Bitcoin is a cryptocurrency that facilitates its users for electronic payments or online financial transactions. It has received much attention from different investors throughout the world in recent years. And since the emergence of fiat currencies, bitcoin has been one of the biggest evolutions in the world of finance.
What is Bitcoin Paper Wallet and How does it Work
There are millions of investors of bitcoin. Due to this reason, every investor needs a wallet to store bitcoin. Here, we will discuss the bitcoin Paper wallet. It is basically an offline procedure to store bitcoin.
As bitcoin is a virtual currency, it has no physical representation. So, to store them, a printed piece of paper is used. This paper contains some keys and QR codes that you need while transacting cryptocurrencies.
This method is considered a bit safe as it has no connection to the internet. But some investors declare it a risky method because any damage to keys and QR codes can cause misreading and result in a considerable loss.
What is the difference between Normal Wallet and Paper Wallet?
Paper wallets are far different from normal wallets. As mentioned above, paper wallets are processed offline with the help of keys and QR codes. On the other hand, normal wallets are processed online. It means that bitcoins are saved in an online wallet. So, for storing bitcoin, you need to register an account. And once your account is registered properly, you can easily make tractions and funds transfer.
Why Use Bitcoin Paper Wallet
A question must linger in your mind that why should one use a bitcoin paper wallet over a normal wallet. The answer is simple. If you are a person who does not use the internet on regular basis, then you should prefer a bitcoin paper wallet. It is because transactions and fund transfers would be easy for you as no online process is needed.
How to Use Bitcoin Paper Wallet
To get started with a bitcoin paper wallet, you can use any trusted bitcoin paper wallet generator. The site will generate some codes and keys for your wallet.
Once your paper wallet is generated, you will need to sweep or import the funds present in it. You can also transfer coins to a live wallet or online wallet. For this, you need to scan all the QR codes and keys on your paper wallet. After this, you can easily transfer bitcoins to another online wallet.
It is highly recommended to sweep all your bitcoins. It is because the QR codes and keys can easily fade away or the paper can get damaged or lost. So, sweep it in order to prevent any financial loss.
What is Public Key and Private Key
These two terms are slightly different from each other. If we talk about the public key, it is an address that is exposed to everyone. Anyone can use it to send you money. On the other hand, a private key is an address that you utilize in order to send money to others. And only you should know it otherwise anyone else can use it to send money to others.
Top Bitcoin Wallet Generators Websites
The most important thing is which is the best site to generate a bitcoin wallet address. Being a famous cryptocurrency has thousands of wallet generators on the internet. The website you select must be trustworthy. For this, you can review the user ratings and comments.
Some of the top wallet generators are
These websites have a large number of positive reviews from users.
What is the Safest Way to Store Bitcoin?
There are many ways to store bitcoin. Like you can use a digital wallet, offline wallet, hardware wallets, and physical coins. Every method has its own pros and cons. But the best way to save bitcoin in the digital and hardware wallets. Why not an offline and physical wallet? It is because offline wallets have the potential to fade the keys and codes. Similarly, physical coins need to pay more as compared to the actual value of bitcoin. While a digital wallet stores bitcoin which only you can access. On the same note, a hardware wallet is also much safer.
What is Offline Bitcoin Cold Storage Wallet
It is an offline method of storing bitcoin. Plus, it is also considered a safe method as it is completely out of the internet and other malware threats from hackers. Although it is less convenient, people use this method for regular spending of bitcoin. Investors who have invested too much in bitcoin use this method. This method includes paper wallets, hardware wallets, and deep cold storage.
Btofficialwallet.org as Best Paper Wallet Maker
Lastly, there are many bitcoin paper wallet generators present online but we would like to recommend you the Btofficialwallet.org. It is because it is a reputable manufacturer of paper wallets. You will see a high user rating and positive reviews. Moreover, the environment of the site is also very user-friendly. And you will definitely love the services provided by it.