Generating a paper wallet is a great way to stash some bitcoin.
The bitaddress.org project provides an all-in-one HTML document with embedded JavaScript/Css/Images. The JavaScript is readable and contains no XMLHttpRequest's (no AJAX). The benefit of this technique is you can load the JavaScript locally and trust that the JavaScript did not change after being loaded.
you can check out the source and download the javascript to run entirely local at github :
https://github.com/pointbiz/bitaddress.org
All you really need to do is go to https://www.bitaddress.org/ and move your mouse around, then print the generated wallet.
A Bitcoin wallet is as simple as a single pairing of a Bitcoin address with its corresponding Bitcoin private key. Such a wallet has been generated for you in your web browser and is displayed above.
To safeguard this wallet you must print or otherwise record the Bitcoin address and private key. It is important to make a backup copy of the private key and store it in a safe location. Bitaddress.org does does not have knowledge of your private key. If you are familiar with PGP you can download this all-in-one HTML page and check that you have an authentic version from the author of this site by matching the SHA256 hash of this HTML with the SHA256 hash available in the signed version history document linked on the footer of this site. If you leave/refresh the site or press the "Generate New Address" button then a new private key will be generated and the previously displayed private key will not be retrievable. Your Bitcoin private key should be kept a secret. Whomever you share the private key with has access to spend all the bitcoins associated with that address. If you print your wallet then store it in a zip lock bag to keep it safe from water. Treat a paper wallet like cash.
Add funds to this wallet by instructing others to send bitcoins to your Bitcoin address.
Check your balance by going to blockchain.info or blockexplorer.com and entering your Bitcoin address.
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