Bitcoin paper wallets are one of the most secure ways of storing your Bitcoins, for long term. Since a paper wallet is not an electronic device, and is not connected to the internet – it makes it highly secure. It also falls into the category of an offline wallet, or Cold Storage.
Essentially in this blog post, we will only focus on creating a paper wallet on Windows 10. To learn more about different types of wallet, read my earlier post : What is a Bitcoin Wallet : Everything a Beginner Should Know
Easy Steps to Create a Bitcoin Paper Wallet
In our example, we will use www.bitaddress.org – it’s a reputed website, and has a lot of positive reviews. Moreover, they have a GitHub repository where they have uploaded their entire code, and anyone is free to verify the open source code here .
Step 1 : Go to www.bitaddress.org , you should
see something similar as :
Please make sure you typed the correct URL – very important.
Step 2 : We will process the creation of the paper wallet from our local computer instead of directly from the website (just to be secure). Scroll to the bottom of the page, and click on Zip. Alternatively, you can just right click on the page, and select the “save as” option to save the web page into your local computer.
Step 3 : Turn your internet connection off. If you’re using Wifi, simply click on the wifi icon at the bottom right of your laptop, and then click on the wifi option at the bottom to turn it off. This step is not necessary, but i still do this for security.
Step 4 : Considering you downloaded the Zip file, navigate to the location of the zip file (usually goes to the Downloads folder) . Right click on the zip file, click “Extract All” and select the location where you want to extract the content.
Step 5 : Go into the extracted folder, you should find a file called bitaddress.org .
Step 6 : Double click on the file bitaddress.org, and you should see a similar page as the actual website. Here you can now safely create your wallet, which runs on your local computer, and without an internet connection. Now, you’ll see as you move your mouse cursor, you’ll see the percentage of your wallet increases. Keep moving your mouse cursor randomly, until it reaches 100%.
Step 7 : Upon reaching 100%, you’ll see that your wallet should be generated. Now, click on “paper wallet” as seen below.
Step 8 : Deselect the “Hide Art” option if you don’t want the fancy design (optional). Type the number of addresses you want to generate. We will choose just 1 in this example. I suggest to check the BIP38 Encrypt here, since it gives you an additional security. The BIP32 Encrypto is identical to a password, so nobody can access the wallet without the given password. I recommend keeping a long password.
Congratulations! You’re finally ready to print your Bitcoin Paper Wallet! Just click on the Print button on the side, and print your paper wallet. Of course you will need a printer to get the physical copy.
Things To Keep In Mind
- Your Bitcoin Paper Wallet will contain the Bitcoin Address and the Private Key. Never share your Private Key with anyone.
- Along with the text format of your address and Private key, you’ll also see the respective QR Code. QR Codes are very easy to scan from a mobile device, and transfer your funds.
- If you selected the BIP32 Encryption passphrase, you will be asked when you scan your Private Key’s QR code on a mobile device. As you can guess, not selecting the Passphrase option puts you at a risk. Anyone who can see your QR code can just scan it and access your funds. Imagine a situation where someone took a picture of your paper wallet… not a good situation. I recommend setting up the passphrase.
I hope this helped, please click below and share on the social media. If you have any questions please leave a comment below.