How to Make Ethereum Paper Wallet in 1 Minute [Ultimate Guide to Keep Your Ethers Safe]
Right from your first Ethereum purchase, it is essential to keep your ethers safe at a place to which only you have access. Leaving your precious cryptocurrency on an exchange service leaves you vulnerable to external cyber attacks such as hacking. So here’s how to make ethereum paper wallet, real quick and easy.
In this guide we will teach you how to make Ethereum Paper Wallet in under 1 minute. Paper wallets are one of the safest methods of storing your cryptocurrency. They are completely free to create and can be used to make safe Ethereum transactions.
Why create an Ether Paper Wallet
At first it might seem odd to store your digital currency on a paper like… all the other currencies. This paper with codes on it, is your only representation/proof of your Ethereum currency. However, it is the safest method to store, since your currency will be stored offline.
Therefore, there is no possibility that hackers could get their hands on your digital currency. By storing your Ethereum on an Ether paper wallet, you can:
- Rest assured that your coins are not available in any exchange, and hence not tradable while they are in the wallet. As described above, this ensures your safety against digital attacks.
- Choose the speed at which you want to send your Ethereum from wallet to wallet, depending on your budget and patience. The more expensive the options the faster they are.
- Have a better overview on the Ethereum you hold, knowing that you will not indulge in market speculation and, therefore in risky short term investments.
How to make ethereum paper wallet
In order to create an Ethereum paper wallet, we will use the most common and secure option, MyEtherWallet.
Be sure that you’re on the correct MyEtherWallet website. You can check the authenticity of the website by looking for the verified SSL certificate which displays like this:
Additionally you can bookmark the website after your first visit and access through the bookmarked link in the future.
Avoid visiting the site through external links, Google search results, or shady emails as you risk having your private key stolen otherwise.
Now that we know how to access MEW safely, let’s see how to make Ethereum paper wallet. Click on New Wallet on the top left corner and insert a complicated password that is at least 15 characters long.
After creating your new wallet, you will be brought to the next page, where you will be asked to to download your keystore file. This file is your Ethereum paper wallet.
Et voila! You have successfully created your wallet. Now, it would be convenient to have a printer at the ready. After the wallet shows on your screen, you will have the option to print your wallet.
This is highly recommended. Do not make screenshots of your wallet because they hold your private keys.
How To Use Your Ether Paper Wallet
Your Ether paper wallet can be used in multiple ways but, essentially its purpose is to and receive Ethereum and ERC20 tokens.
The left side of the paper wallet shows your Public Address. This address can be given to people who want to send your Ether and it can even be used by yourself if you decide to add more Ether to your wallet. Feel free to share your public address with anyone you like.
On the right side, you will find your Private Key. Do not share this key, the number combination or the QR code with anyone. Anyone with this Private key can access your funds and use them as they please.
Every time you want to send funds from your Ether wallet, all you have to do is input your Private Key to gain access, and send your Ethereum anywhere you want.
Note: Although a paper wallet is the best way to keep your Ethers safe, you are still at risk of digital theft when you write your Private key on your computer to access your funds. This can be due to malicious software or Viruses. To avoid your keys from being stolen we recommend you use a hardware wallet such as the Trezor or the Ledger.
How & Where To Store Your Ether Paper Wallet
As the Ether wallet is printed on paper, we would recommend you keep it in a fireproof and waterproof place. Leaving your paper wallet in a safe at home or bank will give you the ultimate sense of security and comfort.
It’s likely that most of us will access our Ethereum wallet rather frequently. Hence we would like to have access to our wallet whenever we need.
Make sure to make more than one copy. Hide your private keys in different places around your house.
Also, consider laminating the paper wallet to protect your wallet from acts of God.
Ready to keep your Ethers Safe?
Despite the few extra steps you’ll have to take to store your paper wallet safely, there really is no better way to store your digital currency safely.
The same anonymity and security crypto transactions provide can be used against you if you’re not careful with your crypto funds. So be responsible; keep it safe and secure.
Hopefully, you’ve gained some useful knowledge. Why not tell more people how to make Ethereum paper wallet on social media and other media?
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