Make sure your computer is free of virus/malware & create one on bitaddress.org
That's the safest place imo, it'll generate you a public key to send your coins to & a private key which you must keep safe.
Topic: what does paper wallet mean ? (Read 441 times)
People say paper wallet to store Bitcoin, what does it actually mean, also how much space from my hard drive will it use up to install sync and transfer Bitcoin? Will the sync and data stored get bigger ever time?
I am sure there must be others like me who don't know these terms .
a paper wallet is a private key and public address printed on a piece of paper and not on your computer. its not going to sync with anything electronic. i think you are talking about the blockchain you have to download when you use bitcoin core. I am sure there must be others like me who don't know these terms .
Usually a lot of people always forget to mention the fact that if you are not encrypting your paper wallet, it's a very unsafe way to store your coins. So if you do a paper wallet, always, always encrypt with BIP38, or anyone that finds the private key has all access to your coins.
True. However, although BIP38 is quite popular way of encrypting the private key, it may also be a possible point of failure in long term storage... What if it got replaced by another better BIP and not supported anymore? Finding the software/tools to decrypt the private may then be a big problem.
Usually a lot of people always forget to mention the fact that if you are not encrypting your paper wallet, it's a very unsafe way to store your coins. So if you do a paper wallet, always, always encrypt with BIP38, or anyone that finds the private key has all access to your coins.
The difference between a paper wallet and a computer wallet is the medium used to store the wallet's private key: paper in the first case, hard drive in the latter.
Storing bitcoin in paper wallet basically means you write/print the private key on a piece of paper and store the paper safely.
If you can memorize the private key in your brain, you do not need any paper wallet at all. Unfortunately it is really hard for someone to remember so many random characters for long term...
If you can memorize the private key in your brain, you do not need any paper wallet at all. Unfortunately it is really hard for someone to remember so many random characters for long term...
People say paper wallet to store Bitcoin, what does it actually mean, also how much space from my hard drive will it use up to install sync and transfer Bitcoin? Will the sync and data stored get bigger ever time?
I am sure there must be others like me who don't know these terms .
I am sure there must be others like me who don't know these terms .
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