Opinion on paper wallets

[Bartholomaeus]

Hi,
I've been thinking about creating a paper wallet as cold storage for my bitcoins. Do you think it's a good idea? If so, what's the best way to create one? I'm looking forward to your opinions  .

[Charles-Tim]

Reinstall your computer OS, remove the Bluetooth and WiFi. Install Electrum on it and use it to generate the seed phrase. I will recommend you to add passphrase. After you get some addresses and backup your seed phrase and passphrase differently in different locations, format the computer again.

Phone is not recommended, but if you have no laptop, format the phone, install it Electrum on it. Make sure it remain offline. Get some addresses and backup your seed phrase (+passphrase if included). Format the phone again.

Electrum official site: https://electrum.org/#download

[Crypt0Gore]

Whatever you do, make sure you don't generate the wallet online, after downloading a electrum wallet, turn off your router and the phone WiFi or Internet connection then proceed with the wallet generation and write down your recovery seed, that's all.

This is a better way to generate bitcoin wallet, while others use a paper wallet generation platform in a wrong way because they will need to be connected online since you are doing it on a platform, this is a wrong and dangerous move.

Still, a device that's solely build for this purpose is way better, because they have extra security measures that have withstand strong testers and they passed, Like Trezor and Keystone, do not rule them out.

Peace.

[hosemary]

What do you exactly mean by paper wallet? Do you mean a single pair of private key and address?
I am asking this because back in the old days when HD wallets didn't exist, a paper wallet had to consist of a pair of private key and address and some people may still think that they have to write down a private key to have a paper wallet.

I recommend generating a seed phrase. In this way, you can have a very big number of addresses all generated from your seed phrase. You will also have a master public key that can be used for generating your addresses without any need to your seed phrase.
To generate a HD wallet with seed phrase, you can follow Charles-Tim's suggestion and use electrum on an air-gapped device.

[Callido]

Reinstall your computer OS, remove the Bluetooth and WiFi. Install Electrum on it and use it to generate the seed phrase. I will recommend you to add passphrase. After you get some addresses and backup your seed phrase and passphrase differently in different locations, format the computer again.

Phone is not recommended, but if you have no laptop, format the phone, install it Electrum on it. Make sure it remain offline. Get some addresses and backup your seed phrase (+passphrase if included). Format the phone again.

In addition to what you've said, if the OP would like to monitor all his transactions, after following your steps, i suggest creating a watch only wallet, this will also help him track his portfolio without exposing his wallet online.

Does creating wow using public address makes it less of cold storage?

[Charles-Tim]

Does creating wow using public address makes it less of cold storage?

No, it does not make it less secure. If anyone (like a hacker) gets access to his master public key or addresses that he used for the watch-only wallet, the hackers will only be able to use it to check his wallet balance and not able to spend his coins. Only what can be used to have access to his coins is the seed phrase (+passphrase if included) or private keys but the watch-only wallet does not have it.

[PX-Z]

Hi,
I've been thinking about creating a paper wallet as cold storage for my bitcoins. Do you think it's a good idea? If so, what's the best way to create one? I'm looking forward to your opinions  .

Best is to have hardware wallet, you can have trezor below $50. Or airgapped device (computer) if you have spare one. If you can't have both, only phone, well there are reputable mobile wallets like electrum, you can have paper wallet out of it and the same mobile wallet. Just make sure your phone is infected with malware.

[bitmover]

Hi,
I've been thinking about creating a paper wallet as cold storage for my bitcoins. Do you think it's a good idea? If so, what's the best way to create one? I'm looking forward to your opinions  .

If you are asking, it isn't a good idea in your situation.

Just buy a hardware wallet. It is cheap... You will be safe from 99.99999% of the possible attacks.

Get a trezor and be happy and safe. There are so many variables like Charles-Tim mentioned that you will most likely miss something in  your setup, and it won't be safe.

[Rikafip]

If you are asking, it isn't a good idea in your situation.

Wanted to say exactly the same thing, because chances that someone new to crypto will make a proper paper wallet are not good, and hardware wallets are cheap nowadays.

What he can still do is to make paper wallet nevertheless, but not use it as a main store, but more for sort of testing purpose.

[rdluffy]

Charles-Tim has already given you a good recommendation 
I am also in favor of buying a hardware wallet, but to this day I still have wallets that I created a few years ago offline and that are secure

Adding to that and making it a little easier:

Instead of formating a PC or laptop, I like to make a bootable USB drive with Linux, it can be Tails or any distro of your choice, you can obviously use the internet to download Electrum and then generate the wallets with the PC completely offline, then turn everything off and you're done

Remember that Tails comes with Electrum pre-installed, so it would be very easy, and Tails does not store anything.

[sokani]

Hi,
I've been thinking about creating a paper wallet as cold storage for my bitcoins. Do you think it's a good idea? If so, what's the best way to create one? I'm looking forward to your opinions  .

If you don't know how to properly create a paper wallet, then it's good to take the suggestion given to you by PX-Z and others. Get a hardware device and have peace of mind. Trezor comes highly recommended but incase you want to check out other hardware devices, here's an extensive list:

https://thebitcoinhole.com/hardware-wallets

[PrivacyG]

Do you think it's a good idea?

I will answer to this particular question because I believe others answered the other one well enough.

Storing Bitcoin on paper seems like an unnecessary risk if you ask me.  Paper is very vulnerable.  Imagine you put all your savings into Bitcoin and you are suddenly hit by a water infiltration that hits particularly that place where you stored it.  You do not find out in time and your Bitcoin may be gone for good as water already rendered the words unreadable.  Fire, mold, so many things that revolve around the environment can damage a simple piece of paper.

You can laminate it for at least protecting it against water.  But fire is still a hazard for your savings.

