What Is Bitcoin?
The term bitcoin is used for two different components Bitcoin protocol and bitcoin cryptocurrency. But what comes to mind most when the word bitcoin is mentioned is bitcoin the cryptocurrency.
Bitcoin cryptocurrency makes financial transaction much easier between multiple users without having to be processed by a central authority, such as financial institutions (banks) or third-party payment gateways. Though it’s called a currency, it’s not printed on paper notes like the fiat money. It’s created electronically through a mining process and held in special software called wallets.
Bitcoin is used to pay for goods and services if both parties are willing to accept it. It’s more like the traditional fiat currencies, but bitcoin transactions are made digitally.
What Are Paper Wallets?
Bitcoin paper wallets, though generated online is often referred to as offline/cold storage. As the name suggests, paper wallets are printed on paper or hardcover materials that increases its durability.
After a paper wallet address and its private key has been generated. The key generation process is done through the clients’ web browser and is not transmitted over the internet. To be on the safe side, it’s advisable to clear your browser cookies after printing.
Paper wallets are secured because they are client side generated and the wallet addresses are entirely offline. One good thing about it is it’s not within reach of hackers. As much as you don’t generate your addresses on a phishing site, or a scam site, you rest assured that the keys generated are unknown to the third party site you generated them from and therefore making your assets secured. Though printing a paper wallet may be out of treat of cyber attackers, you still have a lot to do to secure the wallet from people around you.
How To Generate Your Paper Wallet.
Websites such as WalletGenerator.Net and BitAddress.Org makes generating secure bitcoin addresses simple and straightforward.
The following instructions take you through how to generate your bitcoin paper wallet address using the WalletGenerator.Net platform.
Source/More: How To Create A Bitcoin Paper Wallet –