If you have a lot of Ethereum stored online, then most pros recommend transferring your funds to a desktop wallet as soon as possible. A cold wallet, also referred to as an offline wallet, can be as intricate as a USB drive that’s pin protected or an Ethereum paper wallet that consists of a piece of paper.
An Ethereum paper wallet will keep your cash out of reach of stealthy hackers who tend to prey on cryptocurrency traders.
Securing Your Ethereum
This type of offline security does come at a small cost. You’ll first need to transfer your coin to an exchange or online wallet in order to use it, which can make funds less liquid. But if you’re holding it for a while to play the long game, then this probably won’t even be an issue.
Here, we’ll discuss exactly what you need to do in order to create a Ethereum paper wallet.
Creating a Paper Wallet
We recommend you first head over to MyEtherWallet, typing the web address directly into your browser as opposed to googling it. Hackers tend to purchase ad space using a phishing site that pretends to be MyEtherWallet in an attempt to access your coins. Once you reach the site type in your strong password, then click the create a new wallet button.
Your next step will be to download the key store file to your PC. We recommend making a backup as well. Keep in mind that this is the most crucial part of the process, as your coins can also be stolen if someone gets their hands on this file. After this step, click continue.
Next, you’ll receive your private key, which should also be stored in a variety of secure places. Of course, you also don’t want to share this key with anyone else.
Finally, print off your paper wallet. This should be stored just like any other important document, whether it’s in a safe or a locked filing cabinet.
This wallet should contain all the important info you need access to, such as a key string, public address QR code, and a unique identifier icon.
Receiving Your Cryptocurrency
You can send your cryptocurrency to your paper wallet via the public address. Once you’re promoted, use the address QR code or paste the public-address string.
In order to send your cryptocurrency, you’ll need to once again visit MyEtherWallet. Once you’re there, just click on the send ether button. Ethereum can be sent either by uploading the key store file or you can simply enter your private key. You’ll also need to use your password for each of these methods.
Once your password has been authenticated, you’ll be able to send Ethereum using the same method as other types of digital wallets. You’ll enter the cryptocurrency amount and the address you want it sent to. One click of the generate transaction button and you’re all done.
To check your wallet balance, check out sites such as Etherscan or Etherchain. For both of these sites, you’ll head to the search bar and enter the public address in order to view your transactions and balance.