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Bitcoin 101 - Intro to Paper Wallets & Cold Storage - Bitcoin Security & Fun with Sloppy Wallets

1983 ratings | 96092 views
Bitcoin security? UGH!!! Bitcoin does so many things better than banks (trusts, escrows, programmable money, cheap transfers, instant accounts, etc.), but one area that is not quite so nice, is security. While the bitcoin network, itself, appears bullet-proof, lots of bitcoins are being stolen, via hacking, malware and flaws in online wallets and even google's random number generator. The answer is to get your bitcoins entirely offline, and the two ways to do this are paper wallets and cold storage. This video is an introduction to making both. Host, James D'Angelo, walks you through the software and ideas used in making 'sloppy' offline wallets (which are great to have). He also gives suggestions at making even better offline wallets. This is the first of many videos we will make on bitcoin security, and the least technical. We hope you'll enjoy. Here's the private keys we generate in this video with their public addresses! PRIVATE KEY #1 (we sent one dollar to this one on Jan 5th) 5KNhmaUuPNeau7KptEhWefEcAwfMim8VABR6QhJH8JHAFBbnCe5 PUBLIC ADDRESS 17SwcawAtnCQmemPDDBGurd28tTbEbuK5z You can see it live here https://blockchain.info/address/17SwcawAtnCQmemPDDBGurd28tTbEbuK5z PRIVATE KEY #2 (we didn't send any funds to this one) 5J2VYxJsAktgLZ7PWNevxAEPFaKPftCYhyi1VxMHzT56kLTwtLY PUBLIC ADDRESS #2 19ZxxVTac6zxH9a9xqXhtntepTLosFa8F9 You can see it live here https://blockchain.info/address/19ZxxVTac6zxH9a9xqXhtntepTLosFa8F9 These keys will work forever, and are open wallets. You can play with them, send tiny amounts of bitcoins (very tiny because the funds in these wallets are spendable by anyone because the private key is public) and you can even withdraw the funds in them if there is still some left!!! nice. Welcome to WBN's Bitcoin 101 Blackboard Series -- a full beginner to expert course in bitcoin. Please like, subscribe, comment or even drop a little jangly in our bitcoin tip jar Our address... https://blockchain.info/address/1javsf8GNsudLaDue3dXkKzjtGM8NagQe Thanks, WBN
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Text Comments (353)
michael armstrong (28 days ago)
👍🏻👍🏻👍🏻👏🏻👏🏻👏🏻🙏🙏🙏. 👁❤️🎼🐊
F Offenton (1 month ago)
So I can generate just ONE paper wallet and using the same public address send money to it over time? Meaning say I first depost USD$50 one month then next month I decide to send another USD$50 to this same public address thus I would have USD$100 in this account now?
ChicagoDreamer5 (1 month ago)
Whoa! I've been binge watching, and yours is the absolute best!!! Brilliant strategies, and I see you have another video about how to use the paper wallet. Thank you SO much!!!
JR Chicago (2 months ago)
This video advise is not preferred. Home fires, natural disasters, theft all leave exposure to entire loss. No one predicts they will have a fire! Even loss of USB storage units or can fail from static or age can suffer damage and entire loss. The average person won’t go out and buy a burglary AND fire rated safe (at least a couple thousand US dollars). Don’t like many fake or $1 paper wallets for burglars - don’t piss them off to come back. Perhaps one or so. Encrypt twice with salt SHA512 or SHA 256 and save to cloud with a 32 character passcode. I want to be able to be anywhere - emergency relocated and have access. Have multiple accounts and spread risk. Smart phone wallets should not contain much - what you need to spend. Never rely on a device only to hold your wealth. Use a virgin lap top to do your crypto and crypto only.
greglgro (3 months ago)
The Bitcoin address of the 245.21$ donation at 6:20 contains 50 Bitcoins !
Officially Nmotion (3 months ago)
Wow Brother , thank you for further information on the topic. Blessings.
Robert Moran (4 months ago)
Justin aaq Long (4 months ago)
I have a jaxx wallet my public adress doeant have a 1 in front and my private key doesnt have a 5 in front pd it? Justin
CJurasin (5 months ago)
What happened CRI (James)......you've disappeared off the planet!!! No videos in a LONG time!!!
