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Bitcoin wallet

What is a Bitcoin wallet?

Bitcoin wallet is a special program designed to store cryptocurrency. For access, public and private keys are used, as well as a mnemonic phrase. This provides higher security than a bank account.

Bitcoin-wallet facilitates the process of sending and receiving BTC and gives the user the right to manage the funds on the account. The main types of wallets for storing crypto money:

  • Online
  • Local
  • Mobile
  • Hardware
  • Paper

Each wallet guarantees the highest level of security, transparency and confidentiality. Additional functions of bitcoin-wallet are the ability to control funds and verify payments made.

How to get a paper bitcoin wallet?

To create a paper wallet for storing BTC, users usually turn to integrator sites, with the help of which they receive private and public keys.

The first is for receiving funds, the second for sending. To generate them, download the program from the integrator site, for example, from walletgenerator.net.

After the file is downloaded, disconnect from the internet and run the file. In the window that opens, enter the 16-digit code or move the cursor on the screen — and the address will be generated automatically.

After entering the address, the program will create 2 QR codes that need to be printed. Left — to confirm the sending of transactions, right — to receive.

It is recommended to store the codes separately from each other and make several copies, since it is impossible to restore the wallet if the paper is lost or damaged.

What happens if I lose my wallet key?

The wallet and money account with lost files and passwords cannot be restored. More than 20% of BTC from the total amount of 21 million is irretrievably lost precisely because of the loss of keys and other important data for user authorization.

However, if you are operating with at least a small part of the data or have just remembered the backup you made, there are ways to restore the wallet and continue using it. Here are some of them:

  • restore the wallet from the Wallet.dat resource
  • save the private key (if you have a client wallet on your computer and a backup in Wallet.dat)
  • restore the transaction history (this can be done using the Repairwaleet tool)

If these methods are ineffective, try using additional programs and recovery discs (Regenerator HDD, Recuva, Acronis).

But it’s better to write the mnemonic phrase on several physical media and hide it in different places. With it, you can restore access to the account from any wallet.