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Security of Hardware Wallets

Hardware wallets safely store the private keys of individuals without the need to rely on third-party Bitcoin storage services. Note that in the case of loss of the hardware wallet, the private keys are irrecoverable, as are the associated BTCs of the clients.

Security of Paper Wallets

Since paper wallets are not stored digitally, they are not subject to cyber attacks or hardware failures. However, in the event of a loss of a paper wallet, the corresponding private keys will also be lost and cannot be recovered. We also point out that the paper wallet operator (i.e., the website that generates the QR codes) could learn the public/private key pair associations and could then potentially leak those keys or spend the BTCs received by the generated public keys. Some paper wallet operators, such as Bitcoinwalletpaper.com [22], mitigate this threat by performing client-side key generation (and by making their code open-source for the public to check the code's correctness).

 
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