I want to create a paper wallet for cold storage and am not sure of the best way to do that. I heard of https://www.bitaddress.org/, but is it safe if booted from an offline PC?
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Yes it is, because the 100% of entropy (randomness) is generated by the user.
Just make sure you're downloading it from https://github.com/pointbiz/bitaddress.org > green "clone and download" button > download as zip.