How To Create A Bitcoin Paper Wallet? A Quick Guide

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You may have heard about paper wallets before but not really know what they do, why you should use them, or how to set one up.

In this article, we will show you how to create a Bitcoin Paper Wallet, including where to get one and how to do it yourself.

Properties Of A Crypto Wallet

Conceptually, a wallet is very simple; it consists of two things: a private and a public key pair.

The public key is where everyone sends coins, and it is what you use to see your account balance on the blockchain.

A private key is your password, and it allows you to access your coins and transfer them. This is important because if anyone ever gets access to it, they would have full control over all your coins.

The whole idea of a paper wallet and other offline wallets is that you want to generate this pair of keys in an offline manner so that it cannot get sent over the internet.

What Is A Paper Wallet?

Paper wallets are a type of cold storage, which essentially means that they are taken offline, and hackers cannot access your assets.

Paper wallets are perfect for holding assets long-term and for those who are not interested in trading, exchanging, or sending on a regular basis. They are one of the most popular, cheapest, and secure ways of keeping Bitcoin safe.

Once you have created your paper wallet, it will come in a form similar to the picture above. The section on the left-hand side that you can see, which says “Load & Verify,” allows you to receive Bitcoin in this paper wallet. It also provides you with a Bitcoin address that you can then use to share with others to receive that Bitcoin.

On the right-hand side, you have your private key. Now, it is really important that you keep that to yourself. This is more like your PIN number for your credit or debit card, so it is something you really want to keep personal, as it will unlock your account.

Users can then print this off and keep it somewhere safe so they cannot be easily destroyed or stolen.

How To Generate A Bitcoin Paper Wallet?

To create your Bitcoin paper wallet, follow these steps:

Visit A Wallet Generator

Go to a reputable wallet generator website like bitaddress.org.

Generate A Bitcoin Address

On the website, you must generate a Bitcoin address by randomly moving your mouse cursor around until the generation process reaches 100%.

Print Your Bitcoin Address

Once generated, print your Bitcoin address. This will include both your public and private addresses, so never share your private keys with anyone and store them in a secure, offline location.

Verification

Before loading your paper wallet with large amounts of Bitcoin, verify the generated Bitcoin address on a Bitcoin blockchain explorer to confirm its accuracy.

Reminder: A Bitcoin paper wallet is for Bitcoin only. You cannot store other cryptocurrencies in it. If you have multiple cryptocurrencies, you must create separate paper wallets for each blockchain.

Final Thoughts

Being offline is very important because it makes it much harder to get into these types of systems. Yes, a lot of this is very complex, but at the end of the day, the intended purpose of Bitcoin and crypto assets is to be your own bank to remove third-party intermediaries.

As a society, we have become so relaxed that we do not want to think for ourselves and want to rely on other people to handle our hard-earned funds. The best thing you can do is research these things and test them out to make sure they are the best options for you.

Via: 2Usethebitcoin.com

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