Source: Coindoo, originally published on .
Bitcoin wallet hacks have prompted many people to take all sorts of security measures to keep their coins safe. One of the most popular methods for keeping your Bitcoins safe is by printing the private and public keys associated with your wallet.
BitAddress is an online platform that can be used by anyone in order to create paper wallets. Paper wallets provide a secure way of keeping your wallet keys safe by storing them offline, making your wallet immune to online hacks and other similar scams.
Another advantage is that you are the only person responsible for your wallet’s private keys, making it impossible for anyone to steal them from an online location.
BitAddress lets you print your wallet in a few easy steps. You will need to have a printer installed and connected to your computer before you start the process.
- To create a new bitcoin address, access BitAddress.org using your computer’s browser
- BitAddress will ask you to generate some randomness by either randomly typing characters into the form or by moving your cursor around (which will leave a trail of green dots)
- You will be presented with your public and private keys and their respective QR codes. Next, you just need to click the “paper wallet” text.
- Click the Paper wallet tab. You are provided with a few options: hide art, BIP 36 encryption, passphrase, etc.
- BIP 38 is a security measure that, when enabled, ensures that anyone who steals your paper wallet cannot withdraw funds without also knowing the passphrase.
- Next, select the number of desired
- If you don’t wish to keep the Bitcoin artwork, click the ‘Hide art?’ button.
- Click the ‘Generate’ button to create new wallets.
- Once the wallets are created, click the ‘Print’ button to make hard copies.
- Select the printer you wish to use from the provided list.
- Write down the public addresses, or scan the public address’ QR code with your Bitcoin app to deposit funds.
In July 2017, a sum of 0.179 BTC ($1004) was stored in an offline wallet. After just 30 minutes since the Bitcoins were sent, they were stolen.
The attacker had been doing this to various users, starting at around 3 P.M. and continuing like this for 15 hours straight, stealing a total amount of 7 BTC ($39,000) before managing to withdraw the entire sum. 11 such transactions were made, the largest one being 2.6185 BTC ($14,700 USD).
Creating a paper wallet with BitAddress is easy, but one has to be careful considering the security issues it might involve. If you are bent on storing your bitcoins offline, it is advisable that you use a hardware wallet.