If you were looking for a non-standard wallet that supports multiple assets, XBTS might take your fancy. In this article we will consider the features and advantages of this Paper wallet.
The main feature of this wallet is the ability to store cryptocurrency offline without the need to buy solutions like Ledger or similar, you can easily generate your own wallet using modern encryption tools and get a tool with an attractive design.
We were able to work with this tool and were able to come to the following conclusions.
Paper Wallet is Offline Open Source Client-Side Cryptocurrency Wallet Generator!
First and one of the best Bitcoin and other popular cryptocurrencies paper wallet generator. Completely free. Сreated for people.
Cryptocurrency addresses are generated by cryptographic encryption using the AES (Advanced Encryption Standard) algorithm and the SHA-256, SHA-384, and SHA-512 hash encoding functions.
Client-side address generation is random using ECDSA (Elliptic Curve Digital Signature Algorithm). The generated address is unique and secure.
BIP38 password-encrypted paper wallets supported.
Paper Wallet Generator is the easiest way to safely store bitcoin and popular cryptocurrencies or make a gift for any occasion.
More stunning paper wallet designs for every taste! Print/download paper wallet in 4k resolution.
Paper wallets are one of the most secure cold storage for cryptocurrencies.
The paper wallet contains public and private keys for transactions, you manage them yourself, and the wallet is not connected to the Internet.
You control and manage the public and private keys yourself. A paper wallet is not connected to the internet and is protected from web-based attacks.
Advantages of a paper wallet
Your keys, your cryptocurrencies. Create paper wallets to keep your cryptocurrencies secure. For long-term storage, it is recommended not to store cryptocurrencies on an exchange or in an online wallet. Just transfer your cryptocurrencies to new paper wallets and use common sense to keep your wallets secure like jewelry or money.
By printing your own tamper-proof paper wallets and creating your own addresses, you can minimize internet security threats such as hacks, phishing attempts, malware, viruses and other web-based attacks that can lead to the permanent loss of your cryptocurrencies and digital assets.
Paper wallet is one of the best cold storage options for cryptocurrencies. It is easy to create and start using.
The wallet has a fairly ergonomic interface, you can easily create a unique address where you can store your assets offline without worrying about your device, just generate your wallet, print it out and store it in a safe place.
It is also worth noting that the early stage of the project is supported on multiple platforms, so you are not limited in the choice.
If you are interested in this product you can get acquainted with the demo version and test the functionality yourself. Demo is available here.
How does BIP38 wallet encryption work?
Encryption BIP38 passwords in a Paper Waller Generator:
- Choose a paper wallet design.
- Create and enter a password. You will need this phrase to decrypt a private key to your wallet (WIF).
- Save the password to a safe place! If you lose your password, you will not be able to decrypt your wallet and recover access to it.
- Click the generator button “New Address”.
- Done! You just encrypted your private key with a BIP38 encrypting algorithm. Now you can save your encrypted paper wallet as a PDF file or print it out.
Advice! A BIP38 private key always begins with '6P'. Before you will send your funds to a public address of the wallet encrypted by BIP38, you need to test it. Make sure you remember a correct encrypting password and you are able to decrypt the private key back to the ordinary WIF (Wallet import format).
The password can be anything - a string of characters, letters, or numbers. If you want to use a well-known quote or a catchphrase, try to change it a little by adding symbols or making mistakes hard to predict.
Advantages of BIP38-encrypted private key:
- Encrypting your private key used for the paper wallet of cryptocurrency can be a beneficial way of keeping your cryptocurrency safe and secure. Even if you will lose your paper wallet, the balance on the wallet is safe unless the password used to encrypt the wallet is guessed.
- Only you know your BIP38 password used to encrypt the private key. Memorize it or keep it in a safe place.
- Safe printing out of a wallet at any print shop or any printing device. So handy!
- You can send an encrypted paper wallet by email or social network private message.
Warning! Use a password that you will never forget!!!
If you encrypted your private key with BIP38 encrypting algorithm and lost your password, you will not be able to decrypt the wallet and recover access to funds sent to this wallet.
How to import a private BIP38 key?
- - Use a “Validate” option in a generator application.
- - Get a decrypted private key WIF (Wallet import format).
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Why do I need a Paper Wallet?
Paper wallets are considered to be one of the best ways to store cryptocurrencies offline because they prevent the wallet from accessing the Internet. A paper wallet is a printed sheet of paper that contains the keys and QR codes needed for working with cryptocurrencies. No one can hack your paper wallet or get your keys without physical access to the paper you save them on. With a paper wallet, only you can totally control the ownership of your crypto assets. This is considered a safer method than storing coins in a hot wallet, i.e. a wallet connected to the internet.
How to print a paper wallet securely?
Encrypt your private key with a BIP38 password to securely print your paper wallet at any print shop or on a printer.
Only you know your password (passphrase) for your private key encryption. Remember it or keep in a safe place
Important! Use an encryption password that you will never forget.
If you have encrypted your private key using the BIP38 encryption algorithm and lost the passphrase (password), then you will not be able to decrypt the wallet and regain access to the funds in the wallet.
The password can be anything - a string of characters, letters, numbers.
Can a paper wallet be reused?
After transferring coins from a paper wallet, it shouldn't be used it again. The whole point of a paper wallet is to keep your private key out of the internet.
XBTS presented an interesting interpretation of the cold wallet available to most users, who will be able to understand whether they need a more expensive analogue or will suffice this solution. The project is at an early stage and we will wait with interest how the team will develop this solution.