If you are looking to protect your Bitcoin from hackers stealing it, and any other possible ways that you may be able to lose your bitcoins, using paper wallets is an excellent choice.
In this tutorial, I will show you how to easily create a paper wallet using best safety practices, and use it to store your bitcoins in an offline, secure way.
How to create a paper wallet for Bitcoin
To create your paper wallet for bitcoin, we will be using a software program you can find at https://www.bitaddress.org/
This program makes it very easy for anyone to create an unlimited number of paper wallets which you can use to store your bitcoins offline – away from any device that's connected to the Internet and therefore “vulnerable” to a hacker accessing it.
WARNING: ALWAYS CREATE YOUR PAPER WALLETS OFFLINE.
Now, having said that and shown you the program, I should point out that if you generate a paper wallet from the website, you are technically vulnerable to having someone intercept your connection and leave you vulnerable to hacking.
As a result, it is highly recommended (Read: MUST), that you generate the paper wallet in an offline computer that you control. By doing so, you can further ensure that no one may be monitoring your process of generating the paper wallet, and potentially steal your private keys. The reason is that if a hacker gets a hold of your private key, he/she/it can steal your bitcoins as it is the private key that enables for releasing the funds that are stored inside a paper wallet.
To create your paper wallet in an offline manner:
1. Visit https://github.com/pointbiz/bitaddress.org – this is the official download location for the source code you will need to generate your paper wallets.
2. Download the provided ZIP file.
3. While you have your PC offline, install the program.
4. Run the software and generate your own paper wallet.
5. Print the paper wallet on your own computer.
6. Load bitcoins into your public key and keep your paper wallet safely stored, and protected from physical destruction.
Note: The paper wallet generator software provided at https://www.bitaddress.org is open source, and was not created by George Levy, Blockchain Institute of Technology nor anyone affiliated. The link to the website is provided entirely as an educational resource for you to use at your own discretion and responsibility.