Then you have alternatives that are in my opinion way better.  Such as, washers.  You can punch the words into washers, put the washers on a long screw with a nut and place it in a safe spot.  If you want to go farther, pick the most fire resistant washers just in case.

The main idea is thinking of the worst things that may happen and trying to protect yourself from them no matter how absurd they sound.  The more scenarios your seed is protected from, the safer you will feel.

[Bartholomaeus]

Charles-Tim has already given you a good recommendation 
I am also in favor of buying a hardware wallet, but to this day I still have wallets that I created a few years ago offline and that are secure

Adding to that and making it a little easier:

Instead of formating a PC or laptop, I like to make a bootable USB drive with Linux, it can be Tails or any distro of your choice, you can obviously use the internet to download Electrum and then generate the wallets with the PC completely offline, then turn everything off and you're done

Remember that Tails comes with Electrum pre-installed, so it would be very easy, and Tails does not store anything.

I didn't know that Tails has a preinstalled Electrum. Thanks for letting me know  .

[dkbit98]

I've been thinking about creating a paper wallet as cold storage for my bitcoins. Do you think it's a good idea? If so, what's the best way to create one? I'm looking forward to your opinions  .

I would not use paper wallet as my cold storage, especially not if you are planning to make a new one now.
Paper wallets have only one address and one private key that is clearly visible to everyone, and there are much better alternatives these days.
Paper wallets are still fine if you want to give small amount of bitcoin someone in physical form.

[uchegod-21]

I've been thinking about creating a paper wallet as cold storage for my bitcoins. Do you think it's a good idea? If so, what's the best way to create one? I'm looking forward to your opinions  .

I would not use paper wallet as my cold storage, especially not if you are planning to make a new one now.
Paper wallets have only one address and one private key that is clearly visible to everyone, and there are much better alternatives these days.
Paper wallets are still fine if you want to give small amount of bitcoin someone in physical form.

I too will not use paper wallets because of the risks involved.  Such a wallet is not durable as it can easily be destroyed by fire and water. Metal seed backups are way better and should be highly recommended. If op being a newbie does not understand how to use the paper wallet, he should go for better options for his own safety and safety of his assets.

[promise444c5]

..Such a wallet is not durable as it can easily be destroyed by fire and water. Metal seed backups are way better and should be highly recommended.

You can still have your seed with a paper wallet. The address and private key are a matter of choice and a bit old, as explained by Hosemary. Saving multiple addresses with their private keys isn’t ideal and can be error prone… not necessary imho when you can have all the addresses and their keys stored as a single seed.

The idea behind a paper wallet is to have a wallet that isn’t connected to the internet or any wallet software on a device, even if offline, if I’m right (anyone can correct me)… It basically works in different ways as long as it provides access to the wallet, provided the addresses are printed out, since it won’t connect to any software unless you’re trying to move sats.

[hd49728]

I've been thinking about creating a paper wallet as cold storage for my bitcoins. Do you think it's a good idea? If so, what's the best way to create one?

Paper wallets are vulnerable to many physical threats like water, fire, acid, and more so if possible, buy and use a hardware wallet. Also make sure you always make your wallet backups.
How to Back Up a Seed Phrase.

Electrum official site: https://electrum.org/#download

As same as other wallets, people must verify what they download before using. Download it from an official website of a wallet company is good but not enough, let's verify what you downloaded.
[GUIDE] How to Safely Download and Verify Electrum.

There are other notes on how to use Electrum wallet software more safely.
The paranoid user's security guide for using Electrum safely.

[hosemary]

The idea behind a paper wallet is to have a wallet that isn’t connected to the internet or any wallet software on a device, even if offline, if I’m right (anyone can correct me)… It basically works in different ways as long as it provides access to the wallet, provided the addresses are printed out, since it won’t connect to any software unless you’re trying to move sats.

What matters is that your private keys (or your seed phrase) never connect to the internet even when spending the funds. Otherwise, you would defeat the purpose of a paper wallet.
There is no problem with importing your private keys (or your seed phrase) into a (trustworthy) software like electrum as long as the device is air-gapped.

[LoyceV]

Paper wallets are vulnerable to many physical threats like water, fire, acid, and more so if possible, buy and use a hardware wallet. Also make sure you always make your wallet backups.

There are many reasons to choose for a hardware wallet, but this isn't one of them. You can make multiple backups of a paper wallet too. How often does paper in your house dissolve in acid?

@OP: since you have to ask, paper wallets may not be the best option for you. There are many pitfalls, and listing them all makes no sense if you don't share more information. An incomplete list: How do you store your coins now? How familiar are you with offline Live Linux? Do you know which paper wallet sites shouldn't be trusted? Do you have an old dumb offline printer? Wat do you even mean by "paper wallet": a piece of paper with 12 words, or some fancy printing? Are you willing and able to securely sign an offline transaction in the (far) future?

To think about, this is my short summary to safely redeem a paper wallet:

Online:
Install Electrum on your PC.
Import your address to create a watch-only wallet.
Preview the transaction, Copy the unsigned transaction. Put it on a USB stick.

Offline and running without hard drive storage:
Get a Linux LIVE DVD. Use Knoppix or Tails for instance, or any other distribution that comes with Electrum pre-installed.
Unplug your internet cable. Close the curtains. Reboot your computer and start up from that DVD. Don't enter any wireless connection password. Keep it offline.
Start Electrum. Import your private key.
Copy your unsigned transaction from the USB stick, load it into Electrum.
CHECK the transaction in Electrum. Check the fees, check the amount, check all destination addresses (character by character).
If all is okay, sign the transaction. Copy it back to your USB stick.
Turn off the computer. That wipes the Live LINUX from memory and all traces are gone.

Online:
Use your normal online Electrum to (check again and) broadcast the transaction.