Best bitcoin paper wallet: past or future of cryptocurrency?
This article is about:
- What a paper wallet is
- Types of encoding
- Printing and materials
- How to make a BTC paper wallet
- Brief “instruction manual”
You have already heard about ways of cold storage of BTC on the paper and in this article we’ll tell about the best bitcoin paper wallet. Among the numerous methods for storing cryptocurrency, bitcoins in particular, paper wallets occupy a special place. Even experienced in the questions of mining users know about it not so much and continue to operate online and hard analogs actively. Nevertheless paper wallets can become the most secure and promising option for access to finance in the future. What’s special about the document that was printed on the inkjet printer and what advantages this kind of wallet can boast of?
What is a paper wallet?
Paper wallet is a physical document that contains personal and public keys. The information is presented in the form of QR-code. When you scan it you have access to the data and get the ability to make transactions. Money or jewelry since the time of their appearance in the everyday life of humans has been the object of intruders’ interest. Reliable safes and caches are also relevant for cryptocurrency. Such places are good for storing not only golden coins and precious stones, but for a small but very important document with the secret code printed on it. It turns out that a piece of paper is already a treasure in itself.
The level of security and safety of the wallet
Theoretically, paper wallets provide a high degree of security itself, since the key is entirely offline, not copied to the hard disk or to a remote server. As for hackers, there should not be any problems, but going back to the above the printed document especially if it displays an unencrypted version of the key, must be safely hidden, as cash and real values are hidden, in order to avoid losing it out of the Internet space, i.е. physical theft. There are people who have a phenomenal memory, and remembering a sequence of several tens of figures for them is not a problem, is it?
It goes without saying that it’s extremely imprudent to store the key in an open manner, that’s why in the overwhelming majority of cases encryption is used. This possibility is used even during registration. QR code as noted earlier is the most common option, because it can scan a regular smartphone. But anybody else can also use this way to rob you! The most careful cryptocurrency holders use the BIP38 algorithm which in its turn is a more reliable and complex cipher: the key is recorded in lines and contains 58 symbols (encoding Base58Check) and is further closed with a secret phrase. Another way to protect the key is to split it into several parts.
Office paper for printers is not the best material for key storage. The document will become unusable quickly ; it can be spoiled with a small drop of water or in the result of rough mechanical impacts. By the way for this reason you should print on a quality printer and use water-insoluble ink. If you have to deal with paper, do not forget to make several copies of paper wallets and also hide them in a safe place, better in several different places. Another way to save data is to laminate the document. Modern technology also allows you to print keys on plastic and even make engraving on a metal plate. It will really be the most attractive and for sure the best bitcoin paper wallet.
How to create bitcoin paper wallets
The creation and printing of the document will take several minutes. The computer or laptop that is used for this purpose must be guaranteed to be cleaned of viruses. Hackers and creators of malware do not sleep, and wait for their prey every second! Before you get down to the process, carefully check the system or reinstall it. Step by step your actions should look like this:
- Visit the website of WalletGenerator.net
- Download the zip archive with the specified link
- Unzip it and open the file index.html
- Choose the type of cryptocurrency and create a new address
- Print the document in the best possible quality without saving to PDF
- Roll the paper wallet on the lines
WalletGenerator.net is by far not the only resource for generating paper wallets. All services essentially provide the same service but in the case of the site considered, users have got wider opportunities due to the large list of cryptocurrency.
Too advanced models of printers can be equipped with a hard drive and have a connection to the Internet. All these nuances are important before the procedure. Check everything and if it’s necessary disable saving, copying and external network connections.
How to use a paper wallet
Any paper wallet contains two types of key. The first one is public and the second is private. The latter is confidential and used for spending bitcoins or any other altcoins. With its help you can receive cryptocurrency or send funds to other people.
To implement transactions, you need to import a private key into the software purse. To do this, you will need to install a special application on your Android or Iphone. For instance MyCelium is popular. After downloading and installing, you need:
- Start application
- Open “My Accounts”
- Choose “Cold Storage”
- Scan your private key with the camera
- Use send / accept buttons
Bitcoin-Qt, Electrum, etc. work in a similar way. It is important that when you transfer funds to a paper wallet you can not use the amount in part. This process is called “sweeping” so you should “sweep” your wallet. If you try to use only a part, there is a risk of losing the total balance.
In addition to the software wallet, web-wallets can be used for transactions, which support the “import private key” function. They are blockchain.info, coinbase.com, etc. Another obstacle is the reception of keys protected by the BIP38 algorithm. To do this, the service must have “Validate” feature to extract the Wallet Import Format (WIF) key.
Cryptocurrency wallets continue to be developed, improved and acquired new levels of information security. As for the best bitcoin paper wallet no one says that you need it to keep all your fortune. It is more expedient to involve different types of wallets, including the subject, we are talking about in this article. All the same we live in the material world and even virtual money for each person is more pleasant to have at hand in physical form. Even if it is an ordinary document or a plastic card.