Let’s start with learning what Monero Paper Wallet stands for. A paper wallet is a way to store Monero that involves printing the private keys directly on a piece of paper. When done properly, paper wallet (cold storage) are safest way to store coins for a long time. Paper wallet makes you able to maintain 100% ownership and control of your coins not a 3rd party service.
A monero paper wallet consists of two keys, one public address and one mnemonic seed. The one you’ll already likely be familiar with is the public key, which is your wallet address and is how other people send coins to you. You can ignore the spend key and view key.
- The mnemonic seed is a string that comprises 25 words and allows you to recreate your private keys. Keep it secure!
- A public address is what you share with third parties in order to be able to receive Monero.
- The spend key is the only key required to authorize the transfer of funds out of a Monero account.
- The view key grants access to view (but not spend). Both the spend and view keys are 64 characters long.
Storing Monero (XMR) coins on paper wallets is not safe unless very strict security precautions are followed. For optimal security reasons we’ll use Linux Live DVD or USB installer and an completely offline environment. Those who don’t know, you can try Ubuntu (Linux) without actually installing it on your PC or Laptop.
Note : Please make sure that you read this procedure 3-4 times and learn the whole process. Once you do understand, try to deposit with very small amount of XMR (a few cents worth) before you actually store the amount that you want to on them.
How to Generate Monero Paper Wallet
Step 3 : Turn off your WiFi, remove Ethernet cable (if any) from your PC. Put the Ubuntu DVD into the DVD-drive or USB installer to USB port and restart the computer. You should see a welcome screen prompting you to choose your language and giving you the option to install Ubuntu or try it from the DVD. Choose your preferred language and click on ‘Try Ubuntu’.
Note : You may need to change boot device order in bios in order to boot linux live cd.
Step 4 : Your live desktop should appear in few minutes. Now plug the USB drive with zip file we downloaded earlier in step 1.
Step 5 : Extract your zip file and open the monero-wallet-generator.html file. Now you can safely generate your keys without going online.
Step 7 : After you have generated your cold paper wallet, you can print out all the information. You can also note down your mnemonic seed, spend key and the view key and keep it in a safe place. We also advise you to make 3-6 copies of your mnemonic seed and keep them in multiple safe places. Make sure to never bring the Printer and USB stick back online again.
How to Import Monero Paper Wallet
Step 1 : Download official Monero GUI Wallet (Download Here) as per your operating system and extract the zip on your computer. .
Step 2 : After extracting, open the program and locate monero-wallet-gui.exe, double click on the exe file.
Step 3 : Click on “restore wallet from 25 word mnemonic seed” button.
Step 4 : Now paste or type down your mnemonic seed and click on arrow button to continue.
Step 5 : Give your wallet a password, re-type to confirm it and you’ll be greeted with your wallet and monero balance (if any) on the next screen.