Posted on by Anthony Di Iorio

INSTRUCTIONS :

Using A ‘Paper Wallet’ with the Decentral Bitcoin ATM

One of the most secure ways to store your bitcoin is in an offline physical wallet. Here at Decentral we offer the option to print out a paper wallet from our machines. This paper wallet contains printed QR codes of a public (share) key and a private (secret) key. To load bitcoins (or partial bitcoins) on to this paper wallet, have the machine scan only the public (share) key, and be careful to keep your private hidden from view (fold it over or place your thumb over top of it so that no one can see the private QR code address).

After you’ve scanned the public (share) key, you can start inserting the amount of cash into the machine that you want exchanged for bitcoin. After clicking the “I’m done” button, your cash will be converted automatically into bitcoin and sent to your paper wallet.

To spend or transfer your bitcoin from the paper wallet, you will need to import the paper wallet’s private (secret) key using a digital wallet. Although you will have to do some research to find a digital wallet that works best for you, there a few programs that you might want to consider first: Electrum, Multibit, Mycelium, Kryptokit, Blockchain.info, Pheeva, and Armory. Most of these programs offer an “Import Private Key” function, and that is what you’ll need to select in order to access the bitcoin on your paper wallet. Just remember that good bitcoin security is important, so please do your research or attend one of Decentral’s introductory sessions if you need any help.

paperwallet

Finally, you can also print your own paper wallet at home by using wallet-generator found at bitaddress.org – this site also lets you generate an encrypted (password-protected) private/secret key, and this is a good option for extra security. The process for loading bitcoin, of course, is the same: bring the public/share key QR code in to Decentral and scan it into our machine; your private key can remain at home or in a secure location. 

VISIT 64 Spadina Ave (at King) and the Decentral Bitcoin ATM