Sorry new to bitcoin and was wondering if the following steps are correct to create a paper wallet.
1.) Create a Bitcoin Address and Private key at bitaddress.org and print it out.
2.) Go to localbitcoins.com and purchase 1 bitcoin from seller and have them send it to my bitcoin address.
Is it as simple as that?
Also is it wise with paper wallets to create a new bitcoin address and private key for each coin, or part of coin, that I purchase for added security?
Thanks
That's it in a nutshell. I just learned a trick with the wallet generation however:
Download the offline wallet generator from bitaddress.org or walletgenerator.net 's github page to your usb disk. The securest way is to create your private key on a freshly installed linux PC without any internet connection. Then use one of those offline paper wallet services and print your keys on a paper. You can't have a safer way than this.
That way, no risk of compromise unless someone is standing in the room.
Also, yes to the fractional coins, if you are going to spend them. If they are going to age and mellow, ID keep sending coins to the same wallet.
If you are looking at a really secure store, but you still want the flexibility of being able to conveniently spend your coins, try a hardware wallet. It's the best of both worlds; secure and relatively easy to access.