Quote from: Light on July 03, 2014, 11:08:27 AM

Quote from: PetePete on July 03, 2014, 10:39:03 AM

I cant see what problem can occur. Simply send Bitcoin to the generated public key and when you want to access the funds simply sweep the private key on a site that has this function.

Can anyone provide any caution? Or possible failure points?

I can see a couple of problems. First off, you need to make sure that you keep them in safe but physically isolated locations as if something like a fire happens in your house and all your copies are there you are screwed. Next, you might want to have encrypted it with BIP38 just in case someone managed to break into your house or wherever you are storing it and just copied then private key and stole your coins (possibly not needed if you have it in a safe/bank safe deposit box - although you might not trust the banking staff).

Agree.
Other than using BIP38 to encrypt the paper wallet, he could also generate a 2-of-3 paper wallet and put the 3 pieces in 3 different secret safe places.