What Is a Paper Wallet?
A paper wallet is a type of cryptocurrency storage that allows users to store their digital assets offline. It consists of two components: a public address and private key, which are printed on a piece of paper or other physical medium such as plastic. The public address can be used to receive funds while the private key is required for spending them. Paper wallets provide an extra layer of security since they are not connected to the internet and therefore cannot be hacked like online wallets can. Additionally, they offer greater control over one’s funds since only the user has access to the private keys stored in it.
Paper wallets have become increasingly popular among crypto enthusiasts due to their convenience and added security features compared with traditional online wallets. They also allow users to easily transfer funds between different addresses without having to go through any third-party services or exchanges, making them ideal for those who want more control over their finances. Furthermore, paper wallets are relatively inexpensive when compared with hardware devices such as Ledger Nano S or Trezor One which require additional setup costs before use.