What is a cryptocurrency paper wallet?

Certainly, you’ve heard about crypto exchanges getting hacked and customers losing their entire holdings in the process. This is possible since the crypto is not really under your control. It’s controlled by the exchange and you merely have an ability to withdraw it to another wallet that you do control — until they get hacked.

To protect themselves, users are utilizing various methods of storing their cryptocurrency. One of the safest approaches is using paper wallets.

So what is a “Paper wallet”?

A “Paper wallet” is simply an offline wallet for your cryptocurrency. You can print the public and private keys to a physical paper that you can store in a safe and concealed location. This is widely known as the most secure form of long term cryptocurrency storage.

The most common form of a “Paper wallet” is a paper with both private and public keys printed as QR codes and original text. QR codes are used for easy access and scanning via mobile wallet apps. E.g. when the user wants to deposit money to the paper wallet or withdraw from it.

What are the benefits compared to other storage methods?

• paper can’t be hacked
• it is hard to lose (since you don’t carry it with you all the time as you do with your mobile app wallet)
• ideal for long term storage (for short term storage, other methods such as mobile wallets, hardware wallets, etc. are preferable)

How can I print my “Paper wallet”?

By using a paper wallet generator. For more info please check our detailed step by step guide.