A Paper wallet refers to an offline mechanism to store Bitcoins. As already made obvious, unlike fiat currencies, Bitcoins (or any other cryptocurrency for that matter) do not have any physical representation. As this is the case, eWallets are used to store these digital tokens. Paper Wallets are software programs that aid in the facilitation of updates within a blockchain ledger once transactions are made.
Paper Wallets are to be differentiated from “Hot Wallets” as they operate independent of the internet. Paper Wallets, despite the name, do not store physical coins. The “paper” aspect of these wallets only stands for the method of access for the crypto token holder.