What is bitcoin wallet, why and how to use it

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Understanding the bitcoin paper wallet in detail

All of you know about bitcoin and most of you also listened about a paper wallet. If you want to create a wallet for storing your bitcoin then a paper wallet is best for you. I know there are too many questions having in your mind but assure you to clear all your queries related to bitcoin in this article. Just scroll down and find your answer. We all know that bitcoin is a virtual currency used to store, sell, trade, and purchase bitcoins, and different wallets are used to secure these bitcoins and help the user in fast and efficient transacting. In this article, we are going to cover all about the paper wallet.

Officially approved BTC Paper Wallet

There are many wallets around us used to protect bitcoins from hackers. A paper wallet is a cold storage hardware wallet used to store your bitcoins just by a private key. BTC paper wallet is just worked by a product key. It works like to paste and secure the password on paper. The product key is playing a major role in saving bitcoins. You put the product key of your paper wallet’s account and get a hold of your bitcoins. It works like a password or pin code on your debit or credit cards. It’s not safe to share the product key with anyone because anybody can get easy access to your account by using these product keys. A paper wallet can secure your bitcoins from hacking, stealing, and breaching. A paper wallet is a type of storage that essentially means there is no way for the hackers to get access and hold on to your bitcoins. 
If you’re using bitcoins on regular basis or for a long-term process like selling, purchasing, exchanging, or trading then a BTC paper wallet is best for you to save and secure your data also available at the cheapest price. Popular all around the world for protecting bitcoins. BTC Paper Wallet provides two pins. One is bitcoin’s address and the other one is product key. The main difference b/w both is the address to use to share and receive bitcoins while the product key is used to get access to your wallet.  It’s important to keep your private key private. So, you can secure your wallet. You can place your unsafe coins in this wallet.

How do a Paper Wallet works?

As we discussed, two keys are having on the paper wallet. If you want to receive bitcoins from anyone then the person will send bitcoin on your public key means the address printed your wallet. It means the address used to send, receive and trade bitcoins. While the private key is used to get access to your bitcoins. You can manage your account just by your private pin.

How to use a paper wallet?

BTC paper wallet is used in offline cases as a digital currency. Using bitcoin is not too hard as you think. You just need to put the product key in the dialogue box and get a hold of your all bitcoins otherwise if you want to receive the BTC from another client, you just need to share the address with that client. Same like that you can easily sell your bitcoins by sharing this address with your client. As you saw, it quite simple to use a BTC paper wallet

Why use a paper wallet?

Are you a bitcoin user or a trader? If you are then you must create a paper wallet. The question is why you need to create a paper wallet. Here, I am going to explain a few benefits of a paper wallet;

  • Paper wallet saves your time and you can be done with your transaction within minutes just by entering the key or scanning the QR Code.

  • In a paper wallet, you don’t need any exchanger because a paper wallet has its exchanger.

  • There is no chance of hacking until you didn’t allow anyone by telling private key.

  • No chance of corrupting or damaging because it not any hardware or software. It just a piece of paper.

  • Easy to use. Even the un-professional can use it easily.

You can also store multiple copies of paper wallet and store them at different places for backup in case of stealing or losing. 

PROS AND CONS OF BITCOINS

Everything has its features and disadvantages also. Bitcoin paper wallets having also of advantages and few disadvantages too.

PROS

  • Easy to use.

  • Fast transacting.

  • No chance of hacking.

  • Easy recovery in case of losing.

CONS

  • A little bit annoying because all your coins are on paper.

  • Keep away from wet places. 

How to create a random paper wallet 

If you are satisfied with the above discussion and you want to create a paper wallet. Creating a wallet is rather not difficult than it sounds. Just follow these steps and create your wallet.

  • Go to the official website such as btcofficialwallet.org

  • Click on the “save” option. Save the file anywhere on your PC.

  • Un-connect your computer from the internet before start creating a wallet because hackers can get access to your account easily via your internet connection. So, make sure that your computer is not connected to the internet.

  • For more security features, copy the file to any other virus-free drive and paste it into any other PC but make sure that both devices are not connected to the internet.

  • >Open a file that you just saved.

  • You saw the coding screen. Drag the cursor until the coding will be 100% completed.

  • After completing this process, it’ll show you a page of your wallet, ignore this and click the “paper wallet” option.

  • Here, you need to enter the private pin and the address is automatically generated.

  • Click on “generate”.

  • It’ll show you the final screen of the paper wallet.

  • Take the print out and that’s all.

  • So, that’s the simple procedure of generating a paper wallet.

