Bitcoin Paper Wallet Guide
Understanding Bitcoin paper wallets and how to use them securely
What is a Bitcoin Paper Wallet?
A Bitcoin paper wallet is a physical document containing both the public and private keys for a Bitcoin address, usually presented as QR codes. It's an offline storage method (often called "cold storage") that keeps your Bitcoin secure from online threats.
Paper wallets are considered one of the most secure ways to store Bitcoin for long-term holding, as they're completely isolated from the internet and therefore immune to hacking attempts when properly created and stored.
Important Security Information
The private key on your paper wallet gives complete control over the funds. Anyone who has access to this key can transfer the Bitcoin. Keep your paper wallet in a secure location, such as a safe. Consider making multiple copies and storing them in different secure locations. Never share photos of your paper wallet online or with others.
How To Send or Transfer Money From Paper Wallet
STEP 1
Open the BudgetCoinz app on your mobile phone and click the QR code scanner button towards the top right.
STEP 2
Point the camera towards your paper wallet and scan the PRIVATE KEY (barcode). A new prompt appears displaying the paper wallet balance if you have done this correctly. If you receive an error, wait 15 minutes and retry as your funds may not have arrived yet.
STEP 3
You're done! That's how you transfer Bitcoin from a paper wallet. Your funds should now appear in the dashboard on the home screen. From here, you can send the Bitcoin to anyone of your choosing.
Important Notes About Paper Wallets
Security First
Never share your private key with anyone. Keep your paper wallet in a secure, dry location safe from fire, water damage, and theft.
One-Time Use
For maximum security, paper wallets should be treated as one-time use. Once you've imported the private key to a software wallet, create a new paper wallet for future use.
Public vs Private Key
The public key (address) can be shared to receive funds. The private key should never be shared as it provides access to transfer/spend the Bitcoin.
Creating Paper Wallets
We recommend using BudgetCoinz or other trusted services to create paper wallets. Use an offline computer for maximum security when generating keys.
Need the BudgetCoinz App?
To send Bitcoin from your paper wallet, you first need to transfer them to a mobile application. Download the BudgetCoinz app to get started.