It is always a prime concern for all the Crypto Investors to hide their Currency to become a hack and if you are having Ethereum(ETH) then there is a solution using Ethereum paper wallet.
Ethereum paper wallet is consist of a private and public key to secure or identify coins. If you really want to secure or push away your Ethereum token from the internet and want to save it somewhere else then Paper wallet is the best option for you.
Ideally, there is no way to hold cryptocurrency physically in your locker or bank, but using Paper wallet you can fulfill that dream.
It is obvious that Coins will stay away from online trading or wallet platform and somewhere at the back of the online system, so whenever you want immediately to transfer them it will take time.
So this is best for those who don’t want instant transaction and willing to hold Ethereum for a long time.
Basically here a paper will be issued for you which has Public and Private address and for security purpose, you can hold them into your bank, locker or Dropbox so only you on your choice could access that.
If you are having a look for Ethereum wallet than I must say check here for the Future of Ethereum and future growth possibilities.
Why use Ethereum Paper Wallet?
I hope you already understood a lot, but let me dig you in deep. In the current era of technology, every online system is vulnerable to hack.
So it is a wiser decision to take away your assets from the online system. A paper wallet is a solution for your concern.
There are lot many Crypto wallet exists in the market which assures you to hold your currency, but to believe on such system could be risky and indirectly your assets are in hand of the third party which not answerable to all your questions.
As we all know, cryptocurrency is a decentralized non-governing currency which has no control of any prominent authority. So, to hold your assets with such authority is always on risk.
There are few well-known exchanges which definitely assures you for the safety of your currency but once again you will not control them at all in the worst situation.
So to overcome all the above risks there is a solution in terms of paper wallet, which hold your currency and stay away from complete internet technology.
The interesting part is, you can dig that in somewhere of your backyard or hide in a personal locker. So your, Ethereum token will be safe unless you make sure your paper wallet is in your safe hand.
Isn’t it interesting to know:
Introduction of Ethereum Paper Wallet
Let me help you to understand what exactly the paper wallet will have. It is always recommended by Ethereum to generate Paper wallet using its own website call MyEtherWallet.
While you go through the below steps you will get a PDF image which is downloadable and it will look like as below.
It has two addresses one is Public Address and second is Private Key, what are those?
Public Address of Paper Wallet
In Digital address you have an address to do transaction or address which you share with the sender to receive coin in a similar way on paper wallet you will have a Public address.
If anyone is willing to send any Ethereum coin then the sender can send on this address and if you are running any Ethereum mining then you can configure this public address over there to get auto credit in your account.
It won’t put you on risk, if someone stole your public address, this is just your coin receiving address.
Private Key of Paper Wallet
This is what makes paper wallet different than others, it is highly recommended to hide this address as much as possible.
It is something like your key to open Ethereum treasure. Anytime, while you want to do a transaction, it will always ask for a private key to enter.
Without it, you won’t be able to access your account. Make sure to keep this secret as much as possible.
I hope now you are well understood about Ethereum Paper wallet
Pros and Cons of Paper Wallet
Every system has its own advantages and disadvantages and Paper wallet is also having the same. So let’s figure out what.
- It will make your currency away from the cyber hack.
- You will be the sole owner of your Ethereum coin
- No Third party control on your cryptocurrency
- If you are willing to hold Ethereum for a long time then Paper wallet is most safe and secure.
- The private key will add one more level security for your crypto currency
- You are responsible for the safety of your currency or paper wallet to be stolen
- If you are a day trader then this should be your last choice.
- Your transaction speed will reduce as your coins are back of the online system.
- If someone has stolen your secret key then he can steal all your coins
Here the concern is only with the safety of your Private key. If you can do that, then you are far safe than another way around.
How to create Ethereum Paper Wallet
Using MyEtherwallet you can store only below type of currency.
- Ethereum standard coin (ETH)
- Any ERC-20 token builds on Ethereum platform.
Let’s go step by step process to create a Paper Wallet.
Click to MyEtherWallet, make sure to click the same link else there is huge scam roaming around the market. Do verify your browser should look like this.
The home window will pop up and will ask you to create a new password, make sure you click to New Wallet on the home page.
Provide a secure password which has around 12 characters long including capital letter, small letter, number, and special character.
This makes password very strong, this password will be required in addition with a private key to access wallet.
Hope you have decided with a password and clicked to “Create New Wallet“.
Now the key for your treasure wallet will be visible with the name “keystore file”.This file is the most important and makes sure to store it somewhere as your million dollar property.
This is a sign that your ether wallet is created somewhere. The keystore file will help you in the future, in case you want to know private key or paper wallet.
Click to “I understand Continue” and it will navigate to the new window, which will show two things one is private key and Print Wallet.
Click to “Print Paper Wallet” and it will generate Paper Wallet. Which has your public and private address.
You have successfully generated your Paper wallet and The Public address you could share with anyone to send Ether or any ERC-20 tokens to your account.
But if you want to unlock your wallet in future to know your private key in case you lost your paper wallet or you want to send or Receiver Ether coins, then there is a solution for that.
This solution is using JSON/KeyStore, File which you have already downloaded at the beginning while creating a wallet.
How to Send Ether tokens using MyEtherWallet
Go to Homepage and this time choose , Click to “Send Ether/Token” , it will navigate to the new window and will ask you to choose the option.
Here chose any option you have like Jason File or Private key. Here I choose Jason File
Upload your Jason File and provide the password, which you have chosen earlier to access your wallet and click to Unlock.
Now a new window with same as another wallet will be visible which will ask you to provide.
- Recipient Address
- Amount of token need to send
- Default gas fee, it is like fuel to clear a transaction.
Simply enter detail and your transaction will be initiated.
Here is my Additional Bonus Tip
I hope you got quality information out of it, but I thought to add one bonus tip for you.
Yes to have paper wallet is always safe and secure but to make sure that system or browser you are using to access your wallet should not have any vulnerable application.
Few application which installed in your browser or mistakenly installed in your system might tracking or recording your key input.
Here in case of paper wallet, your private key is everything, if it lost you are almost finished.
So if you are not able to make sure this security issue then I would suggest you go for a hardware wallet.
But do you really think that you should buy Ethereum, well I have created a separate guide to explain that in detail.
My View on Ethereum Paper Wallet
Securing your digital assets is always a very tedious job, but using paper wallet it is quite easier to do so and all I explained in detail guide.
This is the end of my ultimate guide on Ethereum paper wallet where we have gone through what is Ethereum paper wallet?.
Pros and Cons of Paper Ether wallet, how to generate a paper wallet and how to use MyEtherWallet to send Ether/Token.
Mining of Ethereum can be useful if you want to make free Ethereum but how?
Here is what we have listed in Ethereum mining guide , what are the best software, hardware, and mining pool has a look.
You may also like how people are debating new cryptocurrency platform EOS as the future Ethereum Killer.
This is my opinion, let me know what you think about the paper wallet and to learn more about Cryptocurrencies join our Facebook Group and Keep reading keep sharing.