In the crypto world, cryptocurrency wallets are necessary to make deals and transactions. There are various types of crypto wallets, but they can be categorized into three groups: software, hardware, and paper wallets. Paper wallets are offline mechanisms to store coins and tokens and are printed pieces of paper containing private and public keys and QR codes that facilitate cryptocurrency transactions. Thinking about using paper wallets? Keep on reading to learn how to make paper wallet for cryptocurrency and more.
Methods On How To Make Paper Wallet For Cryptocurrency
When it comes to keeping your private key safe, using a paper wallet is one of the best options. This is why many prefer to use paper wallets, especially those who want to keep large amounts of crypto money for a long time.
If you don’t have a paper wallet, don’t worry. We will walk you through the steps on how to make paper wallet for cryptocurrency. In this article, we will show you two different methods to make a paper wallet. Let’s call it the simple and the advanced methods.
1. Simple Method To Make Paper Wallets
- Open a browser and head over to BitAddress. This is an open-source software used to produce paper wallets.
- Move your mouse and enter a random text. This will make the system generate a random private key.
- When a private key is generated, choose ‘Paper Wallet,’ then print the results. You can store your crypto coins through the public address found on the left side.
- Users can opt to add a passphrase to encrypt the paper wallet by clicking the BIP38 encryption box for additional protection.
- Generate as many addresses as you want by entering your desired number on the “Addresses to Generate” tab.
If you want to avoid any issues while generating and printing your paper wallet, it is best to use a brand-new computer and printer that has never been connected to the Internet yet. If this is not feasible, run a malware check on your computer before going on with the process. It is also better if your printer is directly connected to your computer and not through Wi-Fi.
This method is easy and simple. It will only take you less than a minute to generate a private key and print the paper wallet. However, this method is not exactly very secured because of a few reasons. First, hackers may copy and get your wallet details as you are connected to the Internet. Another reason is, if BitAddress or the website you used to generate a paper wallet is hacked, the hackers can get all the information, including the private keys created on these websites.
2. Advanced Method To Make Paper Wallets
In this process, you will need a few tools to create a paper wallet. First, download the latest version of Ubuntu, the operating system used in this method. The latest version of LiLi download is also needed to install Ubuntu into a flash drive and BitAddress download, the software necessary to make the paper wallet. These three downloads and a brand new or completely formatted flash drive are the essential tools to get started.
- Open LiLi and insert the flash drive into your computer. Ensure you have a backup of the flash drive files, as this process will erase everything in it.
- Click the correct drive. If it does not show up, click refresh.
- Select “ISO/IMG/ZIP,” then choose the Ubuntu ISO file you have downloaded.
- Select “Format the key in FAT32”. Make sure that you select ONLY this option. Then, click the lightning icon and start the format and installation process.
- Once done, unzip the BitAddress file you have downloaded earlier and copy it into the flash drive.
- Disconnect the computer you are using from the Internet. Also, make sure that your printer is functional by printing a test page. After this, restart your computer. Then, run your computer using Ubuntu from the flash drive.
- During the boot-up process, clicking the keys F1 or F12 will enable you to run your operating system from your fish drive.
- When the Ubuntu operating system loads, click and choose the “Try Ubuntu” option.
- Next, set up your printer on the Ubuntu operating system. To do this, go to System Settings and click on “printers,” then click “add.” Add your printer and print a test page.
- Open the BitAdress you have downloaded previously and create a paper wallet with your devices.
- Move your cursor around until the number on the top reaches 100. Doing so will create your paper wallet.
- When it reaches 100, choose “paper wallet” from the menu.
- You can also choose how many copies you want to generate. Then, add BIP38 encryption (optional).
- Lastly, print out your paper wallet.
This method takes a little longer than the first one and is more complicated. But the good thing about this is that it the safer and more secure option. This is because while producing your private keys, you were not connected to the Internet and that you used the offline version of BitAddress, which means no one can hack it.
How To Keep Your Paper Wallet Safe
Now that you have a paper wallet, the next thing to learn is how to keep it safe. Note that it is vital to keep the private key, located on the right side of the wallet, hidden and discreet. Follow the tips below to safeguard your paper wallet.
- Laminate your paper wallet to keep it from tearing or fading.
- Store it in a safe and secure location that only you can access. Make sure that it is safe from moisture, insects, and other factors that can destroy your paper wallet.
- Make your paper wallet disaster-proof by using devices like Cryptosteel.
Keeping your crypto money safe is an essential thing to keep in mind. This is why it is necessary to be careful when choosing cryptocurrency wallets. The good thing is you are not limited to one wallet. You can use several types depending on your needs and purpose. It will now be easier for you to create and use a paper wallet now that you learned the different methods on how to make paper wallet for cryptocurrency. Learn more about paper wallets here!