How To Use Bitcoin Paper Wallet App For Android
Bitcoin Paper Wallet is an outstanding, open source, tool that can help you create your Bitcoin hardware wallet offline. While it doesn’t create the pretty ones you see from sites like BitAddress.org, it does create all the necessary information you need to securely store your Bitcoin. You can use it on your smartphone or on a cheaper laptop. Now I’d like to take some time to show you how to create, secure, store, recall and sweep paper wallets created by this app.
First, you’ll need to download Bitcoin Paper Wallet, if you have not already done so. Some other software you may want to consider are Docs To Go, an office suite that doesn’t run on the cloud, and a password wallet like Enpass.
Once you’ve downloaded Bitcoin Paper Wallet start it up. It will automatically generate a Bitcoin paper wallet for you. It doesn’t matter how you create them, a Bitcoin paper wallet only has to have two parts: a Bitcoin address and a private key. You can write these down, copy and paste them into a spreadsheet, or print them out. Just be sure to keep your private keys hidden and secure.
I highly recommend that you use the password wallet I mentioned above to generate random passwords with which to encrypt your private keys. You can generate a password, or several, if you’re like me. Just put that password into the Password box of the app and click Encrypt Private Key. Once the encryption process is done you will have a BIP 38, password protected private key.
Then create a spreadsheet on which to write all your wallets. On each line record the Bitcoin address and the BIP 38 encrypted private key. If you use several passwords, like I do, record a password identifier, not the password itself. This will allow you know which one you used in order to look it up in your password wallet, but not allow someone who stole your spreadsheet to know it. You could also record how much Bitcoin you’ve placed in the wallet, but that could be a security flaw if someone were to steal your spreadsheet. Either way is up to you.
If you want to get the Bitcoin back out of a paper wallet you can open the spreadsheet, copy the BIP 38 encrypted private key, paste it into the Private Key section of Bitcoin Paper Wallet. You’ll notice the address section says Not decrypted yet. All you have to do is put the password you used in the Password box and click Decrypt Private Key. Once decrypted you will have the WIF version of your private key.
Alternatively, if you’re using a wallet software that supports it you could just copy the BIP 38 encrypted Private Key into the Wallet. It will know that the Private Key is encrypted and will have you provide the password. Once you do so it will decrypt it and scan the Bitcoin address for funds.
I can’t give this software any higher marks. I’ve listed two flaws of Bitcoin Paper Wallet, but they certainly don’t detract from the functionality, security, ease of use, and pure usefulness of this app to any crypto enthusiast so, I highly recommend Bitcoin Paper Wallet.