Would you use a paper wallet to store your CryptoCurrencies?

[CryptoMike52]

Hi Crypto Community,

I thought I would ask the question about crypto paper wallets.  I've been invested in a project for a couple years called ROI coin.  You can look at it here: https://roi-coin.com/..  It is a triple hybrid coin - POS/POW/Term Deposits and has a unique feature that allows you to stake/mint coins earning up to 18% interest a year without a wallet running.  I figure that I will term deposit them to my paper wallet and keep them offline with no wallet running on a computer or other device anywhere.  Nobody can steal them. 

Security is of prime importance to not losing your crypto assets and I am looking for the utmost security.  Many exchanges have been hacked and coins stolen I want alternatives. Running multiple desktop wallets is not exciting either.   Enter the paper wallet.  If you are in control of your private key of your paper wallet you will be fine because they are not hack-able.  They are not prone to malware or key-logger attacks either.

The process of creating a paper wallet is to go to a wallet generator which will create a random public and private key.  You would then print that out and use accordingly.  For security, many generators allow you to download an HTML file to your local computer then generate the address which allows you to do the generation unconnected to the internet.  Obviously make sure to store it in a safe place when done.  The question is where do you store it, so it does not get stolen or damaged?

In many countries people have limited access to computers or internet so my thinking is paper wallets would be widely adopted however I do not know that is the case.  If you were able to generate coins (POS) 24hrs a day and automatically send them to your paper wallet would you do that?  Or if you mined coins (POW) would you direct them to your paper wallet.  I suppose that if you are mining with a computer you might have a desktop wallet.  But in either case nobody can steal the coins if they are in your paper wallet and if the public / private key has not been compromised.

Is there a fear factor of losing the paper wallet or it getting destroyed?  I recently came across some companies that create metal credit card style paper wallets such as Ballet Crypto. They use online/offline computers and laser etching across two different countries to manufacturer the card along with a wallet passphrase / app.  It's an interesting process.  Take a look here: https://www.balletcrypto.com/en/2FKG/ .  Do you think that is secure enough?

With so many mobile devices in the world I have several questions regarding the usage of paper wallets or why they are not used more.  So, for now we will end this article with a simple question of using a paper wallet.  My header image of the paper wallet came from: https://walletgenerator.net/

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[CucakRowo]

May i know on to where this thread created. It's kind of promotion, brainstorming or discussion thread? Paper wallet is mainstream. For anti mainstream, i will suggest to :
1. Write it in stone
2. Write it in woods
3. Stainless steel
4. Write on paper and do laminating.
5. Tattooed it on your most hidden body. Only your spouse, children can knowing it.

[CryptoMike52]

It's all of the above.  I'm hoping it can be a discussion.

I just want to know what people think about them.  Do they use paper wallets now?  I'll bet the majority of people do not.  I think they use wallets on mobile devices primarily or exchanges.  I could be wrong.

[masulum]

I just want to know what people think about them.  Do they use paper wallets now? 

Store in offline wallet is a must, if you don't have a metal to write down,of course saving crypto in paper wallet is a must. I store my key in some paper and USB disk, so i make this USB as dedicated store for my wallet in case i lost the paper.

[sheenshane]

I just want to know what people think about them.  Do they use paper wallets now?  I'll bet the majority of people do not.  I think they use wallets on mobile devices primarily or exchanges.  I could be wrong.

It might because when creating a paper wallet is a very crucial thing, there's a step on how to create a paper wallet in a safe way. If you don't know how to create this paper wallet it might wipe out all your Bitcoin stored. Some reason, Bitcoin holders prefer to use hardware wallets like Trezor and Ledger because this is ready to use and store all your crypto.

Yes, I still use the Bitcoin wallet on the device and that custodial wallet but there is no problem if you don't store for long term purposes. I think it is also good if you include how to create a pepper wallet. See this reference, it has a good content. https://news.bitcoin.com/how-to-set-up-bitcoin-paper-wallet/.

[Jawhead999]

I just want to know what people think about them.  Do they use paper wallets now?  I'll bet the majority of people do not.  I think they use wallets on mobile devices primarily or exchanges.  I could be wrong.

Yes, majority are not use paper wallet... most of them prefer to use hardware and web wallet (even this is an old survey and only 339 holders take a part)


source

With so many mobile devices in the world I have several questions regarding the usage of paper wallets or why they are not used more.  So, for now we will end this article with a simple question of using a paper wallet.  My header image of the paper wallet came from: https://walletgenerator.net/

walletgenerator.net is not safe to generate paper wallet because there has been vulnerability found in the past [1] I suggest to use bitaddress.org [2] and run it offline.

[1] https://bitcointalk.org/index.php?topic=5146965.0
[2] https://bitcoin.stackexchange.com/questions/22115/how-to-download-bitaddress-org-to-use-offline

[dragon695]

I just want to know what people think about them.  Do they use paper wallets now?  I'll bet the majority of people do not.  I think they use wallets on mobile devices primarily or exchanges.  I could be wrong.

It might because when creating a paper wallet is a very crucial thing, there's a step on how to create a paper wallet in a safe way. If you don't know how to create this paper wallet it might wipe out all your Bitcoin stored. Some reason, Bitcoin holders prefer to use hardware wallets like Trezor and Ledger because this is ready to use and store all your crypto.

