Topic: what is paper wallet (Read 535 times)

Paper wallet is a type of wallet where in you can store all of data necessary to create any number of bitcoin private keys or its just like a storing of your bitcoins in a physical paper or document

As others have stated it's a simple piece of paper... usually printed, that has your private key on it. Some may also contain a barcode that represents your private key. This private key will then let you store your bitcoin and access the bitcoin if you need to transfer hence why it's called "a paper wallet"

paper wallet its u can handle your data like private key, address and so more,its a like wallet that can hodl in everywhere save in your pocket no internet because its paper wallet -

Paper wallet is a document containing all of the data necessary to generate any number of bitcoin private keys,forming a wallet of keys

As simple as I can explain it, a paper wallet, is
- 1 address to receive funds
- 1 private keyx to access this fund

But you will definitely use some website to access your fund with your private key... So a paper wallet can stay paper as long as you don't want to spend the money on it

You've quoted my reply in which i stated a different wallet...

Why exactly do you think blockchain.info is the best wallet?
Any other reason than convenience is false. They do not offer direct access to private keys, RBF transactions, CPFP transactions, the list goes on and on.

I'd once again recommend you to use a hardware wallet such as https://electrum.org/#home

I use MyEtherWallet and blockchain, despite the recent bad reviews of the latter I think that there is currently no second best wallet. If anyone has any information please email me.

You simply import the private key / ( or seed) that you saved/written down on the paper in a wallet such as electrum - http://electrum.org/, and your balance/bitcoin should be there. It is as easy as that.

ok I got it a bit but also tell me guy after converting to paper wallet how can we use them online ? and thanx for ur valued reply

Now that people have told you what a paper wallet is, let's see how to make one in a secure way.
I’ll give you two different methods.

The first one is “security paranoid”; it means that you will be 99.99999999999% secure that your bitcoins are safe and hacker-proof. BUT, it is more complicated. Probably this is too paranoid, but I prefer to give you all the options!

The second is still relatively safe, but much easier. If the amount involved is small, you can maybe choose the easy way.
 
1. Super-safe mode

First of all you need to create a bootable USB stick with a linux distro. I have always used Ubuntu. Here you have an easy guide (https://www.howtogeek.com/howto/linux/create-a-bootable-ubuntu-usb-flash-drive-the-easy-way/).  The super/extra/mega-secure way would be a brand new USB stick. But it's sufficient if it has been formatted using a secure method (like formatting with three passages).

On this stick, you will save the webpage “bitaddress.org” (verify the page is legit - here you have the hash of the legit page https://www.bitaddress.org/CHANGELOG.txt.asc): this is the page that will generate your key pair and the paper wallet. In theory you could do it directly on the website, but you want to avoid that at all costs. You want to save the page offline and run it on a secure computer disconnected from the internet, so that the keys don't leak. You just go to the page, and than you save it (file -> Save page as) on the USB.

Now take a computer that you think is sufficiently secure, and disconnect it from Internet. Make sure you first set it up to boot from the USB. Insert the Live USB stick and turn the computer on. You will see that Ubuntu starts loading. You will be asked if you want to install or try it. You don't need to install it, try is ok. Make sure the computer is NOT connected to internet.

Open bitaddress. You will have to move your mouse to generate randomness. Then go to the tab "paper wallet" and generate some new ones. Now press "print" and save the paper wallets as PDF on the USB stick.

Turn everything off

Now you need to print the paper wallet. Try to find a good printer but that is not connected to the internet (network printers are not good for you). Most advanced printers make a copy of whatever they print or scan in an internal memory. You want to avoid this, so try to use a dumb printer. Print at least three copies of every paper wallet you created

Keep the paper wallet in a sealed bag, to prevent it from getting wet. Periodically (once every 6 months) check if the ink is ok and can be easily read.

Remember to destroy or format in a extra-secure way the USB stick were you saved the paper wallets (or keep it in a secure place like a safe).

 
 
2. Relaxed (but still relatively secure) mode

Use a computer that you think is sufficiently secure. It would be good if this computer has just been formatted, to be sure that there are no viruses or keyloggers.

Open the page “bitaddress.org”. Once the page is open, (even before generating the randomness) you will disconnect the computer from internet.

Now move your mouse to generate randomness. Then go to the tab "paper wallet" and generate some new ones. Now press "print" and save the paper wallets as PDF on a USB stick.

