What is a paper Bitcoin wallet?
A paper wallet is a form of “cold” storage where the digital keys to “spend” funds in a Bitcoin address are printed on a piece of paper. This piece of paper usually contains two sets of alphanumeric text and QR codes.
How Do I Send Bitcoin from a Paper Wallet?
The “spend” side of the paper is used to transfer funds into any of the common Bitcoin wallet applications that support this feature. When you scan the QR code on the spend side of the paper with your wallet app, you will likely be prompted to send or “sweep” these funds to a new address on your own wallet.
How Do I Receive Bitcoin to a Paper Wallet?
The other side of the paper wallet is the “receive” address, which is like any other receive address you might generate using the receive function on your wallet. You can send funds to this address, and then sweep them to be used later at a time of your choosing. You should always take certain precautions using paper wallets.
Paper Wallet Pros
A paper wallet can be printed by an
computer so that the private keys used to spend bitcoin never come in contact with a device connected to the internet. If done properly, this can be a highly secure method of storing bitcoin because only the person in possession of this paper wallet can spend the bitcoin.
Paper Wallet Cons
Paper wallets are easily damaged and do not survive extreme heat or moisture. If a paper wallet is not created on a secure
system, it is possible the keys could be intercepted by computer or printer malware. In addition, any person or camera who can physically view the paper will be able to spend the funds.
Paper Wallet Precautions
- Paper is fragile and printer ink will eventually fade, so it is not recommended to store Bitcoin on paper wallets for an extended period of time.
- The fact that the private “spend” key is printed on the piece of paper allows anyone in close enough proximity to see it to potentially sweep the funds into a wallet on their own device.
- Do not take pictures or share your paper wallet with anyone.
What is a Bitcoin wallet?
How do I send and receive Bitcoin to and from my wallet?
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