Las paper wallets are one of the Cold wallets more famous and easier to do. These types of wallets provide a higher level of security compared to other wallets because they provide storage, disconnected from the internet. So they allow us to safeguard and protect our private keys much more securely, if done correctly.
For this, several aspects must be considered when generating one to ensure the integrity of our funds. Here we will explain everything related to paper wallets, what they are, how they work, which are the most trusted generators and how we can make use of them.
What are Paper Wallets?
As its name implies, it is a printed paper purse containing the private keys and directions to manage cryptocurrencies. They were very popular during 2011 with the rise of Bitcoinbecause they offer a level of security offline y cold storage. So they are not prone to cyber theft; And obviously, they are not prone to virus and malware attacks either because it is a role.
Paper wallets are ideal for the storage and safekeeping of funds that will not be used or moved in a long time. Thus, they can be used as a store of value and savings. However, you must know in detail how they work and how to manage them so as not to make mistakes that could affect the integrity of our funds.
These types of purses are very easy to create. You must access a paper wallet generator and generate a private key. Once this, the option to print paper wallet is chosen and how many backup copies you want. It is important to mention that these wallets can be encrypted before being printed, which provides greater protection.
But it is also important to clarify that the concept "paper wallet" can be extrapolated to other materials, not just paper. For example, you can generate the seed with the security measures explained above and, instead of printing it on paper, engrave it on a long-lasting metal plate.
Recommendations for use
These general recommendations will help you generate a much more secure paper wallet. Of course you can go further, but these recommendations followed correctly will help you have an ultra secure paper wallet in 99,99% of cases.
- Always consider your paper wallet as cash. Take the necessary precautions to care for and protect your wallet.
- When running a paper wallet generator, do it No internet connection. This way you will not risk a third party intercepting your passwords and stealing your money.
- Make sure your equipment is clean from viruses and malware. Also verify that you do not have browser extensions that could compromise your privacy.
- Use a totally clean operating system installation. For this you can use the Linux distribution Tails (with every restart everything is erased completely)
- When generating your paper wallet, do not do it in front of other people or cameras.
- It is important to make a private key backup and store it in a safe and secure place.
- Never back up your keys digitally.
- When you print your paper wallet, do it from one trusted printer. Never use a printer with shared or wireless connection. And make sure that the document saved in the printer or in the printer's print queue has not been left. This is usually a very typical hacking point.
- Print your paper wallet on a security paper and if possible laminate it. This will ensure that your wallet is protected and will not be affected by external agents such as water, among others.
- Store your wallet in a safe or in a safe place that only you can access.
- When changing your cryptocurrencies, import your private keys into a wallet software. Thus, you can send the full balance of your paper wallet to a deterministic wallet.
- Please note when importing your private key to a customer P2P and make use of your funds, your key will be grouped with other private keys in the P2P client wallet. Thus, when you make a transaction, your change will be sent to another bitcoin address within the P2P client portfolio. So you should back up the P2P client wallet and keep it safe. Since the remaining cryptocurrencies will be stored there and not in your return paper wallet.
Bit2Me Wallet, the perfect match for your paper wallet
A paper wallet is perfect for safeguarding your funds in a totally secure way. However, making use of them to make payments is perhaps one of the most complex tasks in the world of cryptocurrencies. That is why if we want to make this type of payments we must use another wallet and Bit2Me Wallet it's perfect for it.
On the one hand, Bit2Me Wallet allows you to manage your cryptocurrency portfolios easily, and if you need to safeguard money, you can send funds to the address of your paper wallet. This way you will always have the majority of your funds safe and they will only be accessible if you carry out the process of creating a transaction manually. In this way, Bit2Me Wallet and your paper wallet become the perfect couple to manage your cryptocurrencies. The first one giving you flexibility and simplicity when it comes to managing your cryptocurrencies on a day to day basis, and the second, ensuring that your funds are safe. Create your user account in just 20 seconds clicking here.