How to create a paper bitcoin wallet and not die in the attempt

Bitcoin Guide » Paper bitcoin wallet.

Wallets are not really "cloud spaces" where cryptocurrencies are deposited. It is an online service that stores the addresses where your bitcoins are within the blockchain.

In order to access this information, wallets have two keys:

• A public key that can be shared without any risk. It is used to add bitcoins to the wallet.
• A private key that you should NEVER share. It is used to operate the wallet. Only the owner of the wallet should know it.

Of all of them, the safest ones are cold wallets, offline wallets, or paper wallets. Within these, there are two types: hardware wallets and paper wallets.

Hardware wallets are devices, similar to USB drives, that allow you to store cryptocurrencies. They are the current most secure system for storing them. However, they are expensive devices.

On the other hand, a paper bitcoin wallet is free and accessible to anyone.

What is a paper wallet for bitcoin?

Paper wallets are simply a piece of paper where the keys, both public and private, are printed. There are multiple pages where you can generate this type of wallets, such as:

walletgenerator.net. Our favorite. It is multicurrency.

bitcoinpaperwallet.com

bitaddress.org

How to generate a Bitcoin paper wallet step by step?

Creating a Bitcoin paper wallet is very simple. However, to ensure that your wallet is 100% secure, it is essential to follow the following steps.

1. Use a secure operating system

There is malware that monitors your activity and installs itself on computers or devices. Some of them are specialized in stealing cryptocurrencies. If you create a paper wallet on a contaminated computer, it can copy your private key and steal the digital coins stored in it.

To avoid this, you can use a Ubuntu Live CD or Live USB. These devices contain a complete operating system inside a pendrive that can be run on any computer.

You can create one by buying a regular CD, DVD, or USB and installing Ubuntu on it. Ubuntu is a free and open-source operating system that is free from viruses and spyware. You can find a tutorial to create a Live USB on the official Ubuntu website.

Once created, you will have a small computer on a CD or pendrive that you can use as many times as you want.

If you trust the security of your computer, you can skip this step. However, you need to be aware that there is malware capable of hiding from antivirus software and compromising the security of your wallet.

2. Download the code for your web application

Websites for generating wallets often offer their application hosted in a repository, usually on Github. It is important that you download the code from these platforms. Since they are openly published, the code is supervised and controlled. This way you avoid any malicious code.

The code you download is actually a copy of the website. To run it, you just need to open the index.html file. For added security, it is recommended to disconnect from the internet before opening it.

3. Generate a new Bitcoin paper wallet

If you are using walletgenerator.net, first choose your cryptocurrency. Then generate your wallet. The keys will be randomly generated to increase security.

Many of these websites create wallets based on mouse movements. Depending on where you move it, a progress bar will fill up. When it is complete, you will have generated your paper Bitcoin wallet. If you select the "Paper Wallet" option, you will see an image similar to the following:

4. Print your bitcoin wallet on paper

Once you have your wallet and before reconnecting to the internet, print it out. It is also important not to save it as a PDF to print it later. Computer files are easily hackable and less secure than a paper bitcoin wallet.

Paper wallets are like banknotes: If you lose them, you lose your money. That's why it is advisable to have multiple photocopies of the wallet and store them in safe places where they won't deteriorate or be stolen. However, using paper wallets is the easiest way to store bitcoins, as they are free and very secure.

How to use a paper wallet for bitcoin?

Once you have your bitcoin paper wallet, you can freely share your public key to receive payments or income.

When you want to withdraw money, you will need an external application. For example, you can use a desktop client or the one offered by blockchain.info. To import your wallet, you can do it through the mobile app or in their web application. Once you register, you can find the option at:

Settings > Addresses > Import address.

It is advisable to perform a first test with a small amount, before transferring all cryptocurrencies.

Some users also recommend, for security reasons, creating multiple wallets and distributing your bitcoin among them.

For example, if you intend to store 1 BTC, you could create 5 wallets and store 0.2 BTC in each of them.

Security of your paper wallet for cryptocurrencies

When you use your paper wallet's private key once, you enter it into an application or device connected to the internet that may be vulnerable to malware.

Therefore, the cold address becomes hot and it is no longer safe to use it for future savings. You should create a new paper wallet and transfer the bitcoins you don't want to spend.

Creating a paper bitcoin wallet every time you need to make a transaction can be inconvenient. That's why these types of wallets are recommended for securely storing long-term savings or investments.

For cryptocurrencies that you frequently trade, it is advisable to use other types of bitcoin wallets, such as online wallets.