Paper Bitcoin wallet is a document containing all of the data necessary to generate any number of Bitcoin private keys, forming a wallet of keys. However, people often use the term to mean any way of storing bitcoins offline as a physical document. People are able to create paper wallet by themselves using printers and bitcoin address generators. "Bitcoin Cash" Paper Wallets In August , the Bitcoin blockchain "forked" creating a new digital currency called Bitcoin Cash (BCH). Paper wallets generated on this site are fully compatible with Bitcoin Cash. A special design is available to make it easy to identify Bitcoin Cash paper wallets. Why a paper wallet? Paper wallets are a fast and convenient way to store Bitcoin Cash (BCH) offline. You can even spend or gift BCH without ever connecting to the internet by treating the wallets as cash. Paper wallets are a physical way to store and spend Bitcoin Cash (BCH), like a $20 bill is a physical way to store and spend $20 USD.
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However, it may be more difficult to securely "backup" paper wallets, and due to the current sub-optimal software support, it may be easier to make a mistake that causes loss of bitcoins.
Sometimes people try to use single keys as true bitcoin wallets. However address reuse is very bad for privacy and security. Because of this, one is forced to choose between hazardous options:.
Therefore, it is highly recommended that you use proper paper wallets which allow you to generate an infinite number of addresses from a single seed. Proper, multi-key paper wallets usually take the form of a multi-word HD wallet seed mnemonic. The list of several words corresponds to some binary data that is used to generate all of the addresses. Words are used to make it easier to avoid and correct errors. Trying to memorize an entire seed mnemonic is very difficult and is generally not recommended.
A single key for use in insecure single-key paper wallets or redeemable codes can be represented in several formats, but typically the Wallet Import Format WIF is used, since keys represented that way are very short 51 characters and thus easy to re-enter when importing or "sweeping" it for withdrawal. The private seed is used to prove your right to spend the bitcoins transferred to the paper wallet, and as such should be kept hidden and secret.
If the private seed on a paper wallet is exposed for example in a photograph then the wallet may be used by anyone who sees it. To guard against accidental revelation, the private key displayed on the paper wallet may be encrypted or split into several different parts for example using Shamir's secret sharing scheme. At the very least, the private key should be well hidden e. Currently, at least Armory and Electrum support generating mnemonic codes for their wallets, which can be written down or printed to make a multi-key paper wallet.
Several tools exist for producing single keys, including Bitcoin Address Utility , vanitygen , and Cwallet. Again, using single keys for anything except one-time transfers of bitcoins is strongly discouraged. Even with careful code auditing, browser plugins or other websites may compromise the environment. Some advanced printers have internal storage even hard drives that preserve copies of printouts. This is a risk if someone gets access to your printer, or if you dispose of your printer.
There is also the possibility that a smart enough printer can be hacked. Consider StuxNet which was able to rewrite the firmware of non-computer devices indirectly connected to the Internet If this concerns you, use a "dumb" printer, and never let your printer have access to the Internet or to an Internet-connected computer. Paper keys, when used as wallets, are very different from wallets such as Bitcoin Core in that it is not possible to transfer withdraw a portion of a key's bitcoins.
The only way to withdraw funds is to import or "sweep" the entire received amount to a new address, typically a wallet or online exchange. Once the transfer has been confirmed, the key should not be reused. It is recommended that users of paper wallets understand how they function before using them as long-term funds storage.
Many Bitcoin ATMs use a paper-wallet-like system for delivering bitcoins if the customer doesn't have a Bitcoin wallet. Ideally the customer should sweep the bitcoins into their own wallet as soon as they can. Although it may have been extensively revised and updated, we acknowledge the original authors. View View source Personal tools Log in. Page Contents. Redeeming bitcoins stored using paper wallets The best way to redeem the bitcoins from a private key is to use the "sweep" feature of certain wallet software.
Printing and print media Paper wallets require using a printer to transfer them to paper which presents a risk if networked printers are used in an insecure environment.
Address reuse Paper wallets have just one Bitcoin address, leading to address reuse.