How to Create Bitcoin Paper Wallet.
The cryptocurrency world is hugely becoming a do-it-yourself innovation. Today, you can freely navigate through the system doing a lot of transaction without unwanted third party disclosure.
In the spirit of building your self sufficiency, utmost privacy and great security for your coins, I have decided to take you through the process of creating your own Bitcoin paper wallet.
BITCOIN wallet is a sort of account that helps you to accumulate, store, trade and transact Bitcoin.
All Bitcoin wallets are made up consist of two ‘keys’. The public key – (wallet address- it is like the account number with which other people send Bitcoin to you).
The second part is the private key – (this is like your password that helps you securely send bitcoin to other people).
Then a paper wallet can be explained as that document that helps you store both the private and public keys.
This wallet is usually in the form of a QR code that enables you to do a quick transaction. The transaction route requires that you scan the QR code and add the needed keys to the software wallet.
The good news about Bitcoin paper wallet is that it will not store any key digitally, anyplace.
On the other hand the bad side of a paper wallet is that the paper and ink can go terribly faint, and paper is relatively frail. It is also susceptible to fire and contact with water.
In the event that you can’t find your paper wallet again, you will never be able to have access to Bitcoin transferred to the address.
Furthermore, if you lose a Bitcoin paper wallet, you’ll never be able to access the Bitcoins sent to its address.
What makes a crypto-currency transaction possible is the correct combination of the receiver’s public key and the sender’s private key.
I should warn you that any person that accesses the private key of your wallet, can also tamper with your funds – this is why it’s critical that you keep it confidential and very secure.
Below are steps to Creating a Bitcoin paper wallet
- First, go to BitAddress.org (-for bitcoin) or LiteAddress.org (-for litecoin) on your computer browser.
- BitAddress will require that you create a few randomness by arbitrarily keying in characters into the form or moving the cursor randomly ( this does not apply to LiteAddress)
- Next, you will be offered your private and public keys and their individual QR codes. Don’t scan these yet.
- Click or select the *Paper wallet* icon.
- Then choose how many wallet addresses you wish to generate.
- If you do not like the bitcoin artwork and wants to discard it just click the *hide art* icon.
- Click *Generate* icon to produce your new wallets.
- Now that the new wallets are produced, click the *Print* icon to reproduce your hard copy.
- The internet browser will prompt you to choose which printer you want to print with. With a Google Chrome browser, you will have the option to save the document in PDF format.
- Finally you may have to copy the public addresses or use your bitcoin or Litecoin apps to scan the public address QR code. At this point you are set to start lodging your wallet into your secure paper wallet.
Tips to ensure you create a highly secure paper wallet
- Ensure you are disconnected from the Internet when creating your private and public key. If a paper wallet was correctly set through a website, it would very easy for it to run the codes offline without hitches. Therefore, turn off all internet access completely before proceeding to before generating the private and public keys. Also for maximum security, ensure that the printer you intend to use is not connected to any network.
- Ensure you are using a “clean” operating system that is less vulnerable to Malware and spyware. To have this done successfully is to create a USB flash drive or DVD with a “LiveCD” Linux distribution, like Ubuntu.
- Ensure you are working with the offline version of BitAddress so –to avoid anyone hacking the site.
- Protect your paper wallet by storing it in a water-proof and sealed plastic bag. You can also consider laminating this important document.
- Take all measures to keep it far away from fire, water and thieves. It would be worth it if you wake up each day to know that your money is secure.
- It won’t be out of place if you deposit this document with your solicitor, trusted family relation or use deposit boxes.
- It is very important that you also download and install the latest version of these necessary software: Ubuntu, Lili and BitAddress.