Guide- Creating a paper wallet for bitcoin

Decimation

member

Activity: 244

Merit: 43

Quote from: HCP on July 16, 2019, 07:26:26 PM

Quote from: DENNB on July 16, 2019, 04:26:57 AM

I will try to keep it as idiot-proof as possible.

Paper wallets have been proven not "idiot-proof"... many people have "lost" coins because they didn't understand how to correctly create and/or use "paper wallets".

For a list of the more common issues, refer here: https://en.bitcoin.it/wiki/Paper_wallet

Not to mention issues that had nothing to do with being stupid at all, like decay or damage and other errors that are often completely unavoidable.

HCP

legendary

Activity: 2086

Merit: 4361

Quote from: DENNB on July 16, 2019, 04:26:57 AM

I will try to keep it as idiot-proof as possible.

Paper wallets have been proven not "idiot-proof"... many people have "lost" coins because they didn't understand how to correctly create and/or use "paper wallets".

For a list of the more common issues, refer here: https://en.bitcoin.it/wiki/Paper_wallet

Decimation

member

Activity: 244

Merit: 43

The reason paper wallets aren't popular isn't that people don't know that they exist/don't know how to make them. It's because there are a ton of risks that come with having a paper wallet that makes having a wallet on a USB more reliable. Would you store your life savings in a bank, made out of paper? Over time paper decays, can be exposed to the elements (requiring you to keep it in a safe most of the time), and is just damn flimsy. For all the shit you have to do, just go buy a damn Trezor and call it a day.

DENNB

newbie

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Merit: 1

The code is open-source (https://github.com/pointbiz/bitaddress.org), so you can easily proof, if the seeds are randomly generated. Also there're dozens of recommendations and people that are confirming that the code is trustworthy on youtube and generally in the internet.

Regarding to the concerns about the trustworthiness of my information, because I am a newbie:
I can understand that some newbies that give some guides or "advertise" a website are suspicious, but I can 100% assure that I don't get payed from this website or have any other connections to the website or the founders of it.
I can actually say what I want here, but I hope that in the next weeks and months I can proof my trustworthiness and (how we say in Germany) "die Bedenken aus der Welt schaffen"(Remove the concerns from the world)

(I am sorry, if my English is a little bit "shitty")

Mahlzeit

glennmatthew

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Activity: 462

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Quote from: o_e_l_e_o on July 16, 2019, 06:07:31 AM

Also realize that unless you are auditing the source code yourself, you are blindly putting your trust in a third party to create truly random keys, and not display pre-generated keys which they would then use to steal all your coins.

My thoughts exactly. I find it a little strange that a newbie account is posting a guide on how to set-up a paper wallet. If the seeds are not random, then it does not matter if the wallet is created offline.

o_e_l_e_o

legendary

Activity: 2268

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Quote from: DENNB on July 16, 2019, 04:26:57 AM

1. Go to the webpage
https://www.bitaddress.org
Download the page below as zip or PGP and run it offline.

Verify the download .zip file against he PGP. It shouldn't be "ran offline", but should instead by ran on an airgapped device, i.e. one which is offline and will never go online again, with all network cables unplugged and any WiFi cards removed.

Also realize that unless you are auditing the source code yourself, you are blindly putting your trust in a third party to create truly random keys, and not display pre-generated keys which they would then use to steal all your coins.

Quote from: DENNB on July 16, 2019, 04:26:57 AM

3.Print wallet
Press Print Cheesy

Your printer should be similarly airgapped as above, and should never again be connected to a computer which does have internet access. Most modern printers will also store a copy of recently printed documents in their memory, so a physical attack on the printer could result in your coins being stolen.

Rath_

legendary

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Quote from: DENNB on July 16, 2019, 04:26:57 AM

2.5.Encryption
You can encrypt the wallet with BIP38, if you want. However, if you do not carry it around with you everywhere so you might lose it, it should not be necessary.

Encryption should be recommended even if one does not intend to carry around the paper wallet. There is always a slight chance that it might be found by someone else.

Quote from: DENNB on July 16, 2019, 04:26:57 AM

Of course you can also try to memorize your private key to save ink and paper Grin

Remembering a 12 word seed with a passphrase would be much easier.

bob123

legendary

Activity: 1624

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Quote from: DENNB on July 16, 2019, 04:26:57 AM

Download the page below as zip or PGP and run it offline.

You can not download it 'as PGP'.

When clicking on 'pgp', you are downlading the signature file to verify the downloaded .zip file.

Quote from: DENNB on July 16, 2019, 04:26:57 AM

3.Print wallet
Press Print Cheesy

.. using a 'dump' printer (not connected to any network, no buffer).

Quote from: DENNB on July 16, 2019, 04:26:57 AM

You can receive money if you pass on your public key, which is located on the LEFT side of your wallet.
You can see your "account balance" by entering your public key at blockchain.info.

Public key != Address

Read this thread about terms which are often confused by newcomers.

DENNB

newbie

Activity: 15

Merit: 1

I will try to keep it as idiot-proof as possible.

1. Go to the webpage
https://www.bitaddress.org
Download the page below as zip or at PGP and run it offline.

2.Generate address
Now you move the mouse on the page, so a random address is generated.
Then you press in the menu on Paper Wallet
Here you can select at Addresses to generate how many addresses you want. Then click Generate to apply the changes.

2.5.Encryption
You can encrypt the wallet with BIP38, if you want. However, if you do not carry it around with you everywhere so you might lose it, it should not be necessary.

3.Print wallet
Press Print Cheesy

4.Use wallet
You can receive money if you pass on your address, which is located on the LEFT side of your wallet.
You can see your "account balance" by entering your address at blockchain.info.
You can send money by importing your private key to for example blockchain.info, which is located on the right side of your wallet. Otherwise you should NOT publish your private key.

PS. Make copies of your paper wallet, as it may be damaged. Without the private key you will no longer have access to your bitcoins. Of course you can also try to memorize your private key to save ink and paper Grin

Topic: Guide- Creating a paper wallet for bitcoin (Read 203 times)