A paper wallet is nothing but a print of paper that contains private and the public keys used to access a wallet address. They are categorized as a means of “cold storage” since every piece of information is kept offline and there is absolutely no chance of hacking these details online.
Among all the different options crypto storage, a paper wallet is considered the best because it remains offline and easy to stash as well. One might think that cryptocurrency wallet development services are really required for making this particular variant, but you would be wrong to assume that. A paper wallet also required due expertise and detailed work to be perfect for the users.
Decoding a Paper Wallet
1 Preparation- The whole process starts with the generation of public and private keys which would be done on a computer and then they would be printed to a piece of paper. Thus, you need to begin with making your device secure, it has to be safeguarded from any sort of online threats and should be connected to a good-quality printer as well. Once all of that is taken care of you can jump to the next task.
2. Download a paper wallet generator- There are different options available online but not each one of them could be trusted in terms of security. Thus, you need to choose the paper wallet generator very carefully after checking all their features and attributes. Some of them are recommended by developers, for example, walletgenerator.net and bitaddress.org.
3. Examine the downloaded file- The file that you download for generating the wallet has to be examined well before extraction. If you are not sure about this process then check the online tutorials and those who know it well can even go on to check the author’s PGP signature.
4. Consider going offline- That’s correct, right before extract the downloaded file, it is essential to disconnect the computer and printer both from the internet. If you miss that, there are chances of someone intruding into your computer and accessing the file.
5. Disable browser extensions and add-ons- You have to use a browser to create the wallet address. Therefore, it is recommended that you disable all the add-ons and extensions before you use it, otherwise the former could be used to gain remote access to your device.
6. Use your default browser to extract and open the downloaded file.
7. Add a passphrase- Adding a passphrase is recommended for securing the wallet against any sort of malicious attack. It has to be kept safe and especially separated from the paper wallet to avoid any sort of confusion. If you lose the passphrase, you will not be able to gain access to the wallet.
8. For completing the process of the generation of a new wallet, you need to follow the instructions very carefully.
9. Get the print out of the newly generated wallet.
10. Delete Files- Upon the completion of the whole process, do not forget to delete all the files. If you don’t do that, there is again a risk of losing them to some hacker as soon as you come online. You need to be thorough in this task and delete printer cache, computer cache, empty recycle bin as well.
11. Once everything is done, don’t forget to reboot your computer. It is important for the proper implementation of the steps you have taken you secure your computer.
Paper wallets have emerged as the best solution for storing digital assets. The features and attributes of this variant have made it possible for many traders to safeguard their assets for a very long time without worrying about any sort of malicious cyber attack.
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