Bitcoin Forum

Sorry new to bitcoin and was wondering if the following steps are correct to create a paper wallet.

1.) Create a Bitcoin Address and Private key at bitaddress.org and print it out.

2.) Go to localbitcoins.com and purchase 1 bitcoin from seller and have them send it to my bitcoin address.

Is it as simple as that?

Also is it wise with paper wallets to create a new bitcoin address and private key for each coin, or part of coin, that I purchase for added security?

Thanks

That's it in a nutshell. I just learned a trick with the wallet generation however:


That way, no risk of compromise unless someone is standing in the room.

Also, yes to the fractional coins, if you are going to spend them. If they are going to age and mellow, ID keep sending coins to the same wallet.

If you are looking at a really secure store, but you still want the flexibility of being able to conveniently spend your coins, try a hardware wallet. It's the best of both worlds; secure and relatively easy to access.

You can made Create a Bitcoin Address in PC ofline ( not conecting to internet) and save  Private key and send BTC from other wallet to it. But The value of the BTC varies widely, so you have to be proactive in your hosting so as not to affect your economy

That's it, but in case you want to withdraw just import the private key into Electrum and spend EVERYTHING, or your money will go to change addresses you do not own !

no need to be sorry when asking a question. ::)

this alone is multiple steps:
1. as quoted above go to the source and download a copy of the website: https://github.com/pointbiz/bitaddress.org
2. go to a clean and offline computer. if you don't already have a secondary pc use a live linux. (you can find out how to run a live linux online easily, i can go into details in you don't know how)
3. run the downloaded file and generate the private keys.

this is one way of purchasing bitcoin.
you can also google how to buy bitcoin in "insert your country name here"
or go to any of the bitcoin exchanges and buy bitcoin.

you don't gain any additional security for using different addresses. you can gain privacy if you buy each coin from different sources.

the security is when you spend the coins from one paper wallet. for example if you had 1BTC in one address on paper wallet and wanted to spend 0.2BTC of it, you spend 0.2BTC and send the remaining 0.8BTC to a newly generated paper wallet/key

- Yes. Although what i would recommend doing is that go to github and download the whole folder onto your PC/laptop, and run it on strictly offline conditions. Do not turn on wifi again until after everything has been printed etc. For best security tohugh, i wouldn't even print out the private key, because who knows what is inside your printer, it could be some virus or even the government spying on you. To keep it completely offline i suggest using cryptosteel, its water proof and heat proof, and completely trustless and offline.

- Make sure you never share the private keys. Not even your family andfriends.

- Buying from localbitcoins is convenient, but you won't get the best rates. Use an actual exchange for this.


I would argue that you do gain security somewhat if you have multiple of these and putting them in different locations. So that when a fire does happen, only one is destroyed.

in my experience it is best for me to encrypt one paper wallet and remember 1 password (the pass used for encryption) and store that in multiple places instead of having multiple un-encrypted paper wallets spread in different places because it would be impossible to encrypt and remember all their passwords!

Remember that you don't have a change address with a paper wallet. If you send only a part of this wallet, the rest (change) will be lost.

Yes.

Just remember to burn a copy of bitaddress.org to disk. Wipe a new PC then use that PC and disk to create the bitcoin address. Then using a none internet connected printer print out the private and public keys on a few sheets of waterproof paper and disguise that data encrypted as something ordinary. Now distribute each sheet to a separate geographical location.

You are now gud to go.

Thanks for everyone's reply's, especially about creating a bitcoin address and key offline.

I intend to store these bitcoins long term, and buy them as and when funds are available.

The reason I asked about generating a new bitcoin address each time I purchase bitcoins, is because I thought this would be much safer with Paper Wallets? Am I wrong in thinking this? I fully intend to store my paper wallet where no one will ever find it, but if someone did, they would have access to my entire bitcoin balance, as opposed to me hiding several paper wallets in very different places. Does this make sense? Spreading my balance between several addresses?

Thanks again