Ah, thanks for catching this. I actually didn’t know this. Fortunately, when the user sees the error message, they’ll continue by trying the walletpassphrase step shown in the video, so it shouldn’t be a major problem for viewers.
A GUID has its own strengths and weaknesses, to be sure. For extra security, you could keep the paper with the GUID in a different location than that of the paper wallet. I agree with your criticism, but it’s hard to cover the wide variety of security options in a video that’s meant to be a walkthrough.
If anyone wants to write a specific translation, I’ve included the English transcript below. Simply replace the text with your translated text, and PM me the result, and I’ll integrate it in the video. Thanks!
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Hi, this is Chronos, with a video on Peercoin paper wallets.
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Paper wallets are a great way to store cryptocurrencies for a long time,
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while minimizing the risk that they will be lost or stolen.
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They have some limitations, though, and we will cover some of those in this video.
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If you are looking for how to create and use paper wallets,
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I have put together a separate video walkthrough on that,
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and you can jump to it by clicking the link in the video description.
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In this video, we will cover advantages and disadvantages of paper wallets,
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plus the best practices you should follow when using them.
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Let us get started.
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First, let us talk about some of the limitations of paper wallets.
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One paper wallet will store just one Peercoin address.
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It is recommended to use a separate address for each transaction,
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so that someone you send Peercoins to cannot link that back to other transactions you have made
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on the Peercoin blockchain.
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If you want to do this with paper wallets,
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you would need a lot of paper wallets,
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and your life would get complicated quickly.
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Also, when you go to import paper wallets into your computer,
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you have to import the entire wallet. You cannot import just a few of the Peercoins on your wallet.
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So paper wallets are better for large transactions, and very rare ones,
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rather than day-to-day transactions.
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Another limitation is that in-person transactions are not very possible with paper wallets.
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If you meet someone in person to do a transaction,
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and you hand them a paper wallet,
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they do not know if you are keeping a copy of the private key that is written on that wallet
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separately, somewhere at home, or with a friend,
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so they do not know if you are really giving them the Peercoins.
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You could be secretly spending the Peercoins on that paper wallet at the same time that you are giving them.
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That means that paper wallets cannot really be used as a bill.
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You cannot use a paper wallet like a 5-Peercoin bill, for example, as you are giving it to someone.
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They are not meant to be used as transactions, but rather, as a way to store Peercoins for a long period of time.
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Now, let us look at some of the advantages of paper wallets in doing just that.
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First, paper lasts a long time.
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A piece of a paper will last maybe a couple hundred years.
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It will turn yellow and start to curl up,
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but you could read the QR code or read the private key off of that Peercoin paper for a long, long time.
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Compare that to a hard drive, which will last maybe 20 or 30 years,
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or a CD which wears out in 10 or 20 years
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even a flash drive, a lot of people do not know this, a flash drive might last just 5 or 10 years,
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and it wears out quicker if you use it more often.
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I had a flash drive once. It only stored 128 megabytes, that tells you how old it was.
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I put it in my computer recently, and it was blank.
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The problem is, it was not supposed to be blank!
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It got so old, it forgot everything that was stored on it.
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You do not want that to happen to your Peercoins.
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By using a paper wallet, you put your Peercoins on a medium
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that is going to last longer than most digital options that are out there today.
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Another advantage is that it is a lot of fun to give something physical when you are giving Peercoins.
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I recently gave 10 Peercoins to a friend,
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and it was worth 15 dollars at the time (it has since lost value, but we will not talk about that),
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but it was a lot of fun to write a message on the back of the wallet, wrap it up, and hand it to them.
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It is just not the same thing to write them an e-mail and say,
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Hey, what is your Peercoin address? I would like to pay you some Peercoins.
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It is nice to make Peercoins physical, and paper wallets are a fun and cheap way to do that.
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You could also buy physical Peercoins, with the private key stored inside of them,
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but that is a little bit more expensive.
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It is very easy to print out your own paper wallet, and make something homemade,
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which is fun to give as a gift.
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Now let us talk about some of the best practices you should follow when using Peercoin paper wallets.
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First, keep them away from cameras!
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If you are creating a video, or doing video-conferencing, like I am doing now,
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and you have your paper wallet in the background,
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say, right here next to this interesting MacBook I have behind me,
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well, if that were a Peercoin paper wallet, and you could see the QR code on it,
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then anyone watching this video could spend the Peercoins without my knowledge.
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So you have to keep them very carefully away from cameras.
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This means, do not keep a Peercoin paper wallet in your wallet, for example,
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because if you open up your wallet at the grocery store to use your credit card to buy groceries,
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the security camera in the grocery store might see your QR code.
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Now it is pretty farfetched to say that someone is going to review the security tape,
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and see the QR code, and spend your Peercoins,
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but still, as a best practice, you should keep your Peercoin paper wallet far from cameras.
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Secondly, it is a good idea to encrypt your paper wallet with what is called BIP38 encryption.
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That is a way that you can encrypt the private key, so that if the paper wallet is stolen or seen by a camera,
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the receiver cannot spend the Peercoins unless they know the pass phrase that was used to encrypt it.
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Again, if you are interested in how to use these tools,
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you can jump down and check out the video description,
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where you can see a link to a video I put together on exactly how to create paper wallets
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and how to use BIP38 encryption to encrypt your paper wallets.
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Well, that is everything I have got. There is not much to it.
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Like I said, jump over to the other video for how to exactly create a paper wallet. They are a lot of fun to play around with.
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Even if you have just a little bit of money in Peercoins,
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it is still fun to put some on a paper wallet, and give to a friend. Try it out!
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Let me know if you have any questions. You can post in the video comments below the video.
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Or head over to the forums at http://peercointalk.org. We would love to hear from you.
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I am Chronos. Thanks for watching!