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xBDT Script

Bitcoin Paper Wallet- Advantages and Disadvantages

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Paper wallet is one of the best method of cold storage of your coins. It's the safest option than any other ways to store your coins.
People get confused with what Paper wallet is and how to use that.
Paper wallet refers to a printed paper only where the bitcoin address and the private key will be printed. It's so easy than you might think. Here's how-
1. Go to paper wallet generator.
2. Generate your wallet (Of course make sure you are offline.)
3. Print the private and public key into paper.
4. Make a copy of the paper.
5. Make sure you are storing both the copy securely.

Advantages
Using Paper wallet has a lot of advantages-
1. It's cheapest, unlike other cold storage, it doesn't require a lot of investment.
2. It's safe since you know you are generating the walle offline, the chance of geting hacked is very low.
3. Not much stuff required to store the paper.

Disadvantages
1. If you lose the paper, you have no way of recovering the fund.
 I can't see much disadvantages on paper wallet.

Please share more if you have any. 

Let me get some of my buddies here @bitcoworld @BitcoinCase @hexwin aka hexy 😁

Edited by xBDT Script
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12 minutes ago, xBDT Script said:

Paper wallet is one of the best method of cold storage of your coins. It's the safest option than any other ways to store your coins.
People get confused with what Paper wallet is and how to use that.
Paper wallet refers to a printed paper only where the bitcoin address and the private key will be printed. It's so easy than you might think. Here's how-
1. Go to paper wallet generator.
2. Generate your wallet (Of course make sure you are offline.)
3. Print the private and public key into paper.
4. Make a copy of the paper.
5. Make sure you are storing both the copy securely.

Advantages
Using Paper wallet has a lot of advantages-
1. It's cheapest, unlike other cold storage, it doesn't require a lot of investment.
2. It's safe since you know you are generating the walle offline, the chance of geting hacked is very low.
3. Not much stuff required to store the paper.

Disadvantages
1. If you lose the paper, you have no way of recovering the fund.
 I can't see much disadvantages on paper wallet.

Please share more if you have any.

You can't see much disadvanteges? You should keep that paper in your wallet everytime if you need to buy and sell the coins so fast you will need it.So it is a bad thing for it too.Your paper can be damaged.(For example lets say you forget it in your pocket and washed your pants.What will be to it? Unfortunately ok it is a way to store our coins too but it is not safe...

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Just now, alicenora said:

You can't see much disadvanteges? You should keep that paper in your wallet everytime if you need to buy and sell the coins so fast you will need it.So it is a bad thing for it too.Your paper can be damaged.(For example lets say you forget it in your pocket and washed your pants.What will be to it? Unfortunately ok it is a way to store our coins too but it is not safe...

Okay buddy, seems like you really have not much idea about it. Well paper wallets are not for everyday use. In fact when you restore the wallet it is recommended that you move all the fund in a new wallet instead of sending then bits by bits like we spend from a normal wallet 

I would appreciate if you have a read: https://www.coindesk.com/information/paper-wallet-tutorial

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6 minutes ago, xBDT Script said:

Okay buddy, seems like you really have not much idea about it. Well paper wallets are not for everyday use. In fact when you restore the wallet it is recommended that you move all the fund in a new wallet instead of sending then bits by bits like we spend from a normal wallet 

I would appreciate if you have a read: https://www.coindesk.com/information/paper-wallet-tutorial

I know what it is.Of course it is not for daily use but what if the paper is damaged by anything? It is more risky then ledger wallets.Anyway I will read that too.By the way is it allowed to put affiliate link at your post's below? If so how can I put my words or links to there?

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Just now, alicenora said:

I know what it is.Of course it is not for daily use but what if the paper is damaged by anything? It is more risky then ledger wallets.

Okay you are talking about maintenance of a paper wallet.

Well what makes you not to print few copy of the same information and then laminate them. Save then in some safe places and forget about them. You really need to have it in different placed in case of any damage in the property like fire accident and stuffs.

Just now, alicenora said:

By the way is it allowed to put affiliate link at your post's below? If so how can I put my words or links to there?

No you are not allowed to put referral links in topics however you can have them in you signature space.

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3 minutes ago, xBDT Script said:

Okay you are talking about maintenance of a paper wallet.

Well what makes you not to print few copy of the same information and then laminate them. Save then in some safe places and forget about them. You really need to have it in different placed in case of any damage in the property like fire accident and stuffs.

