to your address (wallet) in the Blockchain system. It can also contain a digital currency seed.. Using a paper version of a crypto wallet, you can store coins such as: Bitcoin, Ethereum, Ripple, Dogecoin, Zcash, Dash, Bitcoin Cash, Litecoin and many others. This type of wallet is referred to as "cold storage" and is safe, provided that the printed sheet is saved.
protection from hackers, due to storage of information without a network connection;
no threat of data loss due to system errors;
physical ownership of assets;
ease of use;
the ability to perform standard operations with cryptocurrency.
Creating a paper crypto wallet
Getting your own paper wallet is easy enough. You need to use special integrator sites to generate keys. The list of such services can be found freely on the net.. Next, open the selected service and follow the instructions provided on it.
The easy way
Creating a paper crypto wallet is a simple process, the main difficulty lies in the correct data protection. For testing the workflow and a low need for information security, a simple method is suitable.
Step-by-step instructions for performing a simple method:
Go to BitAddress (service for generating crypto wallets using open source code).
Need to move the pointer on the monitor, in order to increase the effect of randomness during the creation of keys OR enter a number of random characters in the "Bitaddress" field.
Then the item "paper wallet" is selected and the result is printed. Bitcoins are now available for sending to the public key.
Important! You need to securely store the private key and not share it with anyone, the result may be the loss of the contents of the wallet.
Complicated (more safe) way
For users doing serious work with creepscommodity, confidence in reliable data protection is required. The second way is longer, but is necessary for storing large amounts of funds. Creation is done using a PC.
Before starting the process, you need to install the following programs:
Ubuntu latest version - OS to run the process.
LiLi latest version - software, which will help you transfer Ubuntu to a flashcard.
BitAddress - program, helping to create a key.
Need a new or formatted flash card.
Step # 1:
Install Ubuntu on a pre-prepared USB flash drive.
Important! The action will delete all data, located on the flash drive.
After starting the LiLi program, insert the flash card.
Check the selected drive.
Specify the previously downloaded Ubuntu ISO file.
Verify, that only the item "format the key in FAT32" is used.
Then start the process of formatting and installation using the "Lightning" button.
Upon completion of the installation, unpack the previously downloaded BitAddress and copy it to a USB flash drive.
Step # 2:
Go offline and test printer operation. Important: when performing this action, it is imperative to disconnect the computer from the network.
Make sure, in the absence of remote access to the computer in use. When finished, test the ability to print a test page to be sure the printer is working..
Step # 3:
Install using Ubuntu from the USB stick.
Restart the system. Use the F12 or F1 keys for this while loading, you can make the OS start using a flash drive.
After finishing loading the OS, click "try Ubuntu".
Step # 4:
Configure the printer in Ubuntu
This step requires printer setup in Ubuntu:
Click on system settings.
Make a test print.
Step # 5 :
Open BitAddress and print a new paper crypto wallet.
Run a copy of BitAddress.org and make a wallet locally on your computer.
Launch private browsing mode using FireFox browser.
In the search box, write: file://cdrom/bitaddress.org-master/
Go to "BitAddress.org.html"
Finish key creation, you need to move the cursor until the number at the top right reaches 100.
Select the item "paper wallet".
Select the number of copies to create.
Optionally add BIP38 encryption.
The process is considered reliable due to the lack of internet connection during the generation of the private key. The operating system is on the memory card, what protects your computer from virus programs. The standalone version of BitAddress is being used, which cannot be hacked.
Risks when using a paper wallet
Despite the security of the way of storing data on paper, there are other risks of using this method.
The main disadvantages of storing data on paper:
printers often store data in public places, which were previously printed. As a result, outsiders can access information;
risk of key interception by malware during creation;
inability to use a new address for new incoming transactions;
the need to search for software, who understands the required key format;
to check the receipt of money, need to connect to the network, which means a partial reduction in safety;
after some time, poor quality ink may fade and the text will become incomprehensible.
any manipulations with paper, even flexion, may affect the ability to read the QR code.
paper is easily damaged by mechanical damage;
correct understanding by users of the principles of work. for example, some users have spent funds on a software wallet, considering, that the cryptocurrency remained on paper.
these crypto wallets are generated using online services. There is always a risk, that the key will be stolen by service developers or hackers, hacked the site.
Despite the benefits of secure storage, you also need to be aware of the existence of risks.
Usage: replenishment, translations, balance check
Using a paper wallet, you can perform all the usual actions, available on other types of wallets. The process is not complicated or lengthy.
Replenishment of a paper crypto wallet
There are several ways to deposit. This requires a QR code or knowledge of the public address.
A convenient way is chosen:
cryptocurrencies. First you need to register, but exchange rates are more profitable.
by credit card or terminal;
use online exchangers. In this way, you can exchange any currency for cryptocurrency. (for example on 7money.co), you only need to specify the wallet address as the recipient;
you can make replenishment and exchange through electronic payment systems;
If necessary, make transfers, key import required into software wallet. The process may differ for different currencies., but the base remains the same.
Step-by-step instructions for transferring bitcoins:
Install a software wallet on the device.
Select the item "New wallet" in the menu.
transfer existing key.
Scan QR code.
Important! It is recommended not to perform this process on a wallet containing funds, this can lead to the discarding of the current private key. It is advisable to download a new wallet, then import to run the given process.
Checking your balance is easy enough. To verify bitcoins, you need to know your bitcoin address. Next, going to Blockchain.info or Blockexplorer.com a public address is entered. Then the screen will display the balance amount and other information about the storage. There are similar official services to check the balance of another currency..
If you need to store a large amount of BTC or other cryptocurrency, storage method on paper, is the most secure among the existing free methods. To do this, it is better to take the time and use a more complex method of creating, which was previously described in the article. Digital currency - object, which receives significant attention from attackers, therefore, you need to be serious about protecting your assets.