Before we begin, you may be thinking, “What is cold storage?” In its simplest form, cold storage refers to keeping your bitcoin fully offline. In the context of cryptocurrency, the terms “hot” and “cold” storage apply to the wallets that contain them. There are several techniques for storing Bitcoin (or any other cryptocurrency). It may be challenging to determine which are the best and the worst, particularly if you’re new to the area. It’s time to weigh up the advantages and disadvantages of hot and cold wallets to determine the optimal method for keeping your cryptocurrency and how to transfer to a cold wallet.
Where It Begins
Moving your Bitcoin from Altalix to cold storage can be simple if you follow these steps.
- The first step is to create an offline Bitcoin address.
- This address will be associated with a “public/private key pair” that is generated completely independently of the Internet. Consider a public/private key combination as an email account and its associated password.
- This key pair must never be exposed to the Internet to maintain the highest degree of security possible.
- Configuring your cold storage paper wallet is a straightforward process that requires no technical understanding.
- The one “difficult” part is tois that to ensure that your paper wallet’s private and public keys have never been exposed to the Internet.
- You must save the webpage that generates the keys, disconnect your device from your browser, open the protected webpage on your desktop, and then generate the keys to ensure that they are only visible to you.
The next step is to create an offline copy of your keys from the above write it down on a piece of paper or print it. Later on, you’ll use the public key (also known as the address) to load Bitcoin into your wallet and the private key (commonly known as the password) to sign transactions if you choose to spend the wallet’s contents.
Simply print the public/private key pair to create an offline copy. You may just jot the key combination down on a scrap of paper, however, as long as your printer and computer are not connected to the Internet, clicking the print button is entirely secure (thereby avoiding the potential for human error when writing out dozens of randomly generated numbers and letters).
Congratulations on completing the difficult part! You’ve now generated an offline Bitcoin address and stored a physical copy of it locally for further security. You may now reconnect to the Internet without fear of being hacked.
On the printed page, the public Bitcoin address should be shown in both alphanumeric and QR code format, along with the matching private key, which should also be displayed in alphanumeric and QR code format. If you want to keep a significant amount of money in this wallet, we highly advise you to store it securely, such as in a fireproof safe.
How To Send Your Bitcoin From Altalix Into Your Cold Storage
Because your new paper wallet, like any other Bitcoin wallet, has a public address, it’s as easy as transferring the Bitcoin from Altalix to the address shown on the printed wallet in both alphanumeric and QR code form.