Money comes along with a wallet. That is simple as ABC. If you own Bitcoin, which is a form of money, then you already have a wallet, more than likely a desktop, mobile or online one. But have you ever thought of something more material in terms of a Bitcoin wallet? Something you could hand to your friend. This is where paper wallets get into the game.
A Bitcoin paper wallet is a printed copy of the private and public keys of a person. Such wallets are either used for extra-safe storage of Bitcoins, or transaction conduction. Some people would surely argue that paper and ink may taint with the flow of time, not speaking about resistance to water and fire. And that is, unfortunately, true. Still, there is a plenty of ways to keep important documents secure, and that works with paper wallets as well. The only special thing about Bitcoin and its wallets is the inability to restore funds if the wallet is lost. So, if there’s a way to safely store several copies of printed public and private keys to your BTC savings in different places, make sure you do it.
Paper wallets serve as a high protection from hackers. Owning a Bitcoin paper wallet means you are an absolute owner of Bitcoins, which can be “unlocked” by a private key. Thereby, no third parties are involved into the process of keeping your funds and you are fully independent from any service, website, app or even your PC, which can be hacked as well.
There’s hardly any other way of gifting Bitcoins to your non-tech-savvy friends, than using paper wallets. Think of it as a creative idea for a birthday or Christmas present, as well as the way of “infecting” people surrounding you with Bitcoin, which from a large-scale perspective will definitely influence the Bitcoin industry in general.
One more way you could use your Bitcoin paper wallet is printing a kind of a business card only with a QR public key on it. This is how you can get paid in Bitcoins wherever you are. Simply and without extra bother.
Bitcoin paper wallets can also be used in offline quests, where people need to solve some tasks and reach the point to get rewarded with Bitcoins.
Try out printing out your Bitcoin paper wallet today and feel the process of materialising digital money into paper ones. There are a lot of services providing random number tools for generating public and private keys for your paper wallet. BitcoinPaperWallet.com seems to be the most developed and popular of them, offering tri-fold templates and even paper wallet supplies, such as holographic stickers with serial numbers, zip-sealing bags made specifically for this folding wallet design, and a bootable CD for making paper wallets offline.
We’d be glad to find out about your experience of using Bitcoin paper wallets. Leave your comments under the post below.