Paradoxical as it may sound, but the crypto currency bitcoin, which appeared on the Internet and is used only on the World Wide Web, can have its own paper wallet.
Wallets for crypto currency bitcoin can be hot and cold.
To hot carry all online wallets, programs and applications that allow you to make transactions online. Cold are those that can be accessed through a specially generated code. It is stored on paper, so this type of purse is called paper.
Paper wallet bitcoin (on the slip paper wallet) is an analogue of the online. The only difference is that the information about the amount of existing bitcoins is stored encrypted in the form of code.
To create this type of wallet, you need to go to the site that provides this service, and create a bitcoin-address. The site will generate a cipher in the form of two QR codes. One of them will be the address of the bitcoin-purse, which will later be used to purchase coins. This code is public. To make a transaction on your wallet, you need to tell this code to the person who will transfer the crypto currency to your account.
The second key is necessary for selling bitcoins. This code is secret, you can not tell anyone. It will be used to transfer bitcoins to the account of the person to whom you transfer the coins.
The advantages of paper wallets
Your personal code for accessing the wallet of the bitcoin and transactions with that currency is not stored on the Internet or on your computer, which means it is not available to scammers and hackers.
If you have a paper purse, you are not afraid of any system failures that may occur on your personal computer.With the help of paper-based code, you can perform operations with bitcoin from any device connected to the World Wide Web.
Cons of paper wallets
If someone takes possession of the key, he can easily empty your wallet.
Paper is afraid of fire, dampness, in case of damage to the code you will lose access to the purse forever. To prevent this, it is better to have multiple copies of the key and store them in different places.
In general, paper bitcoins are a popular and reliable way of storing and making transactions with this crypto currency.