More Examples
“Paper wallets are not good for very secure bitcoin storage.”
“I gave my nephew 0.000125 BTC in a paper wallet.”
“I printed out some preloaded bitcoin paper wallets for holiday gifts.”
Definition(s) from the Web
- A paper wallet is the name given to an obsolete and unsafe method of storing bitcoin which was popular between 2011 and 2016. It works by having a single private key and bitcoin address, usually generated by a website, being printed out onto paper. This method has a large number of downsides and should not be used. For storage of bitcoins, a much better way accomplish what paper wallets do is to use seed phrases instead, where the user writes down 12 or 24 random words generated by their wallet. Source
- Paper wallet is a document containing all of the data necessary to generate any number of Bitcoin private keys, forming a wallet of keys. However, people often use the term to mean any way of storing bitcoins offline as a physical document. This second definition also includes paper keys and redeemable codes. A paper key is a single key written on paper that is used multiple times like a wallet (this is strongly discouraged). A redeemable code is a single key intended to be funded and “redeemed” only once: these are commonly used for gifts and as part of physical Bitcoin coins/notes. Source
- Physical wallets store the credentials necessary to spend bitcoins offline and can be as simple as a paper printout of the private key: a paper wallet. A paper wallet is created with a keypair generated on a computer with no internet connection; the private key is written or printed onto the paper and then erased from the computer. The paper wallet can then be stored in a safe physical location for later retrieval. Bitcoins stored using a paper wallet are said to be in cold storage. Source
