If you properly create and store your paper wallet, it makes it mathematically impossible for anyone to hack your funds and also keeps you 100% in control of them. No-one should keep ETN online if they don’t need them…that’s what cold storage is for.
There are a few guides available on creating paper wallets, but here is my general process (there are more extreme methods for extra safety such as virtual machines or disconnected computers/ raspberry Pi’s etc, but ill just cover a general method):
- Update and run a virus check on your computer
- Download the paper wallet generator (.zip) from the my.electroneum site and extract the HTML file onto a clean, empty USB stick
- Disconnect your computer from the internet
- Run the paper wallet generator and create a few separate PDF wallets, save these files to the USB (make sure not to put them on your computer)
- Open the PDF’s and copy the Public and View keys into a text document on your computer (NOT THE SPEND KEYS). (remember to remove the spaces)
- Send the PDFs to your printer via cable (not via wifi) and get a few prints of each wallet.
- Use winzip or 7zip to encrypt the PDFS on your USB with a good long safe password. (safely removing the PDFs as well)
At this point you will have a USB with a zip encrypted version of the PDF wallets, some prints of the paper wallets and a text file with the Public Address and View Key of each of the wallets on your computer.
- Now copy the zip files onto a few other clean USB sticks so you have several copies.
- Disconnect the USBs from your computer.
- Reconnect to the internet.
You can now put the paper PDF and USB encrypted USBs somewhere safe. I suggest in two separate locations in case of fire etc. I personally have mine in a safety deposit box at a bank… but that’s a little extreme.
You can now send your coins to the paper wallet(s). I would recommend testing it first…which also gives you an opportunity to practice on CLI.
- Download the latest Electroneum executable’s for your OS. Run and Sync your node Electroneumd.exe (or use a remote node if you wish).
- Create a VIEW ONLY CLI wallet for each of the paper wallets. This only uses the public and view keys (hence why your saved them on a txt file on your computer).
windows: electroneum-wallet-cli.exe --generate-from-view-key WalletName
It will ask you for the Public Address and the View Key…but NOT for the spend key (private key).
- Let the wallet sync (may take a while).
- In the meantime, send a few ETN to the public address of the paper wallet as a test
- Once sync’d you should see your transaction deposit
- You can now send the rest.
- Once checked they have been received, Save and close your CLI instance.
Note: you cant view outgoing transactions on a VIEW ONLY wallet, as it requires the private key to see outgoing payments…which defeats the purpose of a paper wallet as you have then just used the private key on your computer and lost its 100% safety. But it does let you know they were received OK for peace of mind.
I would then take this opportunity to create a dummy CLI wallet and test out importing from paper wallets, sending transactions etc etc… just get some practice with the command line so that when you wish to take the balance off your new paper wallets you are not doing it for the first time.
Hopefully that all makes sense, it seems like a lot to take in, but its actually quite simple once you have done it once or twice…and its always worth putting the extra effort in when it comes to your funds safety.
There are some great guides out there for all of this, so make sure to check them out…and ALWAYS practice/test things first as any mistakes can cost your dearly.
Like i said at the start, there are more thorough ways to do this, but its a good place to start.