Dark Aquarius (6 months ago)
Is the crypto stored on the blockchain?
tao (6 months ago)
use password over your private key paper wallet your wife👸 can find paper wallet🎰 , scan it 📲 and run away with cubian macho💏
Ashish Bagul (6 months ago)
Are there safe ripple paper wallets? Can transactions be carried out monthly on paper wallets? Is there requirement of min 20 XRP balance in the paper wallet?
borg386 (7 months ago)
Great video if anyone can answer my question how many different alt coins can you put in one wallet or do you need a paper wallet for each altcoin thank you for your answers
Curt Brennan (7 months ago)
WBN.....Are you still alive out there in crypto land?? You haven't posted anything in a LONG time.....just wondering.
Brian Liotti (7 months ago)
Still the Best videos in the space
BRODIE RIKO (8 months ago)
Send and store it in this wallet BTC 3HJ2WaXHAUq5BXZxyHsQ56w3wzsKKiSKHa
TogetherWorks Foundation (8 months ago)
How does one transfer fiat money into paper wallet
Josh Pickles (8 months ago)
Sloppy wallet is a greta idea. Thank you.
uueaou aueaueau (8 months ago)
Damn, I want this guys freakin' crystal ball...
Wai lani (9 months ago)
Don't (networked) printers have memory and IP addresses?
Steven Kiyimba (9 months ago)
Good staff thanks for that video
jcpatrick mcclure (9 months ago)
🖖😁👍 Excellent video! + THANK YOU!
Fadi Tu (9 months ago)
Great explanation, but the question that always comes to my mind is how do you know that this website is not spitting out pre-generated keys, I know that you can do the process offline but still how do you know that this website is not spitting out pre-generated keys that have been stored in a database somewhere?? What makes you trust the website??
CRI (9 months ago)
Well, you would have to understand the javascript and the code in the html page you save to your computer. But if you understand the code at all it is pretty clear that it is generating 'fresh' new codes – and not phoning home. But you are correct to be skeptical, because if someon were to hack into their site or fool you into thinking that you are on their site when you are not, your coins would be at risk. So again, the sad part of cryptocurrency is that all the security really does rest on the individual user. Not a great feature for sure.
Jason x31x32x33 (9 months ago)
What a great teacher you are. Hope your investments doing well!
J Patrick McClure (9 months ago)
🖖😁👍 Excellent video! + THANK YOU!
Charles Maseko (9 months ago)
can we do paper wallet for any kind of cryptos just like you have just done? I have different types of alcoins on different exchanges because I dont know any other way to store them safely apart form the Ledger Nano S. Please help. Thanks
CRI (9 months ago)
No for each coin there is a similar but separate process for that specific coin.
Inphiknit fractal (9 months ago)
I've heard that windows saves anything you copy to the clipboard..any idea if that's true? Thx for the vids ^_^
family sweet6 (9 months ago)
Great video man, can I use ripple xrp on this wallet?
CRI (9 months ago)
No for each coin there is a similar but separate process for that specific coin.
Alca tave (9 months ago)
this guy is amazing.
Miss J (9 months ago)
Don't printers all have a copy of everything you print, and can't that be hacked?
CRI (9 months ago)
That's why I put my printer in the fireplace afterwards and when it is fully melted, I throw in a stick of dynamite.
Mark Bakr (9 months ago)
After he copies the window does he save this as a document or a image? I am a total newbie at this as I had to google - how to copy the window. Can you transfer any crypto off of any exchange on to paper wallet,?
CRI (9 months ago)
No for each coin there is a similar but separate process for that specific coin.
Samuel Aureoles (9 months ago)
Anybody know how to restore my secret key for a paper wallet? I made it with the source code wallet on github, the instructions were not really clear and i wrote down the encrypted secret but not the secret 😅 I have the pass phrase and encrypted secret btw
Izik Ilya (9 months ago)
EXCELLENT presentation! Q: Can I transfer bitcoin from GDAX to paper wallet?
