Topic: Paper wallet for BTC used to be the best (Read 431 times)
Hardware wallets are gaining popularity but they may not be suitable for everyone. They can be costly and may come with features that are not needed, particularly if you only plan to store a few types of cryptocurrency. An alternative is a paper wallet, which can be a great option for backup, offline storage and long-term storage.
Here are some of the benefits and drawbacks of hardware wallets and paper wallets:
Hardware Wallets:
~snip
Drawbacks:
Paper Wallets:
~snip
Drawbacks:
You say "Can be lost or damaged" for the hardware wallets while you say "Can be lost or damaged easily" for the paper wallets like paper wallets were more fragile than HW. I think you should try to drop your HW into your bath or your freezer, to throw it against a wall or to apply an electric cable on it and then you should try to do the same thing with a paper wallet... Paper wallets are even resistant to radioactivity fyi.Hardware Wallets:
~snip
Drawbacks:
- Can be lost or damaged
- Cost more than paper wallets
- Potentially difficult for beginners
Paper Wallets:
~snip
Drawbacks:
- Not user-friendly
- Can be lost or damaged easily
- Not portable
Actually when you use a HW you need to back up your seed onto a paper, because of its weakness.
It's impossible for 1.5 billion people to use on-chain Bitcoin. Currently, Bitcoin is having less than 1.5 billion transactions in a decade, and there's no on-chain block capacity for much more.
I understand what you mean, but the story of Bitcoin is only at its beginning, I hope so anyway. 
Quote
(they are 1.5 billion according to the World Bank)
There are only 43 million funded Bitcoin addresses. On-chain Bitcoin can't help all of them.
Creating a paper wallet offline comes with least risks compared to those that are created online and possibly face malware risks. Storing them is something that matters once they are created because paper can be burnt, torn or turn older and the QR may become inaccessible for the user who generated it. Tbh I don't find it much secure that those steel wallets where you can store your private keys by storing your paper wallets in them or keeping a combination of your phrase in 12-24 word storage rust-free steel device. However, paper wallets were best used with BIP38 password added to them for ultra-security.
https://www.bitaddress.org/
This was the one I used in my early days of crypto, just to learn how to create one.
I've got something noteworthy to read, so I'm sharing it:
https://www.coindesk.com/tech/2021/02/24/bitcoinpaperwallet-back-door-responsible-for-millions-in-missing-funds-research-suggests/
https://www.bitaddress.org/
This was the one I used in my early days of crypto, just to learn how to create one.
I've got something noteworthy to read, so I'm sharing it:
https://www.coindesk.com/tech/2021/02/24/bitcoinpaperwallet-back-door-responsible-for-millions-in-missing-funds-research-suggests/
Here are some of the benefits and drawbacks of hardware wallets and paper wallets:
Hardware Wallets:
Benefits:
Paper Wallets:
Benefits:
It was said that hardware wallet is generally considered more secure than paper wallets I do not know if someone thinks otherwise.
Sources:
https://www.cnbctv18.com/cryptocurrency/crypto-paper-wallets-a-quick-guide-pros-and-cons-14368372.htm
https://www.brokerxplorer.com/article/pros-and-cons-of-bitcoin-paper-wallet-2238
https://go.finimize.com/wp/guides/storing-cryptocurrency-digital-vs-hardware-wallets/
https://techstory.in/the-pros-and-cons-of-hardware-wallets/
Hardware Wallets:
Benefits:
- High security as they are stored offline
- User-friendly interface for transactions
- Portable, can be carried around
- Can be protected with a PIN
- Can be lost or damaged
- Cost more than paper wallets
- Potentially difficult for beginners
Paper Wallets:
Benefits:
- High security as they are stored offline
- Can't be hacked
- Cost-effective (Loyce just refuted this
) but if you have the available materials needed then this is cheaper than buying hardware wallet
- Not user-friendly
- Can be lost or damaged easily
- Not portable
It was said that hardware wallet is generally considered more secure than paper wallets I do not know if someone thinks otherwise.