Storing bitcoins in an offline mechanism

Storing your bitcoins in an offline mechanism is perfect for you if you’re a regular user of bitcoins. In online mechanism, there are too many chances of hacking because in that case, you’re online and a hacker easily get access or hack your account through your internet while in offline case there is no way for hackers. Your system or software may be crash in online mechanism and you lost your bitcoins also your hardware may be damaged or you face trouble. It’s creating a mess in transacting but in offline mechanisms, you can protect your wallet from thieves and hackers surely also you can easily manage your account and do transactions in a less time and efficient manner.  

How paper wallet protect bitcoins against online hacking attacks

Cybercrime is also a form of online hacking. Hacking of data is too common fraud in digitizing world. In the cryptocurrency world, hackers having too many places. So, make sure that the network in which you’re placing or the exchange through you’re transacting is highly secure. If it trustless then never place your bitcoins because hackers can get access to your account through the mechanism. Make sure to choose a highly trusted mechanism and place your crypto in an offline wallet. In the cryptocurrency world, it little bit difficult to secure your bitcoins or managing your currency but it also provides us with great features having efficient manners mostly in the form of a good return. 

Extremely secure way to keep bitcoins safe

If you’re a cryptocurrency user and searching for a secure place for storing bitcoins then I’ll surely recommend you to place your currency in an offline wallet. An offline wallet is more secure than an online wallet because there is no way for hackers. In offline mechanisms, there is no chance of damaging hardware and corrupting software and in an offline wallet, I’ll recommend my readers to use a paper wallet. A paper wallet is cold storage hardware wallet. As we already discussed above all about the paper wallet and its features.

Best websites for generating a paper wallet

There are a lot of websites around us demanding great features of creating a paper wallet but you need to choose the best. The first and most preferable website for creating a paper wallet is bitaddress.org most preferable because of its high-security features and user-friendly behavior. This is an offline and completely free website for generating a paper wallet. Other websites such as wallet generator.net and Dash PaperWallet also available but no too preferable as btcofficialwallet.org

btcofficialwallet.org generates an id-proof paper wallet with high-security features easy to use and transfer bitcoins with so much reliability. It provides a secure key generation and printing with clearness and security. Also, its offline mechanism secures your account from hackers or cybercriminals. It also provides different layouts or designs of a paper wallet that physically make a good impression of a paper wallet. A brief description of layouts are;

Tri-fold Template gives a print on both the front and backside of your paper wallet and the sensitive details such as key or code pasted on the front side. You can fold it for safety purposes. If you want more safety and not feeling secure just by folding, you can seal it with a light-blocking type.

Tamper Resistant can help to secure your wallet from duplicating it with the help of “candling” or no one can duplicate it with the help of holographic temper proofing work. It also protects to replace it with new ones.

Normal Wallet Vs Paper Wallet

A paper wallet having a major priority over a normal wallet because paper wallets having high-security features and working in an easy as well as inefficient manner as compared to any other wallet. ln normal wallets, you have a high chance of hacking or losing your amount that can make your day full of stress but a paper wallet can make your transaction easier, safe, and consume less time.

Anonymous key generation and QR Code rendering

Generating a wallet key or a QR code on your own is difficult as it is created automatically on regular basis. It’s the first time generated by a programmer as in codding error. It means the programmer invents it accidentally. Most people think that generating a code on your own is more secure than a random generation but actually, it not like so. Both ways of generating codes are secure. The anonymous generation of key and code is preferable if you want to learn about that and make sure you know at least the basics of random numbers or random keywords. 

How to import your private key from blockchain to paper wallet?

Just follow these few steps and import your private keys from blockchain within few minutes easily and efficiently

  • Go to your blockchain.info account 

  • Click the Import/Export button 

  • Enter the key in the blank where” import bitcoin” is written in bold.

  • Click “add private key button”.

  • Scan your QR Code provided on your paper wallet by using your smart screens.

  • And that’s all the process of transferring keys from blockchain wallet to paper wallet. Within less time, you saw that your account will be upgraded.

Is importing key from blockchain is safe or not?

Importing bitcoins is safe but it’s better to destroy your vircurvault wallet from preventing further issues such as hacking or losing your bitcoins, revealing the private keys, and so on. From preventing these strategies and problems, it’s better to delete your wallet. 

Conclusion

Here, we are standing at the end of the article. Hope your all doubts and complications related to the paper wallet have been cleared and you learned many more about it. In this article, we discussed all paper wallet its features, pros as well as cons of the paper wallet. if you’re a cryptocurrency user or want to create a wallet for your bitcoins then this article is surely beneficial for you. So, what are you thinking about? Go and create your wallet and make your transaction and trading easier and reliable.

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Takumi Oyama
New York, NY

I am school teacher and blogging about cryptocurrency is my hobby. I have a keen interest for cryptocurrency wallets, whether they are paper wallets or any other hardware wallets. The technology behind these wallets fascinates me.