Don Taylor (9 months ago)
Nice work, and thank you very much. Well done.
Bitcoin News (10 months ago)
panchi shah (10 months ago)
What if 2 bitcoin addresses are created at the same time, 2 different people accross the globe get the same address? Are you on twitter?
panchi shah (10 months ago)
Why there is no recent new upload... Really liked all your videos.... Twitter? new upload? Would love to hear more... and thanks. You are really informing and educating the world. Many Thanks...
CRI (10 months ago)
Not going to happen. Here's why. https://www.youtube.com/watch?v=ZloHVKk7DHk
Pennsylvania PowerHouse (10 months ago)
How do i go to a website if im offline?
Naveen's Tech (10 months ago)
The $1 he put to that public address is worth $15 now.
David Fenelus (10 months ago)
Can I store alt coins in this paper wallet or is it just for bitcoins?
CRI (9 months ago)
No for each coin there is a similar but separate process for that specific coin.
Jonathan Levy (9 months ago)
Every coin has it's own wallet format, you can not send any coin to this wallet but bitcoin..... You can also use wallets like JAXX which allows you to manage several types of cryptos, however every altcoin has its own wallet and very specific format...
Interloper Studios (10 months ago)
So, in theory (although you said not likely), if bitaddress did generate two exact addresses to two different people on a mathematical fluke, those two could access each other's bitcoin on the blockchain? (I realize that's really really really unlikely... but for the sake of theory...)
Jonathan Levy (9 months ago)
LOL .. good one !
Interloper Studios (10 months ago)
I think my scenario has a higher likelihood, but I get your point
CRI (10 months ago)
In theory the molecules of your toaster could realign into a shark's head and devour your dining room table too.
lastfanstanding999 (10 months ago)
printers are the easy way to get hacked, because they store everything from past printing events, so never have anyone work on or share your printer / network with anyone, and if it stops working be sure and extract the memory cards and such.
Alan Murray (10 months ago)
Difference between single wallet and paper wallet ?
nik (10 months ago)
Cryptonator is an all-in-one online cryptocurrency wallet which supports multiple cryptocurrencies. BTC, BCH, BLK, BCN, DASH, DOGE, EMC, ETH, LTC, XMR, PPC, XPM, RDD, XRP, ZEC, EUR, USD, RUR, UAH. It enables fast and easy direct transactions and allows instant exchange between different cryptocurrencies in one personal account. Combining usability with high level privacy , anonymity and security, Cryptonator offers free multi-cryptocurrency accounts, which are accessible 24/7 worldwide on your laptop, desktop or mobile devices alike. https://www.cryptonator.com/auth/signup/101278128
I have my Litecoin on a paper wallet. How do I get them off? What exchange has an import feature for Litecoin? thanks
Shelley E (10 months ago)
You're a great teacher. Thank you.
Ess Kay Etch (10 months ago)
How do I copy and cut the screen so I only print out the qr codes and the keys without printing the whole page.
Gigi (10 months ago)
How do I secure my Tron on a paper wallet?
Ian Martin (10 months ago)
Quick question hopefully you guys can help me with. If you create this wallet whilst connected to the internet then technically it could be hacked, unlikely yet possible. So you download the software as stated in the video and create the private and public key offline. Yet, if the public key is created offline then how does the block chain ever know that it exists? Then if you send money to that public key address then how will it get into the wallet, if the internet/block chain was never made aware of it’s creation? Apologies if this is a noob question.
Mark Read (10 months ago)
Yes, you can generate a priv/pub key pair via offline software. If you then look up the public key in the blockchain you'll get an error or zero transactions (naturally as the pubkey doesn't exist yet). To have the blockchain recognise the public address you'll need to send money to it. Then if you want to spend the money you've rcvd you'll need to use your priv key to send your bitcoin to someone else, or to an exchange where you can sell your bitcoin to buy other coins (like ripple, ethereum, tron etc) or sell your coin for fiat currency (ie. USD).
Lindsay Henheffer (10 months ago)
Youre very thorough, clear and easy to follow. Ty
Nomad Wizard (10 months ago)
No, keep NOTHING of value in a safety deposit box. The boxes r the property of the bank and they can go into ur box anytime they want.
