What is a bitcoin paper wallet and how does it work?

1 answers

• Jan 11, 2022 · 3 years ago
  A bitcoin paper wallet is a physical representation of a bitcoin address and its associated private key. It is called a 'paper wallet' because the keys are typically printed on paper. The public key is used to receive funds, while the private key is required to spend or transfer the bitcoins. Paper wallets are considered a secure way to store bitcoins as they are not connected to the internet, reducing the risk of online attacks. However, it's crucial to keep the paper wallet safe and prevent it from being lost, damaged, or stolen. To use a paper wallet, you can scan the QR code or manually enter the public key when receiving funds. When you want to spend the bitcoins, you need to import the private key into a digital wallet software.
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