Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
Originally announced via Bitcointalk in May 5, 2015, the PaperSafe Satoshinote is described as:
The paper wallet is meant to be folded into thirds … The bottom 1/3 of the wallet is the public address and encrypted private key that is printed from bitaddress.org. The hardest part was to get the printing in that location and have it not fall on any folding that may destroy the keys in any way….. The private key is encrypted with a code that is preprinted before anything else is printed ….I created an an excel spread sheet to help with this bulk printing of the codes and is mixed with math to produce a quasi random code… 25 are printed at a time…. Then the graphics are printed , 25 sheets at a time… The third printing is the bitcoin address…. Individual paper wallet codes are entered into bitaddress.org from an off line laptop to encrypt the private key…one at a time… after each print …the paper wallet is taken off the printer and a scratch off sticker is applied immediately over the code ..
Then a holographic signature sticker is applied over the scratch off…. this holographic sticker is the anti tamper seal… as long as this seal has not been disturbed, the code is secure…..The paper wallet is then passed through the printer for the 4th time ….printing a tamper evident security feature over top of the holographic seal, extended onto the paper making it impossible to remove the seal and the scratch off without evidence…
The wallets are then embossed with the 2 embossers and numbered multiple times in different locations with the numbering machines in both back ink and UV ink… A smaller holographic seal is placed over a UV number somewhere in the middle section of the wallet..
Criticism of the product centers on the private key being printed on a piece of paper. The provider has this to say:
when the private key is created, It is never seen unencrypted….the codes that are pre-printed are never saved….anywhere!!! and covered with the scratch off as quickly as possible
As nobody can prove to not keep a copy of the keys, we have to file this as: The provider potentially has the keys.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.