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
- Yes. Although what i would recommend doing is that go to github and download the whole folder onto your PC/laptop, and run it on strictly offline conditions. Do not turn on wifi again until after everything has been printed etc. For best security tohugh, i wouldn't even print out the private key, because who knows what is inside your printer, it could be some virus or even the government spying on you. To keep it completely offline i suggest using cryptosteel, its water proof and heat proof, and completely trustless and offline.
- Make sure you never share the private keys. Not even your family andfriends.
- Buying from localbitcoins is convenient, but you won't get the best rates. Use an actual exchange for this.
you don't gain any additional security for using different addresses. you can gain privacy if you buy each coin from different sources.
I would argue that you do gain security somewhat if you have multiple of these and putting them in different locations. So that when a fire does happen, only one is destroyed.