Paperwallet Versus Bitcoin Wallet
Bitcoin owners have the option to choose between a Bitcoin Wallet or a paperwallet. This is for the purpose of storing their Bitcoins. Before making a decision, maybe you should learn more about Bitcoin wallets and paperwallets.
The number of Bitcoin owners are recorded in a blockchain, globally distributed ledger. Each account has a balance and is associated with a hash of public key. The key functions as an account number. The owner of the account is identified with a long random number. This number serves as a private key.
This key may come in different forms. It may be a computer file, a long number written down, or a so-called seed phrase. This key must be kept private. Anybody who has possession of it would be able to spend the Bitcoin.
The Bitcoin Wallet
The Bitcoin wallet is a software where Bitcoin’s private keys are kept. Handling incoming payments, making transactions, and signing messages may also be done by using the Bitcoin wallet.
The Bitcoin wallet can be installed on a mobile phone or a computer. It may also be installed on its own device, as in the form of a hardware wallet.
The Paperwallet
A piece of paper that holds the backup seed of a wallet, or the private keys themselves, is called a paperwallet. It is regarded as some of the most secure wallet options, as it is not easy to hack paper.
It is important that the private keys are created by you alone, and that nobody else can have access to it. But in most cases, you need to make a paperwallet yourself.
You can also make multi-signature paperwallets to further protect yourself from theft or loss. This is convenient for the extra paranoid, who does not want to settle with just a single paperwallet.
If you own Bitcoins, you have the option to choose between which wallet to use – the Bitcoin Wallet or the paperwallet. Choose whatever is most convenient to you.
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