Nomad Wizard (10 months ago)
Became my own bank decades ago...sleep like a rock.
CRI (10 months ago)
How do you sleep at night?
Nomad Wizard (10 months ago)
The problem is u have to put ur Private key onto ur computer and even if u r off line they can get ur key once u go back online if ur computer is compromised.
Miss J (9 months ago)
Nomad Wizard and then of course Microsoft admitting they had backdoor access to all computers since 2000.
Miss J (9 months ago)
Nomad Wizard plus, aren't all printers digital now, and everything imprinted so that everything you print is digitally stored and can be hacked?
CRI (10 months ago)
You got me! Keep swinging champ.
Nomad Wizard (10 months ago)
CRI...LMFAO...coward copout..cause u don't have the answer
CRI (10 months ago)
Cause I'd rather spend my time getting trolled.
Grady Roy (10 months ago)
I have a question......so if i generate a new paper wallet while disconnected from the internet and the paper wallet or any of it's keys never touch the internet then how do my keys become part of the block chain? And if i created a wallet and for instance put $20 of bitcoin onto the paper wallet (having never touched the internet) then one day when I import my private key onto a desktop wallet that $20 will just appear having never touched the block chain in the past? I have done tons of research but this is the one question that I have and has stopped me from actually using a paper wallet to move my funds to, I am cautious of losing my money.
Grady Roy No one has an answer. I keep my $$ in small increments in many different accounts so I don't alert thieves. No ones going after $500.
Sakil Khan (10 months ago)
Hi can reply wheather I can store my bitcoin litecoin riplle in same paper wallet address or i required different address?
Andy Peiffer (10 months ago)
Best video on this topic! Thank you!
Cryto Farm (11 months ago)
You can check the status of a processing of a pending unconfirmed transaction and and all the history of all confirmed tranactions of in any Cyprtocurrency wallet easy... ______It sometimes helps to get and look up the TXID number of a pending or confirmed trasaction.------ YOU EASILY CHECK IT BY GOING HERE. Chain.so. | blockexplorer.Info. | https://chainz.cryptoid.info
Tag Ret (11 months ago)
Awesome first video...
Tag Ret (11 months ago)
do live in Colorado? I love vid
Wai lani (11 months ago)
Caution .. Printer may be on a network and printers have and use memory!!!
Niraj kant Sinha (11 months ago)
how to trust bitaddress.org what if they are storing all the private key generated :D
Crypto Hunt3r (11 months ago)
what do you mean transfer money very cheap? all the wallets have 3% fees and coinbase charges 4%, by the time your bitcoin will get where it needs to you will be down 10%. Once i tried to transfer 50$ and the fee was 26$! but i didn't send the money and waited a little more because the fee was 3% still very expensive considering that i transfer my cash money for free nationaly and internationaly with 1$ for any amount!
Rick Webster (11 months ago)
He says to do it all offline but he's using bitaddress to generate the wallet in the first place.  I'm confused.  Isn't that a window of vulnerability?  How would I generate a paper wallet on a computer that is not and has never been on the internet?
littlegee (9 months ago)
You could use something like Encipher.it to scramble the text but you would have to be confident about using it over having the original paper or digital version. Maybe using encryption for your cold wallet files is best but I'd always have multiple copies on more than one hdd/usb.
Rick Webster (11 months ago)
Thanks, I have concerns around that as well.  I suspect I could become more of a risk to myself than any random hacker.  I wonder how many people have lost Bitcoins in the process of trying to protect them.
CRI (11 months ago)
Sometimes the dog one gets to increase security around the house bites the owner. Every added bit of security might end up keeping you away from your coins.
Rick Webster (11 months ago)
That makes sense.  I plan to create a couple test wallets this Saturday to experiment.  I've grown uncomfortable with keeping Bitcoin online after the recent price run ups.   Next question:  Is there any reason I can't simply change a few characters in the private code and then print it out?  Seems to me that would be almost fool proof.  I could then leave it anywhere without worrying about it.  Anyone who tried to use it would fail yet I would know how to restore it to it's original state when I wanted to use it.