No you are not allowed to put referral links in topics however you can have them in you signature space.

Oh,I didnt know that we could put them to our signature spaces.Where Can i edit my signature space ?(I am sorry if i take your time too much but i would be so happy if you could tell it too)

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Just now, benithomasha said:

Or is there

way to swap the coin?

There is a way but hexy aka @hexwin will not like it LOL

Okay, first thing is first - Do not use online hot wallet. It is less secure. Use desktop wallet and I mean use Electrum. 

Here are four types of wallet I wanted to introduce if you really need to know: 

Anyway, back to the topic again, using Electrum get the funds from paper wallet to an standard wallet then create a multiSig wallet and transfer them in there. You will need more than one device to broadcast a transaction which is not going to happen for the hacker to hack.

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2 hours ago, benithomasha said:

I use bitpay for a hardware wallet and uir has a swapping feature, but i'm merging a question here,

As far as I know that you can not use your BitPay wallet with any hardware wallet. You can use it using Electrum but I think there are still no way for you to see the seeds. 

Quote

since these hardware wallet (some of them maybe does not give you access to private key) how do i know they're just another online wallet running on an app, chrome clone maybe.

Okay, hardware wallets are some kind of of wallet which has a device embedded with it. Without the device you really can not make any operation. So it does not matter what line (on or off) you are using - you will always need to have access of that device which is embedded to your wallet.

Not sure if this is making sense for you. I really had a hard time to understand your queries, I just gave my best in here.

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10 minutes ago, Supto said:

I agreed paper wallet is secure and safer than any other wallet where we can store our coins offline. It's highly secure due to its offline storage but I don't think to lose the paper it's a disadvantage I mean here it's a private which if we lose it then we can't access our account.

Storing a paper in a safe place is very much tough. You can't store it outside of your house. Don't say you will put it into locker. That's more risky. Due to fire, paper might get damaged. That's the disadvantage I was talking about. If any electronic device got damaged, it's data can be recovered, but you can't recover a paper damaged by fire.

 

16 hours ago, cryptotalker said:

I will wake up my bitcoins in papaer in 2023 🙂

Sounds like HODL, cheers.

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15 minutes ago, Supto said:

Thank you for your explanation I got your point. If somehow the paper will lost then there is no way of recovering the fund than we must more careful to keep saving the paper.

You always practice for safety.

Imagine this - how to you take care of the golds you have, how to you take care of the diamonds you have, how to you take care of your bank check (well we do not use it now though), how do you keep safe your ID cards or passports. I mean this are some very important thing but you can not have duplicate copies as well but still we keep them safe.

Thing with paper wallet is that you need to think the same for them. The advantage is that you can have several copies.

I hope you got the idea.

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Just now, KevinHD said:

Though it has a great advantage, still, paper wallet is too risky. Having it already on a flash drive is already making it prone to anything harmful. Hence, the security of crypto wallets is still an inevitable issue in which you can have a lot of ideas yet still having it countered by a "what if" scenario.

That is why you need to print and instead of keeping it in a flash drive (not sure with flash drive if you meant to keep them there). One thing you really need to remember that when you restore the wallet then try to spend all the money from the wallet I mean move then in a secure wallet like MultiSig or hardware wallet. It is not recommended to spend from a paper wallet bit by bit like we do from normal wallets.

I think it make sense now?

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Just now, KevinHD said:

Yes it made sense now. I guess I misinterpreted some of the ideas. Yet, I guess the question that comes next is "only when and where to use paper wallets?"

I have mentioned it couple of times. Paper wallet is a very good storage if you are planning of holding your coin for a long time. just print the key and place it in a secure place. Nothing much to worry.

Quote

Just to be honest, I don't just write it on both Notepad (computers and phone) and Sticky papers, I do also made a simple program in which the wallets I'm using is being encrypted and decrypted in a single click. And also write it on a wall 🤣

Did you mean keys of the addresses? It's very much risky than you can think of. Your device may get compromised anytime.

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Just now, KevinHD said:

Should it only be for storing coins for a long time and cannot be other reasons?

Reasons such as:

- For gift purposes
- Additional security measure if a person don't own the computer he signed or made the wallet
- If a person is not knowledgeable with computer file recovery
- If a person do really forget things quickly

Got it and the answer is yes.

