Paper Wallet That Is Lost or Stolen
In the case that a paper wallet (or more accurately the private key) is lost, stolen, destroyed or otherwise permanently compromised – the coin cannot be recovered.
BitNational CryptoATMs generate paper wallets offline with thermal printers that have no memory. These paper wallets allow coins to be stored securely without ever being exposed to the internet. The advantage is added security against online threats of hacking. Paper wallets have deposit and spending authority in the same location – this means that anyone with access to the paper wallet can control and spend the funds. If the paper wallet isn't controlled by another person then the coin will be lost and effectively destroyed from the network.
Paper Wallet That is Damaged
As mentioned, BitNational CryptoATMs generate paper wallets offline with thermal printers that have no memory. Over time the ink will fade and the integrity of the wallet will diminish. Wallets should be stored with minimal exposure to air, heat, and light. If the values on the paper wallet are faded there are tips that can darken or make the values visible:
Excess heat, light, or chemical treatment can permanently destroy a paper wallet!
Digitizing a paper wallet exposes crypto to online threats.
- Take a black light and shine over the receipt and record the values (low risk)
- Take a photo and use photo editing software to darken and add contrast and record the values (medium risk)
- Take the paper wallet and place atop a bright low heat surface and record the values (high risk)
- Take the paper wallet and add low indirect heat to darken and record the values (high risk)