Last Updated on August 13, 2023 by cryptocreed
In this article, we are going to see what is a crypto paper wallet, How to use cryptocurrency paper wallets, the benefits and cons of using paper wallets, and much more to know.
Whether you are a small trader or big holder or new or experienced in crypto I would suggest having a look at this useful content at least once.
Cryptocurrency paper wallets were in demand or highly used in the early days, the use of paper wallets between 2011 to 2017 was very high. The reason behind that was simple, the number of scam wallets was very high.
If you are an experienced person in crypto and found something that highlighted you from this article then please let me know in the comment section. I always love to learn and explore possibilities.
What Is Crypto Paper Wallet?
So what is a paper wallet in crypto?
The cryptocurrency paper wallet is a type of wallet that is self-custodial and allows users to have their private & public keys. It generates a wallet just by moving your cursor on the screen.
It generates keys and allows you to print on paper, the print page will have two QR codes and Public & Private keys. Each QR code includes one key.
This type of wallet can be generated locally or without the internet. Which makes it more secure.
You can create as much as the wallet you can by just moving your cursor on the screen. But do not spam the wallet, it’s not going to give you anything.
How To Use Crypto Paper Wallet
There are two ways to use a crypto paper wallet one is offline and another is online. Both are safe ways but offline are far safer. If you trust the site then it can be used online as well.
What you have to do is visit the paper wallets page almost all old coins have a paper wallet like Litcoin has litcoinpaperwallet.com, and Bitcoin has BitAddress.
Now move your cursor on the wallet page till it generates a paper wallet. You can find Public Key and Private Key, what you have to do is click on print to save it on your computer. Or copy & paste somewhere safely.
The points you need to keep in your mind before using a paper wallet.
- Make sure you have a computer with no virus/clean computer
- Do not use a third-party extension
- Try to avoid downloading any app
- Try to check the code before using it
- Make sure you are using the legit website
Each coin has its own paper wallet, mostly created by the community. On Cryptocreed, you can find all major paper wallets for major coins, use the search bar to search “paper wallet” or click here.
Should I Use Crypto Paper Wallet?
The question is who should use a cryptocurrency paper wallet?
Cryptocurrency paper wallets can be used by anyone. Mostly in starting days, it was widely used by big whales.
Actually, it is suitable for them only. If you are a holder or have big amounts then paper wallets can be your first choice. The alternative option is a hardware wallet but why spend $200 when you can store it for free?
The only thing you need to care about is to use a legit crypto paper wallet.
Pros and Cons Of Cryptocurrency Paper Wallet
Everything on this earth has its benefit and cons. But it depends on you how you use it and how you adapt it. It is the same in the crypto paper wallet case. If you use it safely then you have nothing to lose but if you don’t use it properly then you might lose everything.
Benefits Of Paper Wallets
First, let’s see the benefits of using paper wallets.
- Costs Nothing:- There are only two cold storage one is paid which is a hardware wallet and another one is free which is a paper wallet.
- Easy To Use:- It is a proven fact that paper wallets are easy to use in comparison to any other type of wallet. What you do is just move the cursor to generate a wallet. Once the wallet is created copy your public address to share and save your private key so no one can see. Even you access it when needed only.
- No Chance Of Getting Hacked:- Software or any other type of wallet can get hacked there is the possibility that hardware wallets can get compromised but with a paper wallet, it is not possible. Not possible of getting hacked using a paper wallet.
- You Have Full Control:- The only thing you use is a script and every other thing is in your control which is not possible with other wallets.
Cons Of Paper Wallets
Paper wallets have some cons as well.
- Device Might Less Secure:- If you are on the internet (especially in finance) and downloading or interacting with others in many ways then there is possibility hackers might have tried to get into your PC through different ways. Hence it is always recommended to use a paper wallet with a clean device only.
- Fear Of Losing Keys:- You are not god nor I hence remembering 64 or long words is not possible hence we choose to print and keep a safe place, but what if we lose it? Try to keep your keys at two different locations which can be accessed by you only.
- Make Less Transaction:- Paper wallets are used by holders who hold crypto for the long run. Make transactions using paper wallets only when needed. If you use your wallet frequently then you need the internet which is not always safe.
What Are The Best Crypto Paper Wallets?
The single paper wallet can’t generate addresses for all coins hence each coin has there own paper wallet. These paper wallets might be developed by community or team members and yes in some cases by hackers too.
But you don’t have to worry we have written an article on different coin paper wallets. You can find them here. For specific coins here is the article.
I can suggest you use paper wallets but it all depends on you which type of wallet you want to use. Every type of wallet has its own pros and cons. But what I can force you to do is “never keep all money in one place”. Here in this article, you can find a list of some of the best crypto paper wallet generators and detail on what is a crypto paper wallet.