Sources:
https://www.cnbctv18.com/cryptocurrency/crypto-paper-wallets-a-quick-guide-pros-and-cons-14368372.htm
https://www.brokerxplorer.com/article/pros-and-cons-of-bitcoin-paper-wallet-2238
https://go.finimize.com/wp/guides/storing-cryptocurrency-digital-vs-hardware-wallets/
https://techstory.in/the-pros-and-cons-of-hardware-wallets/
You are correct that paper wallets can be easily destroyed. Physical wallets made of steel or other durable materials can be a good alternative to paper wallets. These types of wallets, also known as "cold wallets," provide added protection against fire and water damage.
Another alternative is to use a hardware wallet. Although they can be more expensive than paper or steel wallets, but they are generally considered to be the most secure way to store cryptocurrency offline. For under $100 I'd rather go for a hardware wallet than anything else.
No they are not considered to be the most secure way to store cryptocurrency offline, you're wrong. They are considered to have the best convenience/safety ratio, but they are not air gapped, they are not open source, backdoors and unknown vulnerabilities can exist, some loopholes have been discovered in the past. And it's not easy at all to be sure that your hardware wallet is an original one, that hasn't been tampered. Another alternative is to use a hardware wallet. Although they can be more expensive than paper or steel wallets, but they are generally considered to be the most secure way to store cryptocurrency offline. For under $100 I'd rather go for a hardware wallet than anything else.
Between paper wallet and hardware wallet which one is more superior than the other for Bitcoin? What matters the most to me is keeping your Bitcoin keys offline and which one is best practice for this? Years back paper wallet triumph over everything until hardware wallet came and every advice on the forum now is get a hardware wallet.
Which paper wallet generator still functions today? Also is there any risk using paper wallet apart from keeping the phrase offline?
Which paper wallet generator still functions today? Also is there any risk using paper wallet apart from keeping the phrase offline?
It's been a long time since I've heard anyone mention paper wallets anymore, maybe it's not as popular as they used to be. But between a paper wallet and a hardware wallet, of course, a hardware wallet will be better and a more perfect choice. I have also used both and hardware wallet is definitely my choice, I really feel very safe using hardware wallet to store my crypto assets.
if op just wants to store btc and never wants to send out any btc, then paper wallet is fine.
But paper wallet doesn't come with seed phrases which makes it very hard to write down and it is error-prone. Make sure you back up everything correctly.
So, overall, hardware wallet is a little bit better. You can generate a seed and send your funds into one of the addresses and keep for another 20 years.
But paper wallet doesn't come with seed phrases which makes it very hard to write down and it is error-prone. Make sure you back up everything correctly.
So, overall, hardware wallet is a little bit better. You can generate a seed and send your funds into one of the addresses and keep for another 20 years.
Why would you have to change the address for every transaction when you can simply send bitcoin to the same one? I am doing the same thing with my Ledger, sending bitcoin to the same address for a long term hodl.
This is for privacy reasons the more you use the same address then more traceable your money will be. And it's fine if you have nothing to hide, but the idea of cryptos is to be part anonymous, or at least make it difficult to track them. And is important to remember satoshi words:
Quote
For greater privacy, it’s best to use bitcoin addresses only once.
And getting back to the topic. The Paper wallets... I like the classic way. Make the address with vanity gen and then save them in a file protected with a password. Simple as that.
I would suggest to have a look here
glacierprotocol.org
because you will find the best guide/instructions/detailed info about the top cold wallet.
you can take also details on how you can adapt this guide for your personal purpose, adding some variants, etc etc...
It's considered the "state of the art" on this argument it deserve a read!
glacierprotocol.org
because you will find the best guide/instructions/detailed info about the top cold wallet.
you can take also details on how you can adapt this guide for your personal purpose, adding some variants, etc etc...
It's considered the "state of the art" on this argument it deserve a read!
Don't need to add much more to what's already been said, except to agree with the summary that paper wallet, used improperly, can be really bad. Used with all the additional knowledge we now know, it's still the best, but hardly for everyone. Hardware wallet should still be the best mix of ease and security.
Even at today's price, still a bit too rich for me to keep 0.1 on a hot wallet though! I definitely did see it in BTC units, but with price for the past 18 months or so, I tend to convert in my head and readjust -- about $1000 is mine now, same as my regular debit card.
