Paper wallets are known as one of the most secure ways to store Bitcoin and other cryptocurrencies. It is also one of the most widely cold storage methods used today. However, despite the security advantages it holds above hot wallets, there are notable risks paper wallet users should be aware of.
1) Malware Risks
Private keys for paper wallets are created either on a website or software on the computer. As these places are online, it is a great environment for hackers to release their malware to steal your newly made private keys upon generation. Malware lurks either on the website or in your computer so there is always a chance for the Malware to send your private keys back to the hacker. The only safe bet is to somehow safely install the paper wallet software on to an offline computer that will never touch the internet.
2) Hijack Creation Process
There is no guarantee that your paper wallet software provider will not be targeted directly by hackers or ran by hackers themselves. There might already be a backdoor installed to send your private keys to the hackers the moment it is created. The backdoor could also give you pre-made private keys which allows them to control your funds.
3) Printing Risks
Printers nowadays are connected through Wi-fi and can remember the documents printed. Anyone who is on the same network can easily access the printer files and steal your newly made paper wallet. The best bet is to connect the printer through USB, however, with your files saved on the printer, anyone with enough knowledge can extract it if they have access to the printer.
4) Easily Damaged
The last point is the most simple of all, paper wallets can easily be damaged if not kept properly. It is not easy to hold a large amount of money on a single piece of paper and not feel uneasy about it.
Why ELLIPAL Titan Cold Wallet is a Better Cold Wallet
1) Private Keys Created and Stored Offline
The ELLIPAL Hardware Wallet uses the same mechanism as a paper wallet to create your private keys but everything occurs offline inside the wallet. After creation, private keys are stored offline inside the wallet at all times. As the ELLIPAL is completely offline at all times, even if there is a malware, your private keys cannot be sent to the hackers.
2) Proof Against Back doors
We never ask our users to trust us but to trust the technology behind our wallet. The ELLIPAL cannot be affected by any malware of backdoors.
The ELLIPAL is 100% offline and can never be connected to the internet, even if a hacker managed to get their hands on it. It is truly an air-gapped cold wallet.
3) Stronger than you think
ELLIPAL Titan’s circuits are fully sealed inside an IP65 rated metal casing. It is dustproof, impact-proof and water jet proof. It is also equipped with Anti-Tamper mechanism so that your data will be deleted the moment a hacker tries to crack it open.
ELLIPAL Titan is not only a more secure cold wallet solution than the paper wallet but is also a lot easier to use. There is no need to install any software or print any paper when creating the wallet. It also allows users to send and exchange coins easily on the wallet. Your coin’s value and transaction history can be viewed on the go when you pair the wallet with the ELLIPAL App.
ELLIPAL Titan is now shipping worldwide to over 70 countries. Get yours today along with a free Metal Mnemonics before our special promotion runs out on October 10!