Paper Wallet would be very important for you if you are trading cryptocurrencies. You may be well aware of how to trade cryptocurrency. However, the question is do know how to store it. Which crypto wallet is safe and secure? So, there are a lot of questions that may arise when it comes to cryptocurrencies. While recently digital currencies are getting more popular than ever. So, TOP10.DIGITAL is going to write here about the safest and secure crypto wallet.
What is Paper Wallet?
Cryptocurrencies have no physical representation. Therefore, they are computer files and need to be stored. A paper wallet is different from the other so-called hot wallets. It is a printed piece of paper that contains all the keys and QR Codes related to cryptocurrency. These Keys and QR codes are further used to conduct cryptocurrency transactions. Moreover, it is an offline mechanism that does not connect with the internet, however, it has your public address and private keys. You must keep this paper secure and safe and never let anyone handle your papers.
How to set up a Paper Wallet?
As mentioned earlier, it is a type of physical wallet and is a printed paper. So, the question is how to set it up? Here the steps you will have to follow to set a paper wallet.
- Scan your computer for malware (If possible use brand new computer)
- First of all, visit a wallet generator website like Wallet Generator, Bitcoin Wallet paper.
- Then generate keys as well as corresponding QR codes
- Unplug or disconnect the internet while keys are generating for safety and security
- Clear the entire internet history once keys are generated
- Print out the keys and QR codes and keep them safe
However, it is also necessary to know that except for the paper wallet, you must have a live wallet that should be connected to the internet. So, when you need to conduct a transaction connect with that live wallet and scan all codes and keys.
What are the advantages of a paper wallet?
This wallet is one of the safest and most secure wallets. Because paper does not store the cryptocurrency but the information. Moreover, it remains in your own custody and so you are the best custodian of your own assets.
- The safest way to store cryptocurrency
- There is no fear of hardware or software failure
- The safest for the long term storage
- No risk of being hacked
What are the disadvantages of a paper wallet?
The following are the disadvantages of this type of wallet.
- Confusing and complicated than other wallets
- If the paper is lost no way of restoration
- Not ideal for regular trading and purchasing
- The ink may fade out that can lead to misreading the information
A paper wallet is the most secure and safest way to store your cryptocurrency for a longer period. The printed paper remains in your own custody hence no one can hack it or steal the information. Stay tuned with TOP10.DIGITAL to know more about such cryptocurrency wallets.