How to make a paper wallet?

[arvinabeabe]

cryptocurrency exchange website Bithumb posted a series of tweets declaring that it was disabling its deposit and withdrawal services due to safety issues and asked its users to avoid depositing funds in their wallets until further notice. It later became evident that hackers had breached the South Korea–based exchange and had stolen $30 million worth of cryptocurrency from users’ wallets.

Bithumb can consider itself lucky. In eight years since the founding of the first online bitcoin exchange, there have been many similar hacks, some of them worth several hundred million dollars.

Most users store their bitcoins and digital currencies in online exchanges such as Coinbase, Bitfinex and Kraken. Online exchanges assume responsibility for storing and securing the funds of their users. This provides a convenient experience to the users of those exchanges, many of whom have minimal or no knowledge of cryptography, but it also makes them a very attractive target to cybercriminals seeking to lay their hands on a large amount of hard-to-trace money.

That’s why users who want to take the security of their bitcoins into their own hands use "cold storages," offline stores that aren’t accessible to hackers. One of the more popular types of cold storage is “paper wallets,” which, as the name suggests, are bitcoin wallets made of paper (although they can be made of plastic or metal or any other suitable material). Paper wallets are impervious to online hacks and cyber-attacks, but they come with their own caveats.

[Ezzi]

cryptocurrency exchange website Bithumb posted a series of tweets declaring that it was disabling its deposit and withdrawal services due to safety issues and asked its users to avoid depositing funds in their wallets until further notice. It later became evident that hackers had breached the South Korea–based exchange and had stolen $30 million worth of cryptocurrency from users’ wallets.

Bithumb can consider itself lucky. In eight years since the founding of the first online bitcoin exchange, there have been many similar hacks, some of them worth several hundred million dollars.

Most users store their bitcoins and digital currencies in online exchanges such as Coinbase, Bitfinex and Kraken. Online exchanges assume responsibility for storing and securing the funds of their users. This provides a convenient experience to the users of those exchanges, many of whom have minimal or no knowledge of cryptography, but it also makes them a very attractive target to cybercriminals seeking to lay their hands on a large amount of hard-to-trace money.

That’s why users who want to take the security of their bitcoins into their own hands use "cold storages," offline stores that aren’t accessible to hackers. One of the more popular types of cold storage is “paper wallets,” which, as the name suggests, are bitcoin wallets made of paper (although they can be made of plastic or metal or any other suitable material). Paper wallets are impervious to online hacks and cyber-attacks, but they come with their own caveats.

actually, I think that to keep the wallets on your computer is a very bad idea,even if the individual,it's much easier to write it all down on paper and at the right moment take advantage

[tamango]

Paper wallet are actually still one of safest way to store your coins even if they are not always easy to use. For example if you are on holidays you have to take your paper wallet with you if you want to trade and that's risky... I still prefer solutions like Ledger and Trezor.

[LogiC]

Paper wallet are actually still one of safest way to store your coins even if they are not always easy to use. For example if you are on holidays you have to take your paper wallet with you if you want to trade and that's risky... I still prefer solutions like Ledger and Trezor.

Agreed! Paper wallet seems to be one of the safest way or to say the safest way not to be hacked by someone since there is no access to your safe keeping online. But the problem here is what you've mentioned. It is exposed on actual transactions/ peer to peer and can be pose danger as well.

[Speaker]

I never keep on the stock exchange, especially when I could not withdraw my funds for two months.Now all on cold wallets.

[Noobaru]

Paper wallets are great, but even better are hardware ones. Paper wallets can be stolen, damaged (burned) or lost. Hardware wallets have PIN numbers, which user have to input so even if they are stolen, the thief can hardly get to assets stored on it. Also if the device itself is damaged or lost, one can easily restore the assets using a unique 24 seed words, which should be kept separate from device in safe place.

[Kayujaty]

Paper wallet are actually still one of safest way to store your coins even if they are not always easy to use ...

[TERENCIO]

I am tempted to create a paper wallet but because of my careless attitude, afraid that I might lost it and also it scares me the proper way to use it.

[LogiC]

Paper wallets are great, but even better are hardware ones. Paper wallets can be stolen, damaged (burned) or lost. Hardware wallets have PIN numbers, which user have to input so even if they are stolen, the thief can hardly get to assets stored on it. Also if the device itself is damaged or lost, one can easily restore the assets using a unique 24 seed words, which should be kept separate from device in safe place.

Im also fan of hardware wallet but everything connected online can always have risk from other people. Tight security can still be breached as we speak. Take a look on binance? a very high exchange that has been hacked even with high level of security. Both have pros and cons and those comfortable on which wallet used can only know which one is best for them.

[Gucci]

The paper wallet is very sensible if you're doing HODL. But if you are trading, the ledger is very logical. Or you can really keep on reliable exchanges, for example your money binance.

[LogiC]

The paper wallet is very sensible if you're doing HODL. But if you are trading, the ledger is very logical. Or you can really keep on reliable exchanges, for example your money binance.

Nice opinion mate that's what I want to read. Very concise and brief how to explain the benefits of both and proper way to handle both wallets.