Paper bitcoin wallet: for what and for whom

A paper bitcoin wallet is a document. It contains a copy of the private and public keys. Often the document is in the form of a QR code, so you can quickly scan it and make a transfer of funds.

There are several sites offering paper bitcoin wallets. They generate bitcoin addresses and create images containing two QR codes: one public address that you can use to receive bitcoin; another private key that you need to use to send bitcoin.

Pros of a paper wallet

• Private keys are not stored on the computer or on the network, and, therefore, hackers cannot steal them in any way and you are not afraid of any system failures
• Physical possession of currency

Cons of a paper wallet

• It's worth keeping it away from fire and water for obvious reasons.
• If someone steals your paper wallet and you don't have BIP38 encryption enabled (below you can find an explanation for this), then an attacker can take possession of your bitcoins
• The QR code of the private key may be corrupted

How to create a paper bitcoin wallet?

• Generate a new bitcoin address at BitAddress.org

• BitAddress.org can generate it randomly if you just move your mouse cursor
• You will be given 2 codes private and public as a QR code, do not rush to scan it!

• Go to " Paper wallet " tab

• Select the number of addresses to generate (Addresses to generate )
• Click " Generate " button to generate address
• Once the address has been generated, click " Print " and print. If you can't print, save as a PDF file.
• Download the QR code scanner to your mobile device
• Scan the QR code located on the left. This will be the address of your deposit where the bitcoins will be stored. (We recommend that you copy this address and send it to your email inbox – this will allow you to save it) You don't have to worry about security here, since everyone can have access to your wallet address, but no one can take bitcoin from there.

How to get bitcoin from a paper wallet?

So let's say you now want to use bitcoin. If you didn't check the BIP38 box in the first step, then skip to " If you didn't enable BIP38 " (below). If you checked the BIP38 box, then go to " If you enabled BIP38 " (below).

If you enabled BIP38

• Scan the code on the right side of your paper wallet.
• Return to BitAddress.org and go to the Wallet Details tab .
• Enter the code received after scanning and try not to make a mistake.
• Enter your password when prompted and you'll be treated to your private key!
• Import the private key to the wallet you are using. Each wallet consists of different key import methods.

If you have not enabled BIP38

• Scan the code on the right side of your paper wallet. This will be your private key.
• Import the private key to the wallet you are using. Each wallet consists of different key import methods.