Paper wallet is really a nice form of gifting someone with cryptocurrency. I believe any crypto enthusiast will love to have a birthday gift of $10 worth of BTC in a paper wallet than $1000 worth of any other things, at least I would.

Usage depends on you, you can use it in various way as you get benefited. It's cheap form of storage, safe than any other form of storage.

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17 minutes ago, SarapCrypto said:

This is what we should be careful of. Losing the details can mean as big GOODBYE to one's Bitcoin for good. However, for people who are using their common sense this will not be a big problem at all. We just have to secure our details so no one can open it for us and steal our coins away.

This is one of the main reason for which we have to store our paper wallet credential very safe because the printed paper contain the qr code of the private key which is very easy to scan since you know it will take less than 5 seconds to scan the private key.

paper wallet is good for online preventing attacks but nit much good for offline storing system. You don't have a lot of places to store it securely.

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Same as hardware wallet, the concept of disadvantage here is losing wallet. From what I know is like that because the concept of offline, hacking that requires online will not reach this type of wallet. maybe our carelessness is the disadvantage of this wallet.

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On 10/28/2019 at 10:17 PM, xBDT Script said:

Okay buddy, seems like you really have not much idea about it. Well paper wallets are not for everyday use. In fact when you restore the wallet it is recommended that you move all the fund in a new wallet instead of sending then bits by bits like we spend from a normal wallet 

I would appreciate if you have a read: https://www.coindesk.com/information/paper-wallet-tutorial

Same, i don't have much idea about paper wallet. Thanks for your information. But i have questions, is paper wallet safe? And who are using it right now? Can i use paper wallet too? I would really appreciate if you answer my question. 

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As my opinion I don't think so that bitcoin paper wallet is safe due to if somehow the paper will be lost then there is now way to access the wallet.

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Although there are *some* disadvantages to paper wallets, they're still the most secure way to store bitcoin or any altcoins.  But yeah, it's like keeping cash in your house.  You have to lock it up safely so it doesn't get stolen or burnt in a fire or whatever else could happen to a piece of paper.

 

One other thing that's possible is to memorize a seed phrase while still having it written down, and that method provides an extra layer of security if you can keep it memorized.

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11 minutes ago, Pearls Before Swine said:

One other thing that's possible is to memorize a seed phrase while still having it written down, and that method provides an extra layer of security if you can keep it memorized.

Maybe someday someone can make their custom seed word. It is easy to remember and no need to write it down. What do you think? Could that possible? I keep watching mission impossible which concludes everything is possible.

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I think bitcoin paper wallet is not safe because of if the paper wallet somehow damage then there is no alternative way to access your account which means you can loss your account forever.

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On 12/13/2019 at 10:09 AM, Goodcoin said:

Bitcoin paper wallet has advantage and its advantage is that it is a safe cold means of storage. But, something can happen to the paper.

The word of paper wallet means a wallet that printed on a piece of paper as the simple media you can find. However, the paper is not the only media on planet earth. Use your mind and engrave it on something harder than a piece of paper.

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A paper wallet is one of the secure wallets that we can use, but I still prefer the offline wallet and hardware wallet because I can store many coins in one wallet, and I can save it in a safe place while the other people don't know about my assets. But you can use the paper wallet and keep it in any place you want, and as long as you don't tell other people about your assets, then you will be safe. There is always a risk to save every wallet we use, and we should know how to protect our assets.

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On 12/18/2019 at 12:35 PM, Fabrick said:

Bitcoin paper wallet actually not secure to use. If anyone lost there paper key which is the main things to unlock the wallet then they will lost there all BTC. So BTC paper wallet is not secure.

And that is your own fault, and you cannot blame anyone. Anything is not safe in the hand of mindless people. So it is not the wallet. You are the one that is not competent.

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Paper wallets are good for beginners who don't want to deal with complexities of another type of wallets. Paper wallets are secure because they are offline but not as safe as cold wallets (like Ledger) because they are pieces of papers which can be damaged easily or even get lost. So, they are the second safest wallets out there. Paper wallets are suitable for those who want to hold their coins for long term but it is not good for traders who want to do daily trading because it makes trading slower than usual. The reason for this is that you should print a new paper wallet for each transaction. Another disadvantage of paper wallets is that you should spend their whole balance in any transaction. You can't spend only a part of it.

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