Ethereum is a thriving cryptocurrency and as of now it seems that it can perform well in the upcoming future. If you’re one of those early birds who invested in Ethereum some years back then you might be in good profit. However, if you’re willing to hold your Ether for some more years then choose paper wallet or hardware to store your Ether safely. If you’re holding your Ethereum on an online wallet or exchange and they’re still safe then I must say that you’re so lucky. But I can’t say how long you will be. To save your Ether, I strongly advise you to move your Ethereum from your exchange to a paper wallet or hardware wallet. In this tutorial, I’ll help you store your Ether offline using best Ethereum paper wallet generator.
As of now, the best way to safe a cryptocurrency is a hardware wallet. A hardware wallet stores private keys of your cryptographic assets in an isolated space. Yes, a hardware wallet costs you money but when you think of your coins then this cost is nothing. If you’ve invested a significant portion of your investment in Bitcoins, Etheruem, Ripple or other altcoins then a hardware wallet is must for you. A hardware wallet can store more than one cryptocurrencies. Here is a list of best hardware wallets. On the other hand, paper wallet is also a good option to store a cryptocurrency. If you cannot afford a hardware wallet then you can create a paper wallet to store your Ethereum.
- Make sure your computer is free from viruses. If a key logger is running onto your PC then it might steal your private keys. Scan your full PC with a trusted anti-virus software.
- If you’re using third party extensions on your web-browser then disable them.
- Never create a paper wallet on a PC that is running on a pirated Windows.
- Do not save your paper wallet on your computer. Use a pen drive or an external hard drive to store it. If you’ve a printer then take print out and keep it at a safe place.
Now you’re all set. Let’s create Ether paper wallet using best Ethereum paper wallet generator.
Do you know? Exchange is a least safest way to store cryptocurrencies. If you can survive for more than three months with your cryptoc investment then must read this “What is the safest way to store cryptocurrencies?”
Best Ethereum Paper Wallet Generator to Store Ether Offline
Important: Make sure you’re using official MyEtherWallet (https://www.myetherwallet.com/) website.
After landing on the website, your first task is to check URL to make sure you’re using official MyEtherWallet website. For that purpose, check your browser’s address-bar (address should start with https).
Next, read all screen instructions carefully.
In the next step, enter a 9 characters password and then click on Create New Wallet.
On the next page, first click on “Downlaod Keystore File (UTC/JSON)” to download the file. Do not save it on your computer. Save it on a pen drive or an external hard drive. You cannot recover it if you lose it therefore save it on 2-3 secure places. After downloading and saving the file, click on “I understand. Continue.” button.
In the next step, you can see your private key. This is a most important thing therefore write it on a piece of paper and also copy and save it on a word document. Again, don’t save it on your computer. If somehow someone gets access to this private key then he/she can easily spend your Ethereums therefore keeping it save is really a challenge but it’s far better than hot storage or online wallet. After writing and saving your private key, click on Print Paper Wallet.
Upon clicking on the button, you’ll be able to see your paper wallet. Just save it as a PDF file or if you’ve a printer then take print of it. On your paper wallet, you’ll have your public Ethereum address that you can share with others to receive Ether and private key that you’ve to keep in a safe place. Never ever use your private key on internet. Only use it when you want spend your Ethereum. Note: You can find Send Ether & Tokens link on MyEtherWallet website that you can use to send Ether from your offline wallet to new one. Also, you can see an icon on your paper wallet. This helps you know that you’ve entered a correct Ethereum address. When you’ll be sending Ether to this paper wallet then you’ll be able to see same icon there; if it does not appear then you might have entered wrong address.
That’s it. We’ve successfully created an Ether paper wallet using a best Ethereum paper wallet generator website.
How to send Ethereum to a paper wallet
After creating your Ether paper wallet, visit your exchange from where you’ve bought your Ethereum and send Ethereum from your exchange to your paper wallet. First send a small amount of Ether say 0.20 to your new paper wallet and then use Etherscan, Ethereum blockchain explorer service, to check your balance. After sending a portion of Ether to your paper wallet, follow the steps given below to check your paper wallet balance:
Note: Ethereum transaction takes 20 minutes to 2 hours (approx.) therefore check your balance again if it does not appear in the first attempt.
Copy your paper wallet address (not private key) and then click here to reach on Etherscan website and paste your paper wallet address in the search box appearing at the top right corner then hit GO button.
Next, you’ll be able to see your Ether balance. Note: You can recheck your balance after some time if your Ethereum balance is not reflecting.
Did you notice the icon at the top left corner (in above screenshot)? It’s similar to the icon which is appearing on our paper wallet (that we’ve generated above). If icons match then it means we’ve entered a correct address.
Once you can see your Ether balance, move all of your Ethereum to your paper wallet. Note: You can create more than one Ether wallet to store your ETH offline.
There’s no doubt that MyEtherWallet is a best Ethereum paper wallet generator website. However, I advise you use hardware wallet instead. Click here to know more about hardware wallets.
Disclaimer: This information is for advance users. If you don’t know what are you doing then seek help from a friend. This post is for information purpose only. We’re not associated with above mentioned paper wallet generator. We do not hold any legal or financial responsibility in any manner.