4 Steps to Making your Paper Wallet

Why leave everything you own online? Here is how to put your ETH somewhere safe off the network.

For those of us who feel safer knowing where our funds are at any one moment of the day we found an interesting solution for you. You can store all your Ethereum on an Ethereum paper wallet, yes actual paper, you also can take the information and store it in a USB stick. Either way, your wallet’s information will be stashed away safely in the real world, be it in your actual wallet, deposit box, or under a potted plant.

What you will be stashing away is your ETH Wallet’s Private and Public key which is essential if you want to access your ETH wallet or send and receive ETH. The benefits of this is that hackers really can’t get a hold of your information since it’s not on the web. A hacker will have to change professions to physically steal your USB or Paper Wallet.

Paper Wallet is what is commonly known as Cold-Storage and it’s ideal for those that have a lot of ETH and don’t want to spend it on investments, and just wants to have ETH stashed somewhere safe. It also a very good solution to limit the amount of ETH you spend on dapps, by stashing away large amounts of it you might be less inclined to spend ludicrous amounts of ETH on Lambos or Etheremons.

Step 1 — Understand it’s Your Responsibility

The safekeeping of your Paper Wallet will be your responsibility. Having a Paper Wallet is similar to holding a regular wallet where you have credit cards with their associated pins. In the case you lose all your ETH because you lost the Paper Wallet or shared your Private Key with someone else, no one will be able to help you. Still want to make a Paper Wallet? Carry on to Step 2.

Step 2 — Going to the Right MyEtherWallet Website

Step 3 — Bookmark the Website and Think of a Password

You will be visiting this site very often to check on how much ETH you have, and to make transfers from your wallet to another. MyEtherWallet is not a bank, it is simply showing you information that is already stored in the blockchain network of your specific wallet. It also interacts with the ETH blockchain on your behalf, without any added fees, with a simple and easy to use interface. Ready? Go ahead and bookmark it.

Now the password will be challenging to create we suggest that you write it down somewhere offline before entering it on the website. Writing it on Notepad and saving it on a USB stick is another solution. The ideal password should be 15 characters long, preferably with different characters, with lower-upper-case letters, and with special characters. Got it? Think about it, type it, and click “Create New Wallet.”

Step 4 — Download and Store

Right now, if you are wondering what a Keystore File is? That’s your Wallet! So download it and save it to your USB stick. To be safe we suggest that you store on another device as well, just in case you lose one of them, just to be clear by a device we mean another USB. The JSON/UTC file contains every piece of information about your wallet. The password that you created in Step 3 can decrypt the information within, so keep it safe, and congratulations! You have made a Paper Wallet, was it all that hard? No, well there is more! Click on “I understand. Continue.”

Now if you’re wondering where the paper part is in the Paper Wallet, simply click on “Print Paper Wallet”, and hey presto the paper in Paper Wallet has materialized.

Voila, the Paper Wallet in all its glory! It’s very important that you do not share your Private Key with anyone! That is the equivalent to the password to your bank account or even your Netflix account, you definitely don’t want people getting access to either of them. “Your Address” is the Public Key and that you can share with everyone as it allows anyone to transfer money to your account.

To pay your friend back simply select “Keystone / JSON File” insert your USB stick and click on “Select Wallet File”. Search for the JSON or UTC file in the USB, select it, and then on the website insert your password from Step 3.

For the last step insert your buddies’ wallet address, the amount of ETH and you would like to give back, and then go ahead and click generate transactions. Congratulations you have used your ETH Paper Wallet perfectly!

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