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What is a paper wallet? Keeping crypto keys on paper

By SendPay Business · · 2 min read

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A paper wallet is a crypto address and its private key printed or written on paper, often as QR codes. Because the key never sits on an internet-connected device, it is a form of cold storage.

The risks

  • Paper can be lost, burned, soaked or simply thrown away.
  • Anyone who sees or photographs the private key can take the funds.
  • Keys made on an infected computer or dodgy website may already be stolen.
  • Spending part of the balance the wrong way can send the change to an address you don't control.
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Why most people moved on

Hardware wallets now offer offline storage with fewer ways to go wrong, and seed phrases make backups easier. Paper wallets are mostly a thing of the past, but some people still hold old ones.

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If you find an old paper wallet

Check the balance using the public address only. To move the funds, import the private key into a trusted wallet and send the whole balance to a new address you control, then treat the paper as used. Never type the key into a website you don't fully trust.

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Where SendPay fits

SendPay platforms let customers buy, sell and hold crypto, held with regulated partners, alongside GBP, EUR and USD accounts, powered by licensed partners. SendPay doesn't offer trading tools, DeFi or lending.

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How it works

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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

Is this wallet address valid?

Check a Bitcoin or Ethereum address for mistakes before you send.

Crypto wallet address checker →
What is a hardware wallet?

A small device that keeps crypto keys offline.

Hardware wallets →
What is a seed phrase?

A list of words that can restore a crypto wallet.

Seed phrases →
What are hot and cold crypto wallets?

Wallets that stay online versus ones kept offline.

Hot vs cold wallets →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.