Turn everything off

Now you need to print the paper wallet. Try to find a good printer but that is not connected to the internet (network printers are not good for you). Most advanced printers make a copy of whatever they print or scan in an internal memory. You want to avoid this, so try to use a dumb printer. Print at least three copies of every paper wallet you created

Keep the paper wallet in a sealed bag, to prevent it from getting wet. Periodically (once every 6 months) check if the ink is ok and can be easily read.

Remember to destroy or format in a extra-secure way the USB stick were you saved the paper wallets (or keep it in a secure place like a safe).

 

A paper wallet is essentially a QR code on a piece of paper. This QR code can act as a wallet to hold BTC. You can send BTC to this QR code and it will hold te BTC for you. However this is the least safe method of storing bitcoins because you can easily lose it, even if you make copies. Then if you make copies, you must make sure it's secure with a passphrase via your seed.

To be more precise, paper wallet can be made waterproof if you laminate it. After you can put it into the fireproof safe at a secret location.
However, I was always wondering if it's really safe to generate paper wallets on the web... It's OK if you generate 1000 wallets in a word document and pick one at random but I wouldn't fully trust any website that offers me to generate a wallet address with keys... Maybe I need to put down my tinfoil hat but anyway...
I have read that someone adviced to download an open source linux app for wallet generation, put it onto a fresh install of a live linux distro and generate the wallets offline and print it with a really old laser printer with no network connection possibility... (just to be sure that noone can log into the printe while printing, and after)
We can't be cautious enough, anyway

I like this idea, and hadn't thought of it - that way, you would need both 'keys' to unlock the wallet.  If you really wanted to be safe, you could encrypt the private key with a secure salt and keep that salt and key in secret places (and have backups of course).  That way, if someone stole just your encrypted key, they couldn't access it.  If they just stole your secret and salt, they wouldn't have access to the key file to decrypt.

But we're talking paranoia here.  Of course, it beats the hell out of having coinbase hold your entire wallet when we're talking any more than 0.001BTC.

It is a very risky way to protect your bitcoins, well, it is a fifty-fifty, because it is very risky but it is very safe at the moment.

If you do not have the enough funds to buy a trezor wallet or a nano ledger, then the best thing that you can do is just print a paper wallet and keep that wallet safe.

There are several ways to protect it (because if someone stole your paper wallet, they stole your bitcoins too)

I have heard about some people who print their keys in two or more parts, and they they give a part to each one of they brothers, or just people that they really trust (by this way they really diversify the risk of being stolen of lost)

Paper wallet is a type of wallet where in you can store all of data necessary to create any number of bitcoin private keys or its just like a storing of your bitcoins in a physical paper or document. if you have doubt or don't have trust on the online wallet due to the possible hacking of your BTC, you can try this bitcoin offline storage but make sure that you have strong and very strict security precautions and good personal safekeeping attitude to avoid losing,damaging or misplaced this document that contains important information of your bitcoin.

A paper wallet is a kind of cold storage of a cryptocurrency. It's printing your private keys in the form of QR codes in a piece of paper and save it in safe place.

Not only that. Remember that paper has its vulnerabilities. It burns easily, can be easily lost, can be damaged by animals and bugs. If you really want a paper wallet buy yourself a fireproof safe, so that if someone decides to read your private key you'll at least know about it because the safe will have to get damaged, and it will protect your money in the event of a fire.

You could also print it on high-quality metal to make sure it lasts longer (but not all metals last forever, some less/softer ones will wear - that's why 'nickels' aren't made of just nickel )

It's also advisable to keep backups of your backups of your paper wallets.  If you store your paper wallet in a file cabinet and it floods and the ink runs on your paper wallet, you will lose it.  I keep backups on a USB drive that will never see my computer, as well as paper copies in a fire safe.  (the USB drive is not in the fire safe, though, it's somewhere else).

Also be sure that when you print your paper wallet you print it on quality paper with quality ink and store it in a safe place with no risk of humidity on it. The paper wallet is an offline wallet. So, no chances to be hacked. Be if your paper wallet is stolen basically the robber has all your balance in the paper wallet.

Googles your friend homie. https://blockgeeks.com/guides/paper-wallet-guide/. Quick explanation is that it basically is an offline wallet that is literally paper. You can store your cryptos on it but there is a process, gl.