Ethereum is one of the most popular cryptocurrency currently. Also, when you’re looking into the method to store these cryptocurrencies, you would realize that paper wallet is one of the most efficient methods as well. We would today share with you some of the ways in which you would be able to create the paper wallet for this cryptocurrency.
A paper wallet for Ethereum or for any other cryptocurrency is just a record on paper of the public as well as private keys. Even though many of the cryptocurrency investors might actually find this a bit odd but the truth is that, once you are securing the public as well as private keys, nobody would be able to send you the cryptocurrency without your knowledge and nobody would be able to send the coins which you hold as well. You just need to ensure that the paper is in a safe place. As long as the paper is in a safe place, it would become very easy for you to keep the cryptocurrency entirely safe.
Moreover, since it is a form of cold storage that is it would not be connected to the Internet, you would not have to worry about any kind of hacking attempts as well. Generally speaking, even when you’re not going for the paper wallet. When you are opting for any form of cold storage, you can be sure that hacking would not be a problem either.
Myetherwallet is a JavaScript application which would help you in creating a paper wallet. You need to understand that the signup process is pretty easy and you would be able to download your key store file quite easily. Thereafter, you can print it on paper in order to ensure that you are able to create a paper wallet. Since it is open source and free, you would not have to spend any kind of money in order to create the wallet.
There are quite a few other websites as well which can help you in creating such a cold storage wallet. You need to, however, keep in mind that you need to put that paper somewhere safe. Anyone with your public and private keys can easily move the coins which you are holding. This is one of the main reasons why you have to keep the cold storage wallet completely safe.
The next time around you’re looking to store cryptocurrencies in a safe manner, it is important to look into the option of creating a paper wallet. Even thought the paper wallet might be a bit old school but you can be sure that when you are able to create it the money would be entirely safe without any worries.
Photo Credit: Reddit
Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.