CRI (11 months ago)
Its a good point you make. But...Bitaddress is designed unlike most webpages in that it works perfectly if you save the page to your hard drive, disconnect from the internet and open it in your browser. You can even, as I did, move the page to a computer that cannot or has never been on the internet and then use it from there. That is how I generated my paper wallets which have all worked great for me.
vickey Sharma (11 months ago)
You remind me of my professor . Very neat clean way of explaining the things . i just joined your channel . will watch old videos too and eagerly waiting for video on bitcoin security
club iot (11 months ago)
Sloppy wallets.. Its very funny man... I enjoyed watching your videos....
Files Shared (11 months ago)
Does this work for ltc and eth?
Mondsee-News.at (11 months ago)
thank you man !! nice video! one question: do you know this website: https://walletgenerator.net? i am looking for a paper wallet generator for other coins..not for bitcoin..thx a lot
Hi (11 months ago)
Does bitaddress.com keep a record of every address that’s been generated on the site?
CRI (11 months ago)
But its always good to download the webpage and use it on a computer that is not attached to the internet.
CRI (11 months ago)
Nope. They don't phone home.
Cristian Batelli (11 months ago)
James thanks for this great tutorial, now I get it! finally, awesome Video for new Bitcoiners all around the world, thanks again James ! :)
cleaner1984 (11 months ago)
Where can we find nowadays a computer that has never been connected to the internet? Even a brand new comp, you need to connect it at some point to set it up or install the operating system, even for a short time.
cleaner1984 (11 months ago)
@ 19:20, you go to your desktop to find your private key. How did you do to record this private key on your desktop in the first place? Did you just hit the keys on your keyboard to copy the key that was printed on your paper wallet? (there is a high risk of making mistakes in the process and losing the key if that was the case).
cleaner1984 (11 months ago)
Sorry for the question. You explain it later @ 22:00! Really great video!
cleaner1984 (11 months ago)
Great video! Thank you. One question though: how can funds be transferred so quickly between the Coinbase account and paper wallet? Or between a paper wallet and other wallets? I thought it was taking some time before the transaction could be recorded on the Bitcoin blockchain. Does that mean that these transactions are so quick because they are nor recorded on the blockchain? In that case, how can we prove we own bitcoins?
itisonlyadream (11 months ago)
This man is fantastic, I've been reading about Bitcoin for years and I never understood it until I started watching his videos.
nickwalshblog (1 year ago)
excellent video many thanks
BrianVISION (1 year ago)
BrianVISION (1 year ago)
i found it! thanks for all you do! your videos are much longer then others, you really over explain...and for some of us thats exactly what we need lol so thanks again!
CRI (1 year ago)
I did a whole video about that as well.
BrianVISION (1 year ago)
thank god Vince Vaughn helps us with crypto currencies now
AegisEpoch (10 months ago)
pastuh (1 year ago)
In the future you send 7.94 USD
#BeastModeManiac (1 year ago)
he has 70k worth of BTC today. Hope he didn't sell it all
d c (11 months ago)
200k he prob shot himself if he sold it
Kryogh (11 months ago)
over 160k today
Mike Boyer (1 year ago)
Don't understand as I did not get a clue on how the public key was restored. Did't see it happen on your vid. I tried this at same site and a blue dialog box popped up and pretty much said a no go. Is there something I am missing? Please correct me if I am wrong. Like your vids.
Ronnie Redneck (1 year ago)
What an excellent presentation, thank you.
Flavius Tech (1 year ago)
you say don't put all your bitcoins from first time all on a cold wallet, but the stash has to be held somewhere :), kinda contradicting yourself, if you say is not safe on paper then where else you can send? :)
Mike Boyer (1 year ago)
He likely meant "for starters" and your first attempt. Once you understand the technique, then apply a larger amount to "other" new wallet created offline.
CRI (1 year ago)
I didn't say a paper wallet is not safe. What I suggested was that if you don't know what you are doing and how to handle and take care of your paper wallet, you'd be a fool to use it and you could lose your bitcoins. But I keep all my bitcoins on paper wallets, have for years. They work great...WHEN YOU KNOW WHAT YOU ARE DOING.
