OVERVIEW PAPER WALLET SECURITY TIPS

The keys for a Paper wallet are usually created by using a browser-based “Private Key Generator” program. This will create a new private key for each paper wallet that you want. Then those keys will be either printed or handwritten for long-term safe storage. If you are unfamiliar with this kind of wallet then read our Cryptocurrency Paper Wallet Guide first.

Paper wallet security must be followed both when you are creating your private keys, and also when you are printing and storing your Paper wallet in a safe place.

STANDARD PAPER WALLET SECURITY TIPS

To protect your funds, follow these fairly standard paper wallet security tips:

  1. ANTI-VIRUSES: Virus scan your computer before generating your private keys.
  2. NO INTERNET: Navigate to your favorite private key generating website and then disconnect the internet and wifi from your computer. Then you can generate your private key(s). All good paper wallet private key generators will work without an internet connection – Don’t use any generator which will not work without an internet connection.
  3. HAND WRITE: If you hand write your newly generated private key(s) then triple check that what you write is the same as what you see on the computer screen. Once you close the key generator program there is no way to see those keys again. If you write down the wrong key then you can lose your funds forever.
  4. NO OFFICE PRINTER: Don’t print your Paper wallet on your office computer since you don’t know what your office IT department is recording. The printer may store copies of every document printed, including your private keys.
  5. NO PHOTOS: Don’t take a photo of your Paper wallet. A photo is not encrypted (unless you take the extra step to make it so but the photo could be captured before you do so). Anyone who finds that photo in your computer, phone, email, backed up to your cloud or anywhere else can steal your funds. This is a specific problem with paper wallets but can apply to any wallet that is displaying your Secret codes. (*mentioned elsewhere)
  6. GOOD PAPER: Print your Paper wallet on good quality paper with a high-quality ink. If you store this paper for years then the ink may fade. Consider laminating the paper to make it waterproof. Consider writing on a piece of plastic instead of paper and use a permanent marker to make the copy more durable.
  7. SAFE STORAGE: Put your Paper wallet into a fireproof, waterproof, and locked location (like very good quality home safe, or bank safe deposit box)
  8. MULTIPLE LOCATIONS: Store a copy of your Paper wallet in more than one location so that if one is lost you will have other copies. But be aware that the more copies you have, the more opportunities a thief, or anyone else, has to find them.
  9. DELETE PDF: If you saved your Paper Wallet document (such as a PDF file) to your computer then, after printing, erase the original document. Use a “digital-shredder” program, not a simple computer delete to be sure that no one with access to your hard drive can ever reconstruct that wallet. Learn about digitally shredding documents.  If you don’t want to bother with shredding, then at least empty your computer trash bin.
  10. “CHANGE” ADDRESS: Be very careful and sure that you understand how your currency “change” addresses works. “Change” is the difference between how much you want to spend and how much is in your wallet. When you want to spend your paper wallet currency you will need a software wallet. Depending on the wallet and the coin you are spending each spend transaction may transmit ALL of your currency from one of or more of your address(s) and then return the leftover change back to you. This extra change will be sent to a new address that you own. Do NOT assume that your paper wallet automatically still holds the leftover currency. Often the paper wallet will be empty after a single transaction, no matter how much you intended to spend. You have not lost your leftover funds, but they might not be where you expect them and so you could lose them if you don’t know at what address they were deposited. This is actually true of all wallets but Paper wallets are the most at risk since other types of software and hardware wallets will usually handle this issue without you needing to know about it. You can read this very in-depth blog regarding paper wallet “change” address.

ADVANCED PAPER WALLET SECURITY TIPS

The following advanced paper wallet security tips are for those who want additional security and are willing to put in extra effort to get it.  These tips may also address more rare, fringe issues.

  1. PRINTER NETWORK: If you use your printer to print your private keys (rather than handwriting them) then be sure that the printer is not connected to the internet/wifi. Instead, connect your printer directly to your computer with a USB cable. Otherwise, snooper malware could capture your private keys on your network.
  2. DELETE CACHE: After generating your Paper wallet private keys, then delete your cache and browsing history so that no one will know that you have created this wallet – and don’t forget to delete the history from your Google browsing history account.
  3. SPLIT WALLET: Divide your paper wallet physically in half and hide each half in two different physical locations.
  4. MULTI-SIG: Instead of dividing your paper wallet in half, you can create a multi-sig(nature) Paper wallet which requires more than one private key to unlock funds. Save each part of the multi-sig keys in different physical locations.
  5. INVISIBLE INK: Print using invisible ink
  6. METAL WALLET: Buy and use a metal “Paper” wallet, such as Billfodl metal wallet, or CryptoSteel metal wallet.

See all of our cryptocurrency security tips here.

In the comments below, you can add your own tips, and/or correct or dispute our tips.

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