Well, you have invested a lot of your money on cryptocurrencies. However, you are alarmed with the rising cases of faulty cryptocurrency security. You have a great fear of your coins being hacked away.
As asserted by Investopedia, a paper wallet is the most secure way of storing your cryptocurrencies; including bitcoin, litecoin, and etherium. Here is a complete guide to paper wallets;
Definition of A Paper Wallet
Typically, crypto wallets usually have two keys; the public key and the private key. The public key will serve as your public crypto address. The public address will enable other crypto owners to continually trade in cryptocurrencies. It is these two keys which enhance the completion of any cryptocurrency transaction.
You should always remain confidential about the pin of your private key. The same way you are secretive about your credit card pin; is the same way you should not disclose the pin of your private key. If you reveal your pin, your crypto wallet may be hacked, and your cryptocurrencies will be stolen.
There are many types of crypto wallets; desktop wallets, hardware wallets, and brain wallets. However, most of these types of wallets are entirely insecure. If you use them, you face a potential danger of losing your cryptocurrencies.
This is where this guide to paper wallets comes in. So far, a paper wallet is the most secure way of storing your cryptocurrencies. A paper wallet uses cold and offline storage to keep your cryptocurrencies safe.
You can create your own paper wallet. Paper wallets are in the form of QR codes which are printed on paper. You can scan these codes and use them whenever necessary.
The main advantage of a paper wallet is that it keeps the crypto owner entirely in control. With a paper wallet, you don’t have to worry over possible threats of hacking and virus and malware attacks. What you only need to do is to store your paper wallet in a safe place
How to Create a Paper Wallet
You can create your paper wallet all by yourself. What’s more – the process is quite simple, and it does not need any technical know-how. Just log into any reputable website; such as Bitaddress.org, that is known for creating paper wallets and follow their simple instructions.
In creating a paper wallet, you need to generate your public and private keys. These keys are unique. They are also derived from an open source.
As explained by Coin Sutra, you don’t need to know about encrypting or coding to create your paper wallet. What you need is just a computer, a stable internet connection and a piece of paper which you will use to print your keys on.
Although a paper wallet is the most secure way of storing your cryptocurrencies, you may lose them if you don’t take appropriate caution. For instance; you should make sure that no one is spying on you while creating your paper wallet. A criminal can copy all your keys and empty your funds!
All in all, if you want to indulge yourself in the crypto game for a long time; you should consider the option of a paper wallet. With a paper wallet, you will exercise complete control over your money.