One of the main priorities of FairCoop is to provide all individuals and groups with a range of tools that facilitate the development and expansion of a new economy. Therefore, FairCoop presents its Paper Wallet.
Last month we launched the Android Wallet: a wallet for your smartphone that allows you to carry your wallet in your pocket. The general concept of the Paper Wallet is the same: move the Faircoins from your wallet (on your computer) to a paper backup. That is, you now have the ability to store your savings without relying on your computer, and they’re also offline (without being connected to the internet).
The advantages of this type of storage for your Faircoins are several:
On the one hand, we don’t have to worry about internet security, protect our wallet from intruders, and also have no need to make backups of the Paper Wallet. If, for example, you are saving a lot of Faircoins which you do not foresee yourself using, you might like to store some of these savings in the Paper Wallet and keep the rest of the Faircoins you think you’ll need to use on your computer wallet and / or the Android Wallet. Thus, the Paper Wallet becomes a physical wallet with money that cannot be manipulated; a kind of savings fund. However, note that backups of your computer wallet will still be needed .
Furthermore, the Paper Wallet also has the advantage of being used to make a transaction. So, if you need to pay something but do not have a smartphone, you can print yourself a Paper Wallet and pay with it. For example, if you have to pay the bill for a restaurant that accepts Faircoins, you must put the exact amount that your food will cost you. Once in the restaurant, and having finished your meal, you only need to scan the public address of your Paper wallet and the QR code of the private key the restaurant, and the bill is paid. Thus, the total amount of Faircoin in the Paper Wallet has been transferred to the account of the restaurant. However, it is single–use only, so if you want to make a second payment, for security reasons you must generate a new Paper Wallet.
The implementation of the Paper Wallet is as simple as scanning the QR code with the public address where the Faircoins you sent to the Paper Wallet are, and then scan the QR code with the private key. This QR code is hidden in the Paper Wallet; you can fold it so that you protect that part of the paper; in this way, you make sure that nobody can copy your private key. Having done this, you can now transfer your Faircoins anywhere you want.
However, keep in mind a few things. The first: because it’s a paper wallet, maintenance is important – because if it deteriorates we lose our wallet. The second caution: we recommend that for your first Paper Wallet you send only a small amount of Faircoins; thus if you were to make a mistake in the process of creating it you’d avoid any big losses.
To create and print the Paper Wallet: https://faircoinpaperwallet.com/ The following video contains instructions that should help: https://fair.to/iEL9R
We hope you can take advantage of this new FairCoop tool! 🙂