How to set up a Cold Storage Bitcoin Wallet

Cold storage refers to keeping your crypto assets completely offline. With the near collapse of one of the world's biggest crypto exchanges - FTX - cold storage is looking more attractive.

The first step to getting your Bitcoin into cold storage is creating an offline Bitcoin address. This address will have a "public/private key pair" that is created without ever touching the internet. A public/private key pair can be thought of as an email address and its corresponding password. It is vitally important that this key pair is NEVER exposed to the Internet.

Setting up a cold storage paper wallet is faulty simple and requires minimal technical expertise. The one hard part is that to ensure the key pair never touches the Internet, you will need to save the webpage that generates the keys, disconnect your device from the Internet, open the saved webpage on your desktop, then generate the keys.

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Once you have created the pair, you simply print out the public/private key pair provided you are absolutely certain both your printer and computer are offline. Another option is to physically write it down but then you introduce the possibility of human error.

Congrats. The hard part is now over. You have now created an offline Bitcoin address and made a hard copy of it locally for safekeeping and you can now safely reconnect to the internet.

On the printed page should be the public Bitcoin address in both alphanumeric form and a QR code, and the private key also is in alphanumeric and QR code form. If you plan on keeping a lot of value in this wallet, we strongly recommended you store the paper wallet somewhere secure, such as a fireproof safe. This is like physical money.

Since your new paper wallet has a public address just like any other wallet, loading it with Bitcoin to the address that is shown in both alphanumeric form and QR code.

When you are ready to spend from your cold storage wallet, you will need to import the wallet's private key to a Bitcoin wallet that connects to the Internet (a hot wallet). Any wallet that supports importing private keys will work. Once you have successfully imported your paper wallet to the hot wallet, any funds previously sent to the paper wallet are now ready to be spent.

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