The Bitcoin paper refers to a Bitcoin private key which has been printed on paper. The paper wallet is basically a document which contains the data needed for generating Bitcoinprivate keys in order to form wallet of keys. The paper key also refers to a single key which is written on paper and is used many times just like a wallet. A redeemable code refers to a single key which is meant to be funded and can be redeemed only a single time. The paper is only one medium for contain data about the private key; companies have even incorporated these into physical coins.
The paper wallet is basically cold storage where the person holding it will have access to both the private key and address. The private key will create the public key which then creates the address. It works something similar to a vending machine in which you can put money inside buy you cannot take it out as you do not have the key. So the only person that can take out this money is the one who holds the key to the vending machine. The public address that someone can use for sending you money is like the vending machine and the private key is the key only you have to send the money to someone else. Only you must have the private key; else anybody else can use the wallet to send your cash to others.
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