Bitcoin Paper Wallets (Cold Storage)
On Aug 2 2016, the second largest Bitcoin Heist of all time took place, second to only the infamous Mt.Gox
A few members have asked about how to set up Cold Storage. This page explains how to make a Paper Wallet.
I chose this method because I find it to be the most secure. This is because it’s done offline, fast & easy.
Creating Paper Wallet
- Go to https://github.com/cantonbecker/bitcoinpaperwallet/archive/master.zip
- Then Disconnect the Internet (yes you can create Address’s offline)
- Unzip File and open generate-wallet.html
- You’ll have two options;
- Move around your mouse till Encryption is completed
- Type random Keys in the box.
- Chose your wallet Design from the drop-down menu.
- Tab 1- Calibrate Printer; You Print the Ruler and makes sure its correct on the Print. “Mine is almost never perfect, but it works”
- Tab 2- Print Front Side;
- Near the top Check the box” BIP38 Encrypt” Enter a Complex and long password and SAVE IT,
- Then hit the print button. I like to Save a PDF file and store it on CDs (USB is ok) and store it in a safe place a good idea would be to give 2-3 copies friends to just in case. They cant take your BTC unless you reveal your password,
- Print the paper wallet
- Tab 3- Print Back Side;
- Flip the wallet paper over, put it back in the printer Print.
- Then Cut it out if you’d like.
- Congrats, you have created an Offline Paper wallet!
Deposit and withdrawal
- Scan your public address QR Code and send your BTC,
- Without a webcam or a mobile phone you can manually type in the Address. please be very careful,
The Bitcoin Core method
- Download the Bitcoin Core Wallet (Download here). It will have to sync up for a day or two if you haven’t already had a BTC Core wallet. Keep in mind, its about a 65GB Download.
- Once the Wallet is Synced, open the generate-wallet.html and go to the tab called “Validate or Decrypt” then enter or scan your private key.If you have set a BIP38 Encryption it will prompt you to enter it.
- Then it will process.
- In the meanwhile make sure you BTC wallet is Running
- If your BTC wallet is encrypted you will have to Decrypt your wallet buy going to Help/Debug Windows/Console. Use the command Right under. Replace YOUR PASSPHRASE. This will allow it to be unlocked for 900 seconds.
walletpassphrase "YOUR PASSPHRASE" 900
- Go back to the Webpage that you used to validated your key, scroll down till you see the Private Key WIF. Replace
YourPaperWalletPrivateKeywith the WIF Key. Keep in mind when you enter it, the wallet will re-scan the Blockchain to look for transaction with this address. This will take some time,
importprivkey YourPaperWalletPrivateKey "OPTIONAL LABEL"
- Once scan is complete the BTC is now in your wallet, Do not reuse the paper wallet
- There are other wallets you can use. Here is a Link to a more in-depth Step-By-Step on how to Sweep a Paper Wallet. https://bitcoinhelp.net/know/more/send-from-paper-wallet
If you have any further questions please leave a comment Below