Protecting your bitcoin investment is a hot topic for many businesses near me who invest in the product. It is also being avidly discussed by bitcoin minders and bitcoin day traders alike. Many are turning to bitcoin wallets, also known as paper wallets, to keep investments safe.
Paper wallets are fast becoming the most popular means of storing Bitcoin. Investors in BTC have taken note that Bitcoin thieves and hackers have been constantly in the news recently. Huge sums of digital currencies have recently been reported stolen from exchanges and individuals around the world. Bitcoin hacks are becoming extremely sophisticated and much more common. Some are even rumored to be backed by states like North Korea.
If you have a considerable Bitcoin portfolio or plan to have a large sum of crpyptocurrency, you may want to avoid sleepless nights and use a bitcoin wallet. Here are some more details on how you can keep your cryptocurrency investment safe. Bitcoin Wallets can greatly help your cryptocurrency security.
What is a Bitcoin Wallet?
If you are familiar with QR technology, you already understand the concept of how paper wallets work. In a nutshell, paper wallets transform your bitcoin holdings or other cryptocurrency investments to a QR code. This code contains the wallet information and the amount of cryptocurrency. The investor prints this code, essentially creating our common form of paper money. The paper wallet also contains information on your private keys restricting access to you or those approved by you. At this point, you keep it safe as you would any other high value investment you keep in person. Many users pick up a safe. I like this one here and have it in my home to keep my passport and identification safe. No pun intended, it’s a really good investment.
Why do I Need a Bitcoin Wallet?
Bitcoin wallets mimic your fiat money in the manner in which they cannot be hacked or infiltrated using code. It must be taken from you physically for someone to steal you cryptocurrency assets. Paper wallets have the added advantage that not all people know about their existence. Most who stumble upon it will dismiss it as a worthless QR code. This is where it differs from normal national currency that is easily recognizable. It seems the one weakness and point of pain for cryptocurrency investors is digital intrusions where large sums of bitcoin have been stolen. These have come with exchange shutdowns and large losses for investors. With paper wallets you are able to dodge that risk.
How do I get a Bitcoin Wallet?
Bitcoin Wallets are created by open-source programs which generate random private and public keys that are made uniquely for you. In order to create your own paper wallet, follow the following easy steps
- First, ensure that the computer you are using is completely safe and has no viruses or other malware that could pose a threat. You would be amazed at some of the capabilities hackers have in the modern age. I’ve even heard rumors of malware which leverages your CPU as a bitcoin miner. Pretty incredible. Always use a trustworthy anti-malware software. Some users go as far as investing in a new CPU entirely for transaction regarding their digital portfolio.
- Once you are sure all is well, go to your browser and navigate to http://www.walletgenerator.com
- Once the page loads a prompt asking you to download a zip file will emerge, download it
- Immediately after downloading, turn off your WIFI or other source of internet, unzip the downloaded file and open the .html file you find in there
- The file will open on your browser and you can go ahead and generate as many paper wallets with unique addresses as you may require.
- Make sure your printer is directly connected with a cable and not via WIFI as you go ahead and print the generated QR codes
- Delete every cookie, browser history and even the zip file you downloaded and extracted before you go back online. Your Paper Wallet is ready you can simply transfer your Bitcoins from your cold storage by scanning the codes.
Wallah! You’ve got yourself a paper wallet. To learn more about top digital currencies or top exchanges you can you, please visit some of our helpful reviews. We try to point our users in the best direction by reputation as cryptocurrency can be a treacherous space when you don’t know the right names to trust!