Hey there!
Worried about the security of your funds with all the recent Bitcoin developments? Want to keep them more secure and offline?
Make a paper wallet!
Paper wallets are simple ways to keep your coins offline and control your own private keys.
Here are the steps to do this:
Step 1: Generate a Bitcoin address
To generate a bitcoin address you will need to go to BitAddress.org
Step 2: Follow the BitAddress randomness steps and then select 'Paper Wallet'
Step 3: Generate your paper wallet(s)
First select how many addresses you would like and how many you would like printed per page. Then press 'generate'
CAUTION BEFORE YOU PRESS GENERATE
To ensure that your private keys stay private, take your computer offline before generating the addresses (As long as you have loaded the entire webpage online before key generation, you will be able to generate new addresses while disconnected from the internet)
Step 4: Print your wallets
Step 5: Transfer your money from an exchange site to your Paper Wallet
For example, I will explain how to do this from coinbase.
- Go to the 'Send' tab in coinbase
- Type in the Bitcoin Address of your Paper Wallet (NOT the private key number)
- Send your BTC to the address and you're good to go!
Congratulations! Your funds are now safely in your possession.
Closing Words of Advice
Having a paper wallet is more secure than on an exchange. However there are a few things you must make sure to do to ensure it's security remains rock solid.
1 - DO NOT LOSE YOUR PAPER WALLET
- If you lose the private key, your funds are forever lost
2 - Do not leave your paper wallet in a vulnerable spot
- Anyone who gets a hold of your private key now has access to all the funds on the paper wallet
If you have any questions please feel free to comment them below.
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