Your funds can be stolen if someone else acquires this file, and you’ll have no way to recover your account without it. If you just want to view or transfer your funds around, you’re right that a private key is enough. You can use MyEtherWallet (beware of scam sites) to do so. Your wallet is your window into your Ethereum account – your paper wallet ethereum balance, transaction history and more. If you do feel comfortable pushing the boat on tech effort out a bit more than with a hardware wallet, we’ve put together a walkthrough to help you do it. Anyways, I think you are already aware of these facts and that’s why you are looking for a reliable way to make a secure Ethereum paper wallet.
- If you like how cash can be transferred from person-to-person, then a paper wallet might be for you.
- Upcoming ico yelo.one How does multi-signature wallet save you from human error?
- Firstly, you’re trusting that the company who made your wallet hasn’t logged all the private keys with a plan to raid wallets in the future.
- Notice how the sticker doesn’t cover the public address.
- Instead, it saves your public and private keys which in turn helps you send and receive money.
- Having said that paper wallets are the cheapest and easiest wallet to make but these wallets require a higher level of crypto literacy before they can be used successfully.
If you share a private key or Keystore file, then there is a chance of account hacking. Such paper wallet is just a backup with same security as backed up keyfiles on a normal USB stick. In contrast to paper wallets produced by MyEtherWallet, the paper does not contain the unencrypted private key. I don’t think anyone should ever print a private key on paper anyway.
Step 4: Put the Remaining Balance Back Into Cold Storage
The signal to wireless printers can be intercepted by anyone who knows how to decode these things. So the combination of synthetic paper and waterproof ink will give you the most durable paper wallet possible. People will look at you weird if you try to buy a coffee with an Ether paper wallet. Just fire up your printer and print out more wallets. If you only use one cold wallet solution and have to replace it, for whatever reason, it can be scary to move all that money at once.
Wallets help you access your digital assets and sign in to applications. Instead, go old school and print via a USB cable connection to remain completely offline throughout the entire process. Now once you have downloaded the Keystore File, you can click on ‘I Understand. It’s a little more complicated, but also much safer.
Step 4: Save the Private Key
If you don’t like dealing with a lot of device setups and online accounts then a paper wallet can be much easier to use than a hardware wallet device. This storage method is more for long term Ether investors, not ETH traders. But even as a trader, you can store a percentage of your Ether in a hardware or paper wallet, until you need it. Luckily, it is also easy to generate an Ethereum paper wallet nowadays. There are plenty of sites that will generate Ethereum wallets but be 100% positive to use a website that is trusted and secure.
- Whoever has possession of the paper is the owner of the money in that wallet.
- This will help alleviate against certain “acts of God” – think Hurricane, sudden evacuation, or similar.
- I don’t think anyone should ever print a private key on paper anyway.
- Verifying the long strings, again and again, might cause a headache in your head.
- You can use software wallets, online exchanges, hardware wallets, and many others.
For a paper wallet, if you forgot the location of the paper containing the keys you are at a risk of losing your money. With time, a paper wears and tears, it is therefore important that a high quality piece of paper is used. It might be useful to create newer backups after a certain period of time. This is the third and final thing that you must keep secret and safe. You can also save the private key in a Word document and keep it removed from your computer in a USB drive.
Full Control of Private Keys
Also, if a would-be thief does not know about ERC20 tokens, then they might only scan the wallet for Ether. If there is a zero Ether balance, then they may just leave the wallet and move on to the next one. But if you understand the risks, take the proper precautions and diversify your storage https://www.tokenexus.com/what-is-cryptojacking-how-to-prevent-and-detect-it/ methods, you greatly reduce your chances of losing your investment to the bad guys. Based in Austin, TX, Steven is the Executive Editor at CoinCentral. Outside of his role at CoinCentral, Steven is a co-founder and CEO of Coin Clear, a mobile app that automates cryptocurrency investments.
Storing your most sensitive documents is usually not recommended. However, it’s possible to encrypt the data yourself and store it online. By encrypting it, you limit the number of people who can view a document in its raw state. Uploading an encrypted version of a private key to the web is a suitable option for some. In the same way that we’ve mentioned restoration details previously, the private key to your paper wallet is its single most important detail.