I also have electrum desktop wallet that I use for fast payments and holding smaller amounts of btc (below 0.1). I feel that it's safe enough for such small amounts.
Even at today's price, still a bit too rich for me to keep 0.1 on a hot wallet though! I definitely did see it in BTC units, but with price for the past 18 months or so, I tend to convert in my head and readjust -- about $1000 is mine now, same as my regular debit card.
So IMO it's safer to hand write a private key than to print it.
Years ago, someone sent me his hand-written (XLM) private key. He missed several characters, and there are enough other mistakes to make all my attempts to brute-force it fail. Seed words were created to write them down, writing down private keys is risky.This risk of missing characters or doing mistakes is not unreal, but it can easily be addressed by testing the hand written private key in the software that gave it before deleting it. People do this kind of double check by themselves when they need to hand write critical things usually.
Quote
Bitcoin is supposed to help unbanked people
I don't think that was ever the goal. From Bitcoin's perspective, being unbanked isn't the problem, it's the solution.Quote
(they are 1.5 billion according to the World Bank)
There are only 43 million funded Bitcoin addresses. On-chain Bitcoin can't help all of them.
A paper wallet can be a good option for storing bitcoins, as it provides a way to offline storage, which can help to protect against hacking and other types of online threats. With a paper wallet, a person's private key is printed on a physical piece of paper, and the corresponding public key is used as the bitcoin address. The bitcoins can then be transferred to this address and stored offline, away from the internet.
However, it's important to note that paper wallets can be damaged or lost, and if the private key is lost, the bitcoins stored on the paper wallet will be inaccessible. Additionally, paper wallets can be challenging to set up and use, especially for those who are not experienced with cryptocurrencies.
Another alternative to paper wallet is hardware wallet which is considered to be more secure and user-friendly.
Ultimately, the best option for storing bitcoins will depend on an individual's specific needs and preferences. It's always recommended to research and compare different options before making a decision.
However, it's important to note that paper wallets can be damaged or lost, and if the private key is lost, the bitcoins stored on the paper wallet will be inaccessible. Additionally, paper wallets can be challenging to set up and use, especially for those who are not experienced with cryptocurrencies.
Another alternative to paper wallet is hardware wallet which is considered to be more secure and user-friendly.
Ultimately, the best option for storing bitcoins will depend on an individual's specific needs and preferences. It's always recommended to research and compare different options before making a decision.
So IMO it's safer to hand write a private key than to print it.
Years ago, someone sent me his hand-written (XLM) private key. He missed several characters, and there are enough other mistakes to make all my attempts to brute-force it fail. Seed words were created to write them down, writing down private keys is risky.Quote
Don't you think an USB stick with a physical write protection switch could be used instead of a DVD?
Sure, but I've never seen one in real life. A normal USB stick will work too, but a DVD makes it much easier to be absolutely sure nothing can be stored.Quote
Bitcoin is supposed to help unbanked people
I don't think that was ever the goal. From Bitcoin's perspective, being unbanked isn't the problem, it's the solution.Quote
(they are 1.5 billion according to the World Bank)
There are only 43 million funded Bitcoin addresses. On-chain Bitcoin can't help all of them. 
No it's not. Downloading a live Linux DVD, searching for a DVD burner, finding out how to boot from it, buying a printer with cable, getting your printer drivers to work without going online..... None of it is easy if you don't take shortcuts like printing from an online computer to a WiFi printer.
Exactly. While paper wallets are indeed easy to make, it's definitely not easy to make correctly and in a secure manner. There's so much factors to take into consideration hence why I don't ever recommend paper wallets to anyone besides really technically-literate people.
in my opinion, all bitcoin communities need at least one hardware wallet for security reasons and act as a cold wallet for the long term.
