What is a Paper Wallet?

Paper Wallet

Paper Wallet is a method of storing cryptocurrency by printing the private key of the address where the cryptocurrency is stored on a piece of paper.

It is the safest way to manage cryptocurrencies since it is mainly for long-term storage and is completely cut off from the Internet.

The paper wallet is a cold wallet that is used offline, so it is said to be the safest way to manage security.

However, paper wallets also have the following risks

  • Losing the paper
  • Forgetting where you stored it
  • Someone throws away the paper.
  • Theft
  • Lost in a fire

You risk losing your coins permanently, so be careful about where you choose to store them.

Summary. Paper wallets are a great way to avoid hacking risks but be prepared for physical loss.

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