What is Bitcoin Paper Wallet?
Newbies doesn’t know that they can use Bitcoin Paper Wallet. What is Bitcoin Paper Wallet? It is a paper wallet with bitcoin public address and its corresponding private keys is printed on a piece of paper. It is available offline. This kind of wallet can be generated from these kind of websites like bitcoinpaperwallet.com.
With the help of public address, anyone can send bitcoin to paper wallet. Even when you keep the paper wallet under lock and key.
You can use or encash your bitcoins on bitcoin ATM or anywhere by using QR codes through your mobile phone or any other relevant device. A scanner can also be used to do that. A paper wallet is considered to be safest place to store your bitcoins, especially when it is in large amounts.
Just like other wallets, paper wallets also have pros and cons.
Pros of Paper Wallet
- As it has been mentioned above, a paper wallet is offline. Because of this property, it is more secure. Malware or viruses cannot reach and compromise the paper wallet. A saying goes that it is easier to keep a piece of paper safe than to keep a computer secure.
- The private keys (that are necessary for transactions) are in your full control. This is not the same as where you use a third party service to hold your keys, which puts your coins at the risk of being moved without your permission.
- With a paper wallet, a little investment is required to the security of your devices in order to protect your bitcoins.
Cons of a Paper Wallet
- This wallet is only a piece of paper, it is susceptible to damage such as getting soaked, torn, stolen, misplace or burnt.
- The fact that the wallet is something that can be physically possessed, if you lose your pocket purse or wallet, then you can lose it too. Anybody has that paper can cash it. Remember this thing that paper has everything needed to spend the bitcoins in the wallet.
- Even though a paper wallet is offline, the private keys can be exposed during the generation and printing. This is especially if the computer and the printer used are connected to the internet during and after the process.
These are some basic information that we have shared here for our readers. There are some pros and cons of paper wallet. Not only bitcoin but other alt coins also offering paper wallets. like dogecoin and other related coins. To learn more about transaction properties of Cryptocurrency and basics of cryptocurrency, keep visiting. stay in touch.
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