Do you want to save your bitcoin in a secure place? Then the best options are bitcoin paper wallets. As the price of bitcoin is escalating every minute, the need to secure them from illegal sources is also increasing. Paper wallets are cold storage which provides an elevated security level to your bitcoins. It is referred to as a physical wallet because your public and private keys are printed on a piece of paper. Public and private keys are the main elements required for a successful transaction. A paper wallet is generated from the software and keep in mind to disconnect your internet connection during this process. Transferring bitcoin to your wallet is accomplished by transferring the bitcoins to the address shown on your paper wallet.
Normal wallets are entirely different from paper wallets. Normal wallets contain your cash in physical form whereas paper wallets lack this quality because bitcoin does not have any physical existence they are virtual. In paper wallets, all that exists is a record of transactions stored on blockchains and public plus private keys. When person A, sends bitcoin to person B no physical exchange of money takes place instead their transactions are verified by transaction records in blockchains and after that, some specific amount of bitcoins are deducted from the sender account. This makes normal wallets different from the paper wallet which is also known as digital wallets.
If we talk about the normal money which we use in our daily life to buy things, we need someplace where we can keep our money safely and for this purpose, we use normal wallets. Similarly, To make a bitcoin transaction you need the private key. The private key is a very sensitive piece of information and to protect that information we use bitcoin paper wallets which store our private key.
Now the question arises how to use a bitcoin paper wallet? We can use a bitcoin paper wallet for the transfer and withdrawal of bitcoins. Firstly, if you want to transfer your bitcoin you need to know the public address of the receiver. Proceeding to that you have to open your live wallet software from where you can send your bitcoins to the public address shown on your paper wallet. Secondly, to access your bitcoin you have to transfer them from an offline paper wallet to a live wallet. It is recommended to keep on transferring your bitcoins from one paper wallet to another as it reduces the risk of loss.
You can consider your private key as the password of your Gmail account and your public key as the account name. You spread your Gmail account name among your friends and colleagues but protect your password so that no one is capable of peeking inside your Gmail inbox. The same situation goes for the private and public keys. Your public address is visible to the local public whereas your private key is that secret information that is limited to you only. You need to protect your private key from exposure because if someone gets a hint of your private key then you are ruined.
Due to the tremendous use of paper wallets, thousands of websites are available on the internet which helps you in generating your paper wallet. If we talk about the top bitcoin paper wallet generator websites then the list is long but the most used websites are:
How can you generate a paper wallet through these websites? So the answer to the above question is you have to visit any of the websites, from there download a program which you need to run on your offline and preferable new computer. After the program is completed you will get your private and public key in the form of a QR code. You can take the printout of those keys as many as you want and store your private key at any safe place.
Thousands of bitcoin wallets are available, which makes it difficult for a person to choose the best among them. When beginners buy bitcoin initially they save them on exchange. Placing bitcoins on exchange snatch the access of your bitcoins from you and keep all the control of your private key in their hand. Hence, there is a need for a wallet that is beginner-friendly and which secures your private key. Top on the list is hardware wallets. Hardware wallets are offline wallets. They are safe but it has one drawback. Hardware wallets are only accessible on the device or PC where your wallet software is downloaded. You cannot access your wallet from another device. Hence, a Paper wallet is considered the safest way to store bitcoins. The protection of private keys in your hand. Plus if you want to do any transaction any time then you are not bound to your device, you can scan your private key QR code and make your transaction anytime, anywhere.
The main task of bitcoin owners is to protect their bitcoins from hackers. Offline bitcoin cold storage wallets are referred to as offline wallets. It is the way of storing your bitcoins offline that reduces the risk of hackers and suspicious malware. Offline bitcoin cold storage is used to store a huge amount of bitcoins which you keep with yourself for saving.
When you are spending millions of pennies on buying bitcoins then it demands to get the best wallet to secure them. Btcofficialwallet.org is the best paper wallet, maker. They value your trust and make secure paper wallets for their users. The steps for making cold storage paper wallets with btcofficialwallet.org are very easy and a cryptocurrency illiterate can also make his paper wallet easily from this site.