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RE: Print Your Own Money and Make Your Momma’ Proud! (DASH)
Nice tutorial... but I have a question and maybe this is a noob question: Isn't there an HD wallet for Dash? And wouldn't that be better for cold storage? I thought these paper wallets with private keys on them were considered obsolete.
There are many options for Dash. The whole point of the paper wallets is that one needn’t rely on any other service or provider.
Right, but what I meant was, wouldn't you have a safer, better, offline paper cold storage wallet by writing the seed words to an HD (hierarchical deterministic) wallet on a piece of paper? I'm not talking about using non-paper wallets.
Edit: Just a quick follow-up. Some cursory research led me to Dash Electrum, which is an HD wallet. https://electrum.dash.org/#features I believe storing the seed to a Dash Electrum wallet on paper (preferably in handwriting with copies in multiple secure places) is more secure than paper wallets with private key in QR-code form. (I can explain why for anyone curious.)
Note, I'm not being critical of your post. It's a great and entertaining tutorial and it's very important that people know how to secure their cryptocurrency in cold storage form. I only interested in security and safety of offline Dash, just as you are I'm sure. My question was in earnest.
The HD tech is beyond me. And frankly, as i understand it, there is no reason to load seeds or anything else when the humble paper wallet simply works with zero permission required or any other kind of “security” restraints. But hey, if it works for ya, then great! Thx for clarification.
😎👍
Well, the thing about paper wallets is they aren't really wallets. They are backups of a single address and private key. So you have to very careful with them. For instance, you should not try to spend a partial balance stored on your paper "wallet" as there are no change addresses made automatically. These printed wallets are also more susceptible to damage and harder to recover. I speak from experience, unfortunately, having lost several Litecoin via these type of wallets.
The Bitcoin wiki has a good discussion of the downsides. I'm pretty sure that Dash paper wallets are based on Bitcoin paper wallets.
A paper wallet is the name given to an obsolete and unsafe method of storing bitcoin which was popular between 2011 and 2016.... This method has a large number of downsides and should not be used.