Yes, I still use the Bitcoin wallet on the device and that custodial wallet but there is no problem if you don't store for long term purposes. I think it is also good if you include how to create a pepper wallet. See this reference, it has a good content. https://news.bitcoin.com/how-to-set-up-bitcoin-paper-wallet/.

You're right. If we don't know for sure how to create and secure our paper wallet, it can be a great risk! Therefore, majority of traders choose to use mobile wallets or exchanges. The reason is that this method has a higher security than paper wallet, even though it still has the risk of being hacked (which is not likely to happen). However, I think the risk is not high if we don't intend to store our capital for too long!

[Bitbtc8]

Whether paper wallet or mobile Wallet they both carry same risk, all you have to do is keep your private key safe, if your private key leaked while using paper wallet or mobile Wallet you will lost your coins

[bitcoin_paypal]

For what i need paper wallet? I believe in non-costudy solutions like ownr wallet, exodus, ownr, etc. If i will really want more secure solution then i will use hardware ones

[xOdiumNostrumx]

Its the second safest option right after the hardware wallet I suppose, so I should definitely use it instead of hot wallets. Most of my bags are on the hardware one, but some of the currencies are not supported there, so I tend to lock those behind trusted hot wallets, solely because they are more convenient than a paper wallets, but with that you expose  yourself to a certain degree of risk.

[NeuroticFish]

Paper wallets are a very good way to store crypto for long time.

But most don't understand that's not easy to properly generate, in a safe manner the paper wallet. Only going offline for the seconds/minutes the wallet is generated is not enough.
Then most don't see that paper wallet is just a pair - private key + address - that can be printed on any piece of paper, doesn't have to be pretty.

Then people don't see that it's as easy to generate a seed, which is easier to store since it's English words. (Just maybe not altcoins have HD wallets.)

And at the end please don't give your private key to others so they can engrave it onto whatever. If they get your key, they can spend your funds - current or future - from that address.
Safe keeping doesn't have to be in steel or stone. Paper does the job very well as long as you keep it in multiple places.


TL;DR; Hand written papers with the (safely generated) seed, kept in multiple geographical places is usually a good way of HODLing. No need for fancy stuff.

[Francis Freeman]

I believe that you must extra careful when it comes to storing your crypto currency. Although paper wallets are a bit safe you are still susceptible to phishing attacks .

I would recommend to get a hardware wallet for 100$ . You can't be too careful when it comes to storing your crypto.

[Inkdull]

I believe that you must extra careful when it comes to storing your crypto currency. Although paper wallets are a bit safe you are still susceptible to phishing attacks .

I would recommend to get a hardware wallet for 100$ . You can't be too careful when it comes to storing your crypto.

If I may ask mate, while using hardware wallet you don't need to safe guard your private keys or you still need to? All wallets either paper or app or hardware still have a recovery seed or private keys to share with users, meaning anything can happen if you misplace your key

[hrunya102]

May i know on to where this thread created. It's kind of promotion, brainstorming or discussion thread? Paper wallet is mainstream. For anti mainstream, i will suggest to :
1. Write it in stone
2. Write it in woods
3. Stainless steel
4. Write on paper and do laminating.
5. Tattooed it on your most hidden body. Only your spouse, children can knowing it.

4. Write on paper and do laminating.
This is my choice for storing bitcoin, although I coded the seed phrase a little bit, just in case.

[Yaunfitda]

Regarding walletgenerator though, Disclosure: Key generation vulnerability found on WalletGenerator.net—potentially malicious.

Of course I will still used paper wallet, but you have to understand that there is risk as well; there are hackers that can easily breach printers, and it by chance you print your private keys, hackers could get it as well. You need to back up your private keys, so cannot just write it on a simple paper and simply hide it. You should understand how to secure them and how to hide so that it won't be destroyed. I think the best option is to get some safety deposit box in a bank not just one but at least you should have a back up of it spread across.

[Cocoincos]

of course no, crypto currency is not about paper )) I think the best wallet is ledger NANO, only it have good secure

[Squezzi55]

Paper wallet is more safer because hackers tools works online or through the internet, since paper wallets remains offline means they are lot safer than mobile wallets that are always online or connected to the internet

[CryptoMike52]

I appreciate all the dialog guys.  Definitely helps me understand the perspective on security.  

I'd like to also understand how many people use or might use a paper wallet because they have limited access to computers or internet.  I know this question may be difficult to answer because we're using mobile and computers now and fairly widely prevalent.  In some countries I believe it must be more difficult.  If people want to participate in crypto they buy on exchanges or have others buy and send to paper wallet.  In my case I used a desktop wallet to term deposit to my paper wallet then shut that computer down.

Are there any studies out there that show access to computers and internet in other countries?  Am I off base?  I guess what I'm getting at is, if I'm correct in assuming access to computers and internet is limited in some areas, would that allow more crypto participation because of a paper wallet?  We know they would have to use a mobile or computer to buy crypto / process it, or be given it.  But maybe that's just something temporary they can use?

[Divinespark]

of course no, crypto currency is not about paper )) I think the best wallet is ledger NANO, only it have good secure

I have also seen a few cases of NANO wallet being hacked before, so I don't think it's really secure. Paper wallets are the safest option if you keep them safe and no one can touch them

[leea-1334]

I would definitely consider a paper wallet use, but not in the same sense here. First of all, I would never trust an issuer even if the codes are written beneath the scratch surface,,, how do I know someone who created it in the factory does not have a copy of it?

Making your own paper wallets are secure I agree but buying them,,, I would never agree.