Chao Li (1 year ago)
What's the coinbase transfer fee to send to outside wallets? And what's the coinbase receiving fee from outside accounts?
Mike4VR (1 year ago)
Chao Li Use GDAX dot com (owned by Coinbase) to save on fees when purchasing crypto. Look it up on other Youtube videos if you don't believe me.
Gabi (1 year ago)
Hey James, How come you are not active these days? I would like to see more videos from you.
Morgan Farrell (1 year ago)
Never use this site online to create a paper wallet. Someone could be watching your computer online.
kauigirl808 (5 months ago)
Morgan Farrell create your passwords offline.
Nomad Wizard (10 months ago)
Wolv....but u have to download the wallet so u have exposed the USB....if ur computer is compromised then so will ur USB......also soon as u open it and want to sell anything u have to put ur private key online and that's where it is exposed....2 of us set up wallets on a offline computer with even a partition that required specific key strokes to access and one of my paper wallets and one of his were wiped clean
wolv (10 months ago)
I create my paper wallets on an offline linux usb. once the paper wallet is created the USB is formatted, no online communication
Nomad Wizard (10 months ago)
wolv....ya, but if ur computer is compromised even offline work will be sent to hacker soon as u go back online?
VSkills (1 year ago)
nope, no money on that wallet :(
Leon Le Roux (1 year ago)
So bitaddress.org stores your private key?
CRI (1 year ago)
Nope. We checked the code. They don't phone home.
Leon Le Roux (1 year ago)
Ok i see code is open source
Steven Hernandez (1 year ago)
Great common sense stuff explained plainly! That's exactly what I need!
Jacabo Blanco (1 year ago)
What if you just generate keys until you find one that already exists lol? Is that possible? Probably statistically ridiculous. Would probably take more luck than winning the lottery.
CRI (1 year ago)
Ain't gonna happen in this lifetime. Here's why. https://www.youtube.com/watch?v=ZloHVKk7DHk
Jacabo Blanco (1 year ago)
We're rich boys !!!! Lol just kidding. I wish 😥
John Doe (1 year ago)
Cats rule (1 year ago)
he must run into this guy alot, https://www.youtube.com/watch?v=34WL_07WEIs
Alien Creation (1 year ago)
how come you made single wallet when next tab says paper wallet. confused.
Alien Creation (1 year ago)
Hi say I've made my paper wallet, I'm using an exchange say coins.co.th. They make me set up a wallet and I use thier private key to send to my paper wallet right? 1. how do I buy btc without using exchange 2. cash out ie money in a bank from my paper wallet. thanks in advance. very new to this.
BigBadSpikey (1 year ago)
I've been confused watching other videos for noobs like me on bitcoin wallets and cryptocurrency. Your video is great, concise and easy to understand. Good stuff, subbed!
Leonardo Maia (1 year ago)
I'm a complete noob - If i take a screen capture, print it and then delete the file, isn't it possible for some hacker to recover the file? Is there some way of me printing the wallet without generating a file image that would be stored in my computer?
PlaySauce (1 year ago)
Make new content dude. Do something on Trump.
ian Saleh (1 year ago)
I should subscribe to your channel 3 years ago.
Alwin Maxwell (1 year ago)
When people will have domestic androids which are connected to the internet and potentially could be hacked and taken control of. Hackers will order them to search for your paper wallets and scan private keys with their eye-cameras.
CRI (1 year ago)
Oh yeah!!!
Alwin Maxwell (1 year ago)
They didn't create malware that can jump out of your computer and grab your paper wallet... yet... :)
finback2005 (1 year ago)
Can you paper wallet lesser known coins and tokens or do you have to convert them to bitcoin first?
CRI (1 year ago)
All alt coins (lesser coins) that I am aware of allow for a similar process. So yes, you can paper wallet them all. Practice first with small amounts!!!
Maria Gomez Gomez (1 year ago)
thank you .
Ron Acker (1 year ago)
James: Terrific intro; thanks so much! You've got a great screen presence and the presentation is a beautiful 101 to cold storage!

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