Paper wallet for bitcoin
What is a paper wallet? A paper wallet is a method of storing Bitcoin through an offline mechanism. The term wallet in cryptocurrency itself is the address used to store digital tokens.
Through these wallets, then the software program helps facilitate updates to the blockchain ledger when transactions are made. Unlike hot wallets, paper wallets operate separately from the Internet.
But this paper wallet does not physically store Bitcoin and the “paper” quality of this wallet refers to how to access cryptocurrency owners.
In the early years of Bitcoin, this paper wallet is quite popular as a way to store Bitcoin, but lately, users have begun exploring other methods or methods.
But maybe you are still asking, what is this wallet? and how it works, or its advantages, a little explanation in this article might help you to understand it.
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What is the paper wallet definition?
The paper wallet is an offline mechanism for storing Bitcoins. The process of wallet consists of printing private keys and Bitcoin addresses into the paper. It can also be printed onto plastic or any form that makes it possible to print the required information.
Because it has a physical form, this type of wallet can be said to be the safest way to save Bitcoin. Because it avoids the threat of online crime, malware, etc.
Keep in mind that this is not mean if Bitcoin is printed on paper like fiat currency. But the information contained in a digital wallet or Bitcoin wallet is printed.
The data contained in the wallet consists of a Bitcoin address or public key. It allows transferring money into the wallet, and private key, which gives access to funds spent in the form of QR code. Some printing services provide a good design, allowing the wallet to be folded, cut, and sealed.
Many Bitcoin users make their wallets using open-source wallet generators. Such as BitAddress.org, BitcoinpaperWallet.com, and WalletGenerator.net.
Usually, it will be recommended to the user to revoke Internet access when creating a paper wallet and delete the browsing history after the wallet has been created. It is also recommended for users. Before creating a wallet to scan computers if there is malware.
Disadvantages of Paper Wallet
Because it has a physical form. It can be stolen if it is not stored in a safe place. the ink that prints the wallet can also disappear over time. If printed using paper, it does not rule out the possibility of the wallet to burn or be damaged if it is exposed to water.
Difference between Paper Wallet and Digital Wallet
The basic thing that distinguishes between paper wallets and digital wallets in the form of storage. If the paper wallet prints Bitcoin user information in an offline form. Meanwhile the digital wallet stores all data in an online form.
The definition of the digital wallet itself is a software program that stores private and public keys and Blockchain-based. And enable digital currency users to receive and send cryptocurrency and monitor their balance.
If you are a beginner in cryptocurrency, then you must have a digital wallet. It could be said that this is suitable for beginners.
Best bitcoin paper wallet
There are a number of paper wallet providers in 2020, but we picked three that we chose as the best.
This bitcoin wallet generator can print front and back sides. On the front side of the paper, the wallet is sealed using a hologram that is useful for storing sensitive information such as QR codes and private keys.
This hologram sticker is proven to be not easily damaged, which when removed is destroyed to prevent it from being replaced. However, the user must store a paper wallet in a safe place and don’t let others know, who can potentially access your bitcoin wallet.
One advantage of the Paper Wallet is that you can store bitcoin offline that is not connected to the internet, where there will be no risk of being hacked or funds being stolen.
The Bitcoin.com wallet generator recommends users to download source code and produce seeds from offline laptops. Making a paper wallet is very easy and does not require complicated skills and beginners can also easily make it.
The seed generator is based on tested bitaddress.org, which helps you easily create a wallet.
Supporting 197 cryptocurrencies you can print Bitcoin paper wallets via wallet generator.net. The steps to print a wallet paper are also easy and there are step-by-step instructions.
Generate the new address then Print the Paper Wallet, Fold the Paper Wallet, Share your public address, and Keep your private key secret.
For safety when you make a wallet, turn off the internet. Keep your private key secret as the only person who accesses it. If it is known to others, there is a great risk of losing your funds. So it’s better not to trust anyone with it. This is one of the best BTC paper wallets.
Bitcoin paper wallet designs
bitcoin paper wallet designs have unique features that give a cool impression when you first see them. There are various kinds of designs that are good for wallet paper that are considered safer, you can print them with a printer that supports it.
From some wallet generators, it turns out that the designs of the Bitcoin wallet paper are more favored than others, for reasons of durability, safety.
How to transfer bitcoin from paper wallet to blockchain
To transfer or spend funds in your paper wallet all you need to prepare is an internet connection, software wallet, and time around 15 minutes.
How to transfer Bitcoin from a paper wallet is a number of steps summarized as follows
- Sweep (or import) the private key from the paper wallet into the software wallet.
- Send bitcoin using a software wallet to the recipient’s address.
- Then you just broadcast the new transaction via the internet.
- And then all the transactions will then be added to the blockchain. All credits the bitcoin that you send to the recipient’s Bitcoin address.
Spending Bitcoin from a paper wallet can be risky if you do it incorrectly. Error sweeping or importing can cause the loss of your Bitcoin. Then it must pay attention and understand:
- Knowing Sweeping Paper Wallets or importing, you need to know whether you should import or sweep your paper wallets.
- Verify Your Actions: You should verify every action when you make a transaction in Bitcoin such as receiving or transferring funds.
You can verify each step through the blockchain to ensure that what you think you are doing is really happening.
You can track your transaction on the website where you can copy/paste the public key from your paper wallet, and the transaction and total balance will be displayed.
- Be careful, Always keep your private key because it is your asset. You may not share a personal Key in a paper wallet; used to spend paper wallet funds. Only public keys are allowed for you to share because this is where you accept bitcoin from other users.
Fake bitcoin generator
You can send Bitcoin from a paper wallet using the QR code generator. But you must be vigilant because there is a fake bitcoin generator which is malicious software that has stolen Bitcoin.
The malicious program promises to convert Bitcoin addresses into QR codes. Indeed the QR code generated is similar to that generated by a wallet generator in general, but in fact it will only look for victims.
The malicious websites are freebitcoinqrcodes.com, qr-code-bitcoin.com,bitcoin-barcode-generator.com, bitcoinaddresstoqrcode.com, btc-to-qr.com, create-bitcoin-qr-code.com, bitcoins-qr-code.com, free-bitcoin-qr-codes. com, and qrcodebtc.com.
Some ways to save Bitcoin whether it’s with a hot wallet, or cold wallet, and the paper wallet option also provides good security because it can be stored offline.
Bitcoin has now become one of the digital assets that are still a hot topic among crypto investors.
Paper Wallet is a wallet formed as paper that can be used by someone to store their Bitcoin simply but can be stored offline so it is safer.
This wallet form reduces the possibility of someone’s Bitcoin being stolen by hackers or damaged by a computer virus.
The wallet is done by printing the public address and private key of the user’s Bitcoin account on a paper. It is usually accompanied by a QR Code so that the import process back to the digital wallet can run easily.