Among the various wallets available for your Bitcoin assets, there are different wallets called hot wallet and cold storage. A hot wallet refers to the storage for your cryptocurrency that has an always-on connection to the internet.
Meanwhile, cold storage refers to the storage for your crypto that has no active connection to the internet. Cold storage is offline storage for your crypto assets, such as Bitcoin and others.
Paper Wallet is the form of cold storage that you can use to store your Bitcoin assets without keeping it connected to the internet.
It gives you a much better storage condition, and it is also safer and more secure to store large amounts of cryptocurrencies.
But, how can you send Bitcoin from a paper wallet? Learn how to do it with this guide.
Paper Wallet – What is It?
Paper Wallet is the form of cold storage medium for your Bitcoin and other crypto assets, allowing you to store your important keys to your crypto assets offline.
The important keys you can store with the Paper Wallet include public and private keys. However, please note that this type of wallet doesn’t store your crypto assets per se, but it only stores the important information related to your crypto assets.
With Paper Wallet, you don’t need to worry about the potential risks of malware and other hacking attempts that can attack your crypto assets, as it is not accessible via an online connection.
This is the type of crypto wallet storage that you can rely on to store bitcoin profit and secure it from potential hackers and cyberattacks.
Also Read: Bitcoin Era Trading System App Review
Benefits of Storing Bitcoin with Paper Wallet
By storing your Bitcoin assets with Paper Wallet, you can get various benefits, which you won’t get when you store your crypto assets with the hot wallet.
However, with those additional benefits, such as security from hackers, Paper Wallet storage also has various disadvantages. With offline connectivity, you can only do limited things with it.
You can’t send and receive crypto assets with ease, and it also only supports certain crypto assets.
Here are the benefits of storing Bitcoin with paper wallet:
- Superior security from cyberattacks and hackers. With Paper Wallet, you don’t need to worry about exposing your Bitcoin assets to cyberattacks and hackers. It is offline, and it is unreachable for those potential online attacks.
- Suitable for storing large crypto assets. Paper Wallet is suitable for you when you need to keep your large crypto assets away from the prying eyes. You don’t need to worry about keeping it connected online.
- Always have the important keys on paper. You can keep your private and public keys on paper, which you can store in a safe place. Yes, it will act just like paper money, which you will store in a safe place, such as in any storage medium at home.
- You can store your crypto keys just like physical keys. With Paper Wallet, you will store your important crypto keys like physical keys. So, please take care of the keys as if you are storing and guarding your physical keys.
- You can still transfer your crypto assets. Yes, even though it will always be offline, you can still transfer your crypto assets just as usual. It’s just you won’t need to connect to the internet all the time. You only connect to the internet when you need to transfer your Bitcoin assets.
Transferring Your Bitcoin from Paper Wallet – Step by Step
The Paper Wallet storage is one of the best methods to keep your Bitcoin assets safe, as you don’t connect it online. However, you don’t need to worry about the offline nature of this storage.
You can still transfer your Bitcoin from paper wallet to any other wallet by following this step-by-step guide.
- Download Blockchain app on your Android or iOS device.
- Once downloaded, you can access the Menu section at the top left of the Blockchain app.
- Then, you can select “Addresses” in the Menu option.
- Look at the “Imported Addresses” section and select the Plus sign on the right of it.
- After that, you need to grant permission for the app to use your phone camera to scan the QR code in your Paper Wallet.
- Next, you need to scan the Private Key in your Paper Wallet, not the Public Key.
- Once successful, a success message will appear, and now you have imported your Paper Wallet information to the Blockchain app.
- The next step is to click on “Transfer Funds” and follow the subsequent steps to complete the transfer procedure.
- Now, you have transferred your Bitcoin from Paper Wallet.
Keeping Your Bitcoin Wallet Safe
No matter the type of Bitcoin wallet you use, it is very important to follow the best practices to keep your Bitcoin wallet safe.
For those who are new to Bitcoin and the whole cryptocurrency investment, you need to know that there are various instances when the users share their private keys with others by accident, just because they didn’t know the difference between public and private keys.
This is something that you need to be aware of, as your Bitcoin wallet security is your own responsibility.
Here are some tips you can follow to keep your Bitcoin wallet safe:
- Always keep and guard your private key. Never share your private key with anyone, as it is the key for you to access your own Bitcoin assets. If you want others to send some BTC to you, you need to give them the public key, not the private key.
- Keep your devices secure. The devices used to access your Bitcoin wallet must be secure. So, you need to keep a strong password for your devices and perform security updates whenever they become available.
- Don’t open phishing or spam emails. Phishing emails are spam emails asking you to enter your wallet password on a non-official website. Always log into the official wallet website to access your BTC information.
- Keep your wallet cold. It is better to use Paper Wallet or any other cold wallet types to keep your BTC assets secure from any cyberattacks and hacking attempts.
- Activate security settings in your wallet. There are various security settings you can activate in your wallet, such as two-factor authentication, secure login, and others.
Also Read: 3 Biggest Bitcoin Price Predictions
You have learned how to send Bitcoin from Paper Wallet, and you also have learned about the important information related to Paper Wallet. Enjoy your Bitcoin assets and always keep it safe from any potential risks.