Cryptocurrency

Cryptocurrency – Paper Wallet 101: All You Need to Know2 min read

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Paper wallets are considered by some as the most convenient and safest means to store your bitcoins and other cryptocurrency. With the increase in sophistication of cryptocurrency thieves, paper wallet has seen the rise in it prominence. But what is it all about, in this short piece we intend to find out;

What Makes a Paper Wallet?

A paper wallet is simply your whole cold storage bitcoin wallet reduced to a QR code which is then printed on a piece of paper. It contains all your private keys and wallet data which you can either use to conduct transactions simply store in a physical safe somewhere

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Why Do I Need It?

The main draw of a paper wallet is the fact that no hacker can creep through the network ad steal it from you. As long you keep it physically safe, no harm can come to it from an increasingly sophisticated class of biotin thieves and hackers. Paper Wallet is akin to your fiat money stash, only even less conspicuous.

How do I Get One?

Paper wallets are made using open source programs that generate random keys, both private and public that is uniquely made for you. The following steps are to be followed in order to safely create a paper wallet;

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  • Scan your system for any possible malware or virus using a reputable anti malware software. If you are able to purchase a brand new system for the purpose do so, if not a thorough scanning will do just fine
  • Open your browser and go to the page walletgenerator.com
  • You will be prompted to download a zip file, kindly do so
  • Turn your internet off then open the downloaded file and execute the .html file you find in there
  • Once open you can now go ahead and generate a wallet, you can generate as many as you want depending on your needs
  • Go on and  print the codes you generated, don’t print over the WIFI for security reasons
  • Delete the page you just downloaded and your browser history before reconnecting back to the internet
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