Understanding Bitcoin-Why You Need A Paper Wallet-Lesson 21

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Author : Bitconnect

Why do you need a paper wallet? One of the challenges facing bitcoin’s adopters around the globe is storage. How exactly are you supposed to keep your bitcoins secure at https://bitconnect.co/bitcoin-news/201/how-to-secure-bitcoin-wallet/ if you plan on keeping a significant amount in one wallet? Well, the answer for most will be a paper wallet. Due to the ingenuity of the cryptographic principles bitcoin was built upon, users only need to keep a public-private key pair in order to access their wallet. Your key pair can even be generated ‘offline’. Bitcoin wallets have become a valuable target for hackers, as the theft is usually untraceable and easy to profit from. To ensure hackers never get a hold of your bitcoin assets, we suggest keeping your surplus bitcoins in a cold-storage paper wallet. This will greatly reduce if even nullify the potential for theft. What is a paper wallet and how do I make one? A paper wallet is no different than a normal bitcoin wallet at https://bitcoin.org/en/choose-your-wallet aside from the fact that it is not stored on a computer anywhere, and, as its namesake would suggest, it is a bitcoin wallet that you store on a piece of paper. This substantially limits the attack vectors a hacker would need to steal your bitcoin wallet. Because of this added security benefit, a paper wallet is typically used to hold bitcoins in ‘cold storage’, at https://en.bitcoin.it/wiki/Cold_storage or an amount of bitcoin that you put in a more secure medium than just sitting on your PC. Probably the easiest option for creating a paper wallet is bitaddress.org at https://bitaddress.org/.

They offer a straight forward webpage for creating a randomly generated paper wallet consisting of your public bitcoin address and private key. Follow the instructions and your wallet will be ready for use in less than a minute. Of course, don’t forget to add the bitcoins you want to keep in storage on your paper wallet before putting it away. There are a number of other websites with similar free offerings, but make sure that the software has been vetted and ideally open source or at least from a reputable source. An unscrupulous paper wallet generator would be tantamount for theft. If you want to step up your security game, the Mycelium Entropy https://mycelium.com/mycelium-entropy.html is both an easy option for generating paper wallets and also eliminates the need for a PC altogether. The Entropy works with any printer that allows you to print from a USB stick, and automatically generates your paper wallet and prints it in one step. Unfortunately, it may be difficult to find one as the Entropy was a limited production, but it is still a great solution for further limiting the attack vectors for hackers. Lastly, another great open-source option for generating paper wallets is Bitcoin Armory at https://www.bitcoinarmory.com/. This software is an excellent, feature rich wallet manager, and also supports generating paper wallets with the added security benefit of multi-signature support. This software suite is perfect for your security concerns and covers pretty much all the basis that a bitcoin wallet can offer.

Read more about Bitcoin and The BitClub Network at https://mypr.co.za/understanding-bitcoin-cloud-mining-lesson-20/.

From: Clyde Thorburn

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