Many people prefer to use paper wallets. Using ShapeShift with a paper wallet can be more difficult, but there is no need to worry! We are here to help.
What is a Paper Wallet?
A paper wallet is a physical representation of the ownership of your digital assets. You will have a single seed, which can generate a number of addresses for you. If you want to hold onto your bitcoins, you can store them in the paper wallet and put it in a secure safety deposit box. The piece of paper is not susceptible to malware, making it more secure than digital alternatives if utilized correctly.
Deposits and Withdrawals
To use ShapeShift, you have to make a deposit to the ShapeShift deposit address provided to you. To make a deposit using a paper wallet, you will need to follow three important steps.
- Locate your private key. Your private key is not the same as your public key, though it can be easy to confuse the two. These two alphanumeric strings differ in length. The private key will be quite a bit longer than your public key, which is short and oftentimes looks similar to an address.
- Import your private key. You can import your private key into any wallet that you desire. Keep in mind that you must import everything that was on the paper wallet. There is no way to import a portion of the digital assets belonging to your private key.
- Make your deposit. Send your deposit to ShapeShift, and then the system will do the rest of the work to send you the outgoing coin.