How to Create A Bitcoin Paper Wallet: If you are looking for the maximum security for your bitcoins in an inexpensive manner then you are landed on the right place because here in this article I will show you that How to Create A Bitcoin Paper Wallet which is one of the most secure methods for you.
Here in this article, we are going to share a detailed guide related to the process of how to create a bitcoin paper wallet in 5 minutes which is going to be very helpful for you to create a paper wallet in very little time so that you are able to secure your bitcoin by simply using some easy and simple methods and understand the process of How to Create A Bitcoin Paper Wallet.
At present, everyone is using hot storage wallets where they store the bitcoins only. The main issue with using hot storage wallets is that they are not secure as compare to cold storage wallets. This is all because the hot storage wallets don’t have the private keys but the online bitcoin wallet companies are having the private keys. So, if they get a chance then they can easily run away with your Bitcoins.
Now, you will amaze that if you don’t use the hot storage wallets then what you can use at that time? So, check out this detailed guide to know the process of How to Create A Bitcoin Paper Wallet?
Create A Bitcoin Paper Wallet
Cold storage wallets are really so secure as compare to hot storage wallets and this is because you own your private keys by which you will get complete control of the security. The Hardware wallets are also known as the cold storage wallets as everything is with us and there is no third party gets involved in it.
But the issue with the hardware wallets is that they are so expensive and they start with nearly $100 where the paper wallet is completely free to use.
Paper Wallet is like the real physical printed on the paper which is having the public and the private keys. It will generally work as an offline wallet and also it is known as the cold storage wallet. The public and the private keys come in the QR Code form which you can scan and use.
We can simply make 2 different types of Bitcoin Paper Waller:
- Without BIP38 Encryption
- With BIP38 Encryption (Recommended)
What is BIP38 Encryption?
BIP38 Encryption is nothing but it is having the extra security feature which is like the 2 Factor Authentication. With the help of BIP38 Encryption, you are able to add the extra password to the existing private key. By using the complicated passphrase, you will get help to increase the security of your paper wallet.
What Will Happen If Someone Finds My Paper Wallet?
If someone finds your paper wallet then nothing will happen even if anyone gets your private keys then he is not able to use the keys without the passphrase.
I will suggest you keep a simple passphrase but try not to forget it because if you forgot your passphrase then it is not possible to get the bitcoins again.
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How to Create a Bitcoin Paper Wallet?
There are lots of websites are available which allow you to create a bitcoin wallet. So, in this guide, I will tell you the one which I use to create my BTC Paper Wallet. Follow the steps below to understand the process of How to Create A Bitcoin Paper Wallet.
So, let’s begin the guide.
- First of all, you need to make a visit to the https://www/bitaddress.org
- Now, you need to save this website by simply using the CTRL+S.
- Then, simply turn off the internet connection.
- It will open that file and you need to keep moving your mouse randomly till it gets 100% completed.
- When you have completed the 100% randomness, then you are able to see the address of your bitcoin.
- Now, you need to click on the Paper Wallet tab.
- Then, simply enter the number of the paper wallets which you want to generate.
- You need to check eth BIP38 Encryption and add a good passphrase.
- Then the public and the private keys will be generated.
- You need to click on the Print button and take a print at that time because if you are planning to take the print later then you can simply store that file on your computer so that you can easily take the print later.
- When you successfully take the print than simply cut the remaining sides of the page.
So, finally your BTC paper wallet is ready.
How to Send Bitcoins to Paper Wallet – How to Create A Bitcoin Paper Wallet?
It is really simple to send the bitcoins to paper wallet as to send to the other.
You need to simply scan the QR code which appears on the left side and transfer the bitcoin from your latest software wallet such as Coinbase, Binance, etc.
You need to enter the number of bitcoins that you have received in eth “Bitcoin Amount” section at the center of the paper wallet. So that you can simply have track of the transactions on that paper wallet.
If you want to track your paper wallet transaction then you need to enter your public address on the Blockchain Explorer.
How to Spend Bitcoins from Paper Wallet?
- First of all, you need to download the blockchain App.
- After this, simply login into your account.
- Then you need to click on the menu which appears at the top left corner and then make a click on the “Address”.
- Now, you need to click on the importer address and then simply scan the QR Code of the private key.
- If your wallet is having the BIP38 Encryption then it will ask for a password. You need to enter the passphrase which you use at the time of creating your paper wallet.
- So, finally, you have imported your private keys and now it’s time to spend.
- Simply click on the send button which appears on the dashboard.
- Now, you need to select the wallet by which you want to send the bitcoins.
People have lost lots of bitcoin because they don’t follow the right process and end up simply losing their precious bitcoins.
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Advantages and Disadvantages of using a BTC Paper Wallet – How to Create A Bitcoin Paper Wallet?
It is one of the best and safest methods by which you are able to store your BTC but it is also having some disadvantages. So now I am adding some of the pros and cons of using a Bitcoin Paper Wallet.
Advantages
- You can easily create it free of cost.
- It will provide you the safety from the malware and the keyloggers.
- You will get 100% Ownership of the private keys.
- It is really easy to gift.
- Portability.
Disadvantages
- The wallet paper is having a limited life which will depend upon the quality of the paper.
- If anyone fined your paper wallet then they can easily see your private keys.
- If you don’t have the BIP38 Encrypted and your paper wallet is lost then it is not possible to get your bitcoin back.
- You must need to be tech-savvy to handle the paper wallet.
Conclusion: How to Create A Bitcoin Paper Wallet?
I would like to say that if you are thinking to hold your bitcoin for more than a year then you can use the paper wallet.
If you are having a very less amount of bitcoin then it is good for you to store them on the software wallet because the transaction charges are high sometimes. It is better for you to have a good amount of bitcoins and hold them for a very long time and get the maximum profit.
Also, when it comes to security then it is available offline and it is as secure as compare to the other software wallets.
Using a paper wallet is not so easy and lots of people have lost their bitcoins so you need to make sure to simply follow each and every step very carefully otherwise it might be that you lose your precious bitcoins.
If you are having any doubt or problem or if you want to ask anything about the process of How to Create A Bitcoin Paper Wallet then simply let us know by dropping a comment in the comment section below and also share you’re your feedback that which is the best bitcoin wallet and why?
If you find that this post is helpful for you then place share this post with your friends and help them as well to create the Bitcoin Paper Wallet.