In this tutorial, we will guide you how on how to create a paper wallet in a few easy steps. More importantly, in this guide we’ll show you how to do it in a safe way so that you can store your Bitcoin with complete peace of mind.
If you are still somewhat unsure about Bitcoin paper wallets, don’t hesitate to first read up on ‘What is a Bitcoin Paper Wallet?‘
3 Easy Steps On How To Create A Bitcoin Paper Wallet
Step one: Find Bitcoin Paper Wallet Generator – Go to Bitaddress.org
In order to create a Bitcoin Paper Wallet we are going to have to visit a wallet generator webpage like Bitaddress.org. While there are different wallet generators on the internet which provide a similar service, we’re choosing bitaddress.org for their good reputation.
Now, of course it’s recommended to your own due diligence when it comes to the reputation of any wallet generator or other web services in the cryptocurrency space. The reason obviously being that a bad actor may try at any time to corrupt the services of the webpage. At this time we have not found any indication of this when it comes to the Bitaddress.org, however, we feel it’s relevant to mention that these are 3rd party services any way you choose to look at it. Having said that, we can assume the crypto community is closely watching these websites as they are an important service to the community and its ecosystem. As a rule of thumb, you should probably stick with the most popular wallet generators, like bitaddress.org.
Step Two: Download a version of the wallet generator so that you can open the webpage offline
As you can imagine, it is NOT a good idea to create your paper wallet while being connected to the internet. In the end, you are never sure who’s watching your moves on your computer.
It is obviously OK to try and create some ‘dummy’ test accounts online before you go ahead and create your offline Bitcoin paper wallet. But in the end, the idea is that you create a paper wallet in a completely controlled and offline environment.
How to go about opening a webpage offline?
One way to download bitaddress.org do is to Save the webpage as an ‘.HTML’ file. When you are on the webpage Bitaddress.org you simply go to your Search engine ‘File’ tab and select ‘Save Page as’. You will now see that you can actually save the entire webpage as a file on your computer.
Another way, and probably the preferable way is to do this, is to download the Zip File which you can find on the bottom of the page. That file is hosted on the Github repository which ensures you’ll have the master file.
Now that you are set with the file you need we’re ready to go offline, off the grid!
Step Three: Creating the Bitcoin Paper Wallet Offline
Open the bitaddress.org file while being disconnected from the internet.
Move your mouse around until a single wallet address is being created.
What you are seeing here is a unique paper wallet address. The only thing you have to do now is to print it out or, if you don’t have a printer, you can also write down the bitcoin public address and “Private Key”.
“Bitcoin Address or also knows as Public Key” and Private Key
A bitcoin address can be shared with anyone. It’s the address you give to someone if you want them to send you Bitcoin. The Private Key should remain a secret for your eyes only.
Bitcoin QR Code – What it is for?
The QR codes are graphical representations of the Bitcoin Address and Private Key. Rather than write down the entire Bitcoin address you can scan it. An easy way to test this for yourself is to use a block explorer. Herunder the links for Bitcoin (BTC) or Bitcoin Cash (BCH). When you open the page, you’ll see the option to write down your Bitcoin Address, but if you click “Settings” in the top corner you’ll see the option to scan QR Code. The QR scan option of this explorer is available for computers and mobile phones at the time of writing.
What is Blockexplorer?
A block explorer (= blockchain search engine) allows you to check the balance of a Bitcoin address, or to search for individual blocks, transactions and so on…
Computer and Printer
Printers for example often have an internal hard disc, so you’ll need to make sure that you erase those files before reconnecting to the web.
You are responsible for your own backup!
Assuming you have followed those steps, you now have your own ‘single’ paper wallet.
Do I have to create Bitcoin Paper Wallets One by One?
No, Bitaddress.org allows you to create many Bitcoin Wallet Addresses at once. If you click the Paper wallet tab, for example, you will have the option to enter the number of wallet addresses you want to create. Also, notice the option to ‘hide Art’, and the option to add BIP38 encryption.
Extra security BIP38 Encryption passphrase
The BIP38 Encryption allows you to add another Passphrase or password to the paper wallet. This is like adding a second lock on the door. Now obviously, don’t forget to write it down correctly. This BIP38 passphrase encryption will block anyone from using the private key without that extra password.