Tag: Hardware wallet

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Cryptocurrencies

Coinkite Review: Features, Security Measures, Pros and Cons

Coinkite is an innovative company that has been producing several cryptocurrency-related products. Its dedication to wow crypto enthusiasts has seen them manufacture a range of gadgets, including a hardware wallet, a Bitcoin data visualizer, metal backup plates, and even a Bitcoin server!

Coinkite is an innovative company that has been producing several cryptocurrency-related products. Its dedication to wow crypto enthusiasts has seen them manufacture a range of gadgets, including a hardware wallet, a Bitcoin data visualizer, metal backup plates, and even a Bitcoin server!

Coinkite is an innovative company that has been producing several cryptocurrency-related products. Its dedication to wow crypto enthusiasts has seen them manufacture a range of gadgets, including a hardware wallet, a Bitcoin data visualizer, metal backup plates, and even a Bitcoin server!

There is a lot to talk about when it comes to Coinkite, but today let’s focus on its hardware wallet – Coldcard.

Coldcard is “an open, cheap, and ultra-secure hardware wallet,” according to the company’s official website. “Don’t trust, verify,” also goes their slogan. So, we shall not take their word for it but embark on a critical review of the product to verify these claims and give a balanced verdict on whether it’s worth the money and trouble it costs. This review looks at Coldcard’s key features, it’s security, setting up the wallet, customer support, and other useful aspects. 

Key Features

  • Hardware wallet – Obviously, but worth mentioning nonetheless, Coinkite’s Coldwallet is a hardware device
  • Open source – The code that runs Coinkite is open-source. You can compile it yourself if you so wish
  • True air-gap operation – Air-gapped devices are meant to never connect to the internet. While some air-gapped devices occasionally connect to a computer connected to the internet, you can operate Coinkite without ever connecting it to a computer, thus, “true air-gap operation.”

Setting up Coldcard

Before the setup is done, you need to get yourself a Coldcard. This mini-calculator-sized device can be purchased from store.coinkite.com for $119.97. This is about the same price you will pay for other leading brands such as Trezor One. 

You can also buy Coldcard in one of the bundled packages that Coinkite offers. For instance, for $169.99, you get a Coldcard and two industrial-grade MicroSD cards. There’s, however, one exciting bundle – the “Backup Bundle” that comes with two Coldcards, two industrial-grade MicroSD cards, a power-only USB cable, and one seed plate backup, all for $329.99.

Coinkite also sells a variety of accessories that you can use with the wallet. They have a Bitcoin price-tracker, caps, and even stickers. But the Center Punch used for etching backups on their 2mm-thick steel seed plate stands out.

Initial set up process.

  • Upon receiving your package, inspect the tamper-evident bag for any signs of prior opening. The bottom of the bag should be seamless, and the perforations on the tear-off tab should match those on the bag.
  • Connect the Micro USB cable to the USB port at the top of the device and the other end to a power source. Coldcard will turn on and display its Terms of Service. Use the 5 and 8 keys to scroll through the message and press the OK key when done. 
  • Next, you will set an initial PIN. Coldcard’s PIN is divided into two parts – a prefix and a suffix. Each part must be at least two digits long. The prefix is used to generate a set of words that you will see each time you log in. Once you provide the prefix, Coldcard will generate your set of words, which you will need to memorize. You can experiment with several prefixes until you’re comfortable with the set of words you get. Next, you will set your pin and confirm it.
  • Now that your security options are configured, you can create a new wallet or import an existing one. Both options are readily available from the main menu.
  • If you choose to create a new wallet, Coldcard will show you a sequence of 24 words that you must record in the order presented. Coldcard will then ask to verify your seed words, which is basically backing up your wallet.

You should not use your wallet until your seed backup is configured correctly. Also, remember that you cannot recover your PIN should you lose it, even if you contact customer support. 

At this point, the wallet is ready for your day-to-day usage. So let’s see how you can send and receive funds.

Sending and Receiving Funds

You can operate Coldcard with or without connecting it to a computer. Connecting your wallet to your computer allows faster and easier operation. On the other hand, operating the device without ever connecting it to a computer allows for more secure operation. Let’s start with the easier way of doing it.

Using Coldcard with Computer Connected

  • Install the latest version of Electrum with Coldcard support on your computer
  • Connect Coldcard via USB and enter the PIN
  • Open Electrum and go to “New/Restore” on the file menu
  • Choose a file name and specify that it is a standard wallet in the next menu
  • Select “Use a hardware device” and pick Coldcard from the list of devices that appears
  • Set up a transaction, as usual, preview it, then choose to save PSBT (partially-signed Bitcoin transaction)
  • Save the file directly to your MicroSD card

Using Coldcard Offline

  • On the device’s menu, navigate to Advanced>Micro SD Card>Export Wallet>Electrum Wallet
  • A warning message should appear. Approve it and proceed. This step creates a file with the name new-wallet.json
  • Remove the MicroSD card from Coldcard and connect it to your computer, which should be running Electrum with the Coldcard plug-in enabled
  • Open new-wallet.json and give it a few moments to synchronize

Sending Funds 

  • Set up your transaction in Electrum and save it as PSBT. Then copy the PSBT file to Coldcard’s MicroSD card
  • Transfer the MicroSD card to Coldcard and scroll down to “Ready to sign” on Coldcard’s main menu
  • Select the PSBT file that needs signing 
  • You will see a preview of the transaction details. Approve and proceed
  • Coldcard will sign the transaction and save it under the same file name and append a -final.txn suffix
  • Transfer the MicroSD card to the computer, load the transaction and push it to the blockchain 

If you have used other wallets, you might find Coldcard’s offline transactions quite cumbersome. However, if you are paranoid about security, you will likely find the process pleasurable.

