Paper cryptocurrency wallet: how to use
Cryptocurrencies are a new asset that progressive investors are investing in.
When a profitable opportunity is found, a legitimate question arises: Where to store digital money? Virtual storage comes with risks. Fortunately, there is a more reliable way to help literally keep your digital money in your hands – a paper cryptocurrency wallet.
PAPER CRYPTOCURRENCY WALLET: WHAT IT IS
News of cryptocurrency theft from digital wallets is not uncommon. Cryptocurrency exchange accounts or blockchain wallets can be hacked by hackers. And when stored on a computer, there is a risk of virus attacks, through which attackers can gain access to the money. Therefore, the most reliable way of cold storage is a paper wallet for cryptocurrency.
It is a paper document with access data on it. Two special keys, formed in the form of a QR code, are used for all transactions:
public key – it is used to get cryptocurrency to your blockchain wallet;
secret key – is used for outgoing transactions and gives the owner access to the cryptocurrency.
HOW TO MAKE A PAPER WALLET FOR CRYPTOCURRENCY
To open a paper wallet for storing cryptocurrency is not difficult. To do this, you need to find special sites-integrators, which form the keys. Information about these services is freely available. Choose one of the sites and visit it. There you will see instructions on how to create a wallet.
HERE IS A SAMPLE ALGORITHM OF ACTIONS:
- Choose the cryptocurrency that you plan to store.
- You create a buffer of arbitrary numbers.
- As a result, you will receive a message that the service has generated public and secret keys for you.
- The document with the keys encrypted in QR codes must be printed out. However, it is not recommended to keep it on your computer as a pdf-file so that in case of an attack it will not get to intruders.
Cryptocurrency wallets: how to use a paper wallet for cryptocurrency
HOW TO USE A PAPER CRYPTOCURRENCY WALLET
You can integrate the created paper wallet with electronic services.
TO DO THIS, YOU NEED TO:
- Read QR codes with your smartphone camera.
- Choose a specialized mobile service which you will use for transactions with digital money.
- Install the selected application on your smartphone, open it and scan the private key.
- Press the “Sweep” button to integrate the paper wallet and the app.
Paper Wallet is easy to use. It can be replenished from bank cards, exchange services, the list of which is available on the BestChange resource, or cryptocurrency exchanges.
As requisites for replenishment the wallet’s e-mail address or the QR-code of the public key is requested.
HOW TO WITHDRAW CRYPTOCURRENCY FROM A PAPER WALLET
Keeping digital money in a paper wallet is simple and reliable. The main thing is to keep the document with access from prying eyes, as well as avoid damaging the QR codes.
To cash out money from it, you’ll need a private key or code under which it’s encrypted. The mobile app has a scanning function, as well as a manual way to enter both private and public keys.
Withdrawal of money to a bank card or other digital wallets can be done either through electronic exchangers or with an account at a cryptocurrency exchange.
It is worth noting that the main task of a paper cryptocurrency wallet is the safe storage of digital money. When it comes to frequent transactions, however, it is not very practical.
If you need cryptocurrency not for storage, but for profit, it is better to use it for active trading. Speculative trading tactics via the MetaTrader 4 (5) platform at Gerchik & Co. will bring more profit and are less risky than passive holding digital money in a paper wallet.