People have different opinions on hardware wallets to be a cold storage or not. Some people consider a wallet that is generated offline and in which no transaction has been sent on it before to be cold storage. In that case, hardware wallet that is used for making transaction would be considered not to be a cold wallet. Some people consider if not QR code is used for making transaction in a way the hardware wallet is not airgapped, they consider it not to be a cold sotrage, which means, using Bluetooth, NFC and USB stick as a means of making transaction makes some people to consider hardware wallet used that way not to be a cold wallet.Paper wallets, on the other hand, can be act as cold wallet they used for offline payments without using the internet couple of years ago but I don't think people still using it. An offline transaction that replaces paper wallet is by using opendime is like a USB stick that contains bitcoin in it.
The physical form of bitcoin that I know of is Casascius bitcoin. Although, it might be considered a paper wallet but people consider it as just to be a physical bitcoin in form of a physical coins. 
They both are the best
in my opinion, all bitcoin communities need at least one hardware wallet for security reasons and act as a cold wallet for the long term.
Paper wallets, on the other hand, can be act as cold wallet they used for offline payments without using the internet couple of years ago but I don't think people still using it. An offline transaction that replaces paper wallet is by using opendime is like a USB stick that contains bitcoin in it.
in my opinion, all bitcoin communities need at least one hardware wallet for security reasons and act as a cold wallet for the long term.
Paper wallets, on the other hand, can be act as cold wallet they used for offline payments without using the internet couple of years ago but I don't think people still using it. An offline transaction that replaces paper wallet is by using opendime is like a USB stick that contains bitcoin in it.
OP is correct, paper wallets used to be the top choice until hardware wallets came along, and obviously, hardware wallets are the best and a lot more convenient these days.
He's right on it that there was the glory days of paper wallet until the hardware wallet manufacturers became more popular as it doesn't need to be that technically depth on it.As for the preservation of the seed phrase, each person will have a different way of preserving it, if you keep the seed phrase of the hardware wallet on paper, it will not be possible to avoid the risks as you said. This means it's up to you, don't blame paper wallets in this case.
Yes, we'll still be required to write it down on a piece of paper and keeping it is going to be your task overall of your life until you decide to move it to another wallet. As for the choice of paper wallets or hardware wallets, you can use both of them but for most that don't have a budget, it's more likely to stick on a paper/desktop wallet and they'll just keep the seeds. however, if you don't have a printer with WIFI, of course you can't take this shortcut.
So in conclusion nothing is cheap and easy to do, there will be several attempts and of course, it requires additional costs.
Maybe writing manually is a direct way that doesn't cost a lot, Always Offline, only paper and a pen that are waterproof, as well as good writing intuition and make sure everything is correct, after writing is done do a checkup to enter whether the phrase is correct or there are some errors.
Yes I agree with you Bitcoin uses Base58Check for that purpose. Being more easily usable by humans. So IMO it's safer to hand write a private key than to print it. The ink in cartridges is sometimes of poor quality and can become unreadable over time, in addition.So in conclusion nothing is cheap and easy to do, there will be several attempts and of course, it requires additional costs.
Maybe writing manually is a direct way that doesn't cost a lot, Always Offline, only paper and a pen that are waterproof, as well as good writing intuition and make sure everything is correct, after writing is done do a checkup to enter whether the phrase is correct or there are some errors.
No it's not. Downloading a live Linux DVD, searching for a DVD burner, finding out how to boot from it, buying a printer with cable, getting your printer drivers to work without going online..... None of it is easy if you don't take shortcuts like printing from an online computer to a WiFi printer.
Don't you think an USB stick with a physical write protection switch could be used instead of a DVD? Bitcoin is supposed to help unbanked people(they are 1.5 billion according to the World Bank), they are often poor and live in third world countries, so they are unlikely to be able to spend $100 to buy a hardware wallet unfortunately.
~snip~..... None of it is easy if you don't take shortcuts like printing from an online computer to a WiFi printer.
however, if you don't have a printer with WIFI, of course you can't take this shortcut.
So in conclusion nothing is cheap and easy to do, there will be several attempts and of course, it requires additional costs.
Maybe writing manually is a direct way that doesn't cost a lot, Always Offline, only paper and a pen that are waterproof, as well as good writing intuition and make sure everything is correct, after writing is done do a checkup to enter whether the phrase is correct or there are some errors.
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