ADSactly Crypto: What Is A Bitcoin Paper Wallet
bitcoin·@adsactly·
0.000 HBDADSactly Crypto: What Is A Bitcoin Paper Wallet
What on EaBitcoin and cryptocurrency have often been seen as a digital-only currency and many traditional finance consumers do not understand the full application of the technology. One of the biggest misunderstandings and criticisms of Bitcoin is that it's an online-only payment mechanism. As we move into a [paperless and cashless society](https://steemit.com/money/@chekohler/a-cashless-society-is-scary) physical trading of money becomes more scarce and with it more control to central authorities through debit cards, [credit cards](https://www.nichemarket.co.za/blog/money-talks/afraid-credit-card) and other forms of electronic payment like [tap and go](https://www.nichemarket.co.za/blog/money-talks/tap-go-card-pros-cons). Having to rely on electronic devices and an internet connection is a hindrance for all forms of electronic payment and why third world adoption might be hard. But not impossible, Bitcoins Paper wallet feature helps bridge the gap between digital and physical and is a stark reminder of how powerful and versatile this technology really is.  **Image source:** - [cryptonomist.ch](https://en.cryptonomist.ch/2018/09/15/bitcoin-paper-wallet/) ## What is a Bitcoin Paper Wallet? A paper wallet is an offline mechanism for storing Bitcoins. A paper wallet is the creation of a Bitcoin wallet with the printing the private keys and Bitcoin addresses onto paper. These physical wallets, also known as "physical Bitcoins," are considered one of the safest ways to store Bitcoins; if properly constructed, and provided that certain precautions are taken. The Bitcoin private keys can be set up as a QR code for easier reading into a digital device later and that physical piece of paper is for the moment the only way to access that Bitcoin. ## How does a Bitcoin Paper Wallet work? Instead of buying a hardware wallet, paper wallets offer a cheap and secure way of storing your bitcoins offline. A user generates a unique where your quantity of bitcoin is held digitally), and receives two QR codes. * One of these is for the aforementioned public address * The other is your private key that you use to authorize transactions relating to that address. A user can only access the funds by sending it to another user restoring the wallet to an online wallet or by handing over the physical paper or private keys to another user. A paper wallet is quite literally a slip of paper. ## Why use Bitcoin Paper Wallets The reason many cryptocurrency holders use a paper wallet is that they don’t need to worry about a piece of hardware or a piece of software failing – all they need to take care of is a piece of paper. It is also a way to physically exchange currency with users without having access to the internet. In essence, a paper wallet is fiat as it should be. A promise to actual funds, not a promise to government-backed debt. ## How to create a Bitcoin Paper Wallet Users can create a Bitcoin paper wallet easily on any Bitcoin Wallet Generator. As soon as the setup process is complete, all trace of your data will be deleted from the website and your paper wallet will be the only copy. ## The benefit of Bitcoin Paper Wallets Paper wallets minimise exposure to hackers as well as untrusty people such as hackers. Since the funds are technically offline they are not vulnerable to digital security issues. Unless you are storing your private keys somewhere digital like your email account or digital notes. ## The risks of Bitcoin Paper Wallets Paper wallets are vulnerable to physical loss or corruption. If you were to damange a paper wallet, for instance, or if it were to fall out of your pocket, go through a laundry cycle, etc., you would permanently lose the codes that give you access to the bitcoin you've stored in that wallet Which is why it is important to have copies and keep multiple wallets with various funds in it to protect you against external threats. ## Let's get physical Will you be creating a Bitcoin Paper Wallet and storing some Bitcoin offline? Where would you physically keep yours? How do you store your Bitcoin? Have you ever made a physical Bitcoin transaction? Let me know in the comments belowrth Is A Bitcoin Paper Wallet? ## Author: @chekohler --- --- # <center>Click the coin below to join our Discord Server</center> <center>[)](https://discord.gg/pcDQShW)</center> --- ### <center>We would greatly appreciate your [witness vote](https://steemit.com/~witnesses)</center> <center>To vote for @adsactly-witness please click the link above, then find "adsactly-witness" and click the upvote arrow or scroll to the bottom and type "adsactly-witness" in the box</center> # <center>Thank You</center> ---
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