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.
Just remember to burn a copy of bitaddress.org to disk. Wipe a new PC then use that PC and disk to create the bitcoin address. Then using a none internet connected printer print out the private and public keys on a few sheets of waterproof paper and disguise that data encrypted as something ordinary. Now distribute each sheet to a separate geographical location.
You are now gud to go.