Paper wallets are a form of cold storage for cryptocurrencies. They are generated offline to mitigate the risks of online hacks. A typical paper wallet includes both a public key and a private key, often represented in QR code form, allowing users to scan their address and access their funds without having to expose their private keys to online threats. These wallets are usually printed on paper or generated on a secure device and then created offline. It is essential to ensure durability and protect the paper since loss or damage can lead to irreversible loss of access to the cryptocurrency.