To receive funds, you need to generate a receive address. This can be achieved from the Address Explorer on the Advanced Menu. Addresses generated can be saved on the MicroSD card for ease of transfer to a computer.

Pros
  • Ultra-secure hardware wallet – Coldcard includes all the security features of a standard hardware wallet plus a dedicated security chip and tamper-evident packaging 
  • The product is relatively affordable and can be complemented with a variety of accessories from the same manufacturer
  • Initial set up is easy
Cons
  • It is larger than most hardware wallets, which makes it less portable 
  • It has a particularly uninteresting design
  • Customer support is not as responsive as one would expect from a commercial product
  • Using the wallet in offline mode is quite cumbersome

Final Thoughts

Coldcard is arguably one of the most secure hardware wallets. The product offers superior security, set up simplicity, and solid performance. However, its support for only one currency, below-par customer service, and cumbersome offline transactions create room for improvement.

Categories
Cryptocurrencies

Trezor One Wallet Review 2020: Features, cost, pros and cons

TREZOR has two claims to its massive popularity and influence in the crypto industry. First, it is the pioneer crypto hardware wallet – created in 2014, and secondly, it is developed and distributed by one of the most reputable crypto industry security systems providers – Satoshi Labs. Its influence in the offline crypto storage space is so significant that most of the hardware wallet brands available today have at one time borrowed a leaf from its sleek design or its source code.

TREZOR has two claims to its massive popularity and influence in the crypto industry. First, it is the pioneer crypto hardware wallet – created in 2014, and secondly, it is developed and distributed by one of the most reputable crypto industry security systems providers – Satoshi Labs. Its influence in the offline crypto storage space is so significant that most of the hardware wallet brands available today have at one time borrowed a leaf from its sleek design or its source code.

TREZOR has two claims to its massive popularity and influence in the crypto industry. First, it is the pioneer crypto hardware wallet – created in 2014, and secondly, it is developed and distributed by one of the most reputable crypto industry security systems providers – Satoshi Labs. Its influence in the offline crypto storage space is so significant that most of the hardware wallet brands available today have at one time borrowed a leaf from its sleek design or its source code.

In this review, we explore whether the key-holder sized multicurrency hardware wallet lives up to its reputation. We look at its costs, features, and the level of security it offers. We also look at its costs and other fees in comparison with some of its hot and cold wallet competitors.

Trezor Key features

Small size: TREZOR One is smaller in size when compared to some of its competitors like the wide screened keep-key wallet. The biggest advantage of this is that it makes it highly portable. On the flip side, though, it means that the wallet has a relatively small screen size.

Satoshi Labs: It’s no secret that Satoshi Labs redefined the way crypto users handle and store their coins with the creation of Trezor One hardware wallet. The company further is also regularly providing patches and firmware updates for the wallet.

Compatible with all OS types: TREZOR hardware wallet is compatible with virtually all the most popular operating systems, including Windows, macOS, Linux, Android, and iOS.

Multiple types of Trezor wallets available: There are two primary types of TREZOR hardware wallets – Trezor One (also known as the standard wallet) and Trezor Model T (referred to as the premium wallet). They have their differences in the number of currencies supported and security features. Trezor One is also smaller in size, with two buttons, and features a small screen while Trezor Model T is comparatively larger and features a wider touchscreen with no buttons.

Compatible with software wallets: Both Trezor wallets are compatible with popular desktop software wallets like GreenAddress, MultiBit HD, and Electrum as well as Mycelium and GreenBits Android wallets. The wallet can be set up and managed via the myTREZOR.com site or via the TREZOR Chrome extension.

Security features

TREZOR hardware wallet’s first line of defense when it comes to protecting their client’s digital assets lies in the offline storage of private keys. Others include:

Pin code protection: Both TREZOR hardware wallets use a pin code system that is set during setup. You will need the pin to access your crypto balance and authorize in and outbound crypto transactions. The wait time is raised by the power of two every time you input a wrong pin code, further compounding the security level.

24-word recovery seed: Should you forget the pin, you can recover your private keys using the 24-word recovery words given during set up. In case the device is damaged, lost, or stolen, you can use the recovery seed words to recover your digital assets.

Passphrase: You can also add a passphrase, the 25-word to your recovery seed, to further boost the security of the device and its contents. You will, however, want to tread carefully when dealing with a passphrase as it doesn’t have a backup, and forgetting it, makes your crypto assets inaccessible even to you.

Device buttons and touchscreen: TREZOR One has two navigation buttons while TREZOR Model T has a touchscreen, and both serve the same purpose of authorizing transactions. This makes it impossible for a hacker to transfer your crypto assets even if they gained access to your myTREZOR account.

Currencies supported

TREZOR One supports all the most popular cryptocurrencies like Bitcoin, Litecoin, Dash, Dogecoin, Bitcoin Cash, and 1000+ tokens and stable coins like USDC and USDT.

TREZOR Model T, on the other hand, supports all the cryptocurrencies, tokens, and stable coins supported by its Trezor One and a few more not supported by its counterparts like Ripple, EOS, Cardano, Monero, Ontology, Horizen, and ValorToken.

Trezor wallet cost and other fees

TREZOR one currently goes for $55

TREZOR Model T is currently priced at $251

There are no other fees associated with the use of either TREZOR hardware wallets. Firmware updates and patches are free for all Trezor wallet users.

Setting up the Trezor wallet:

How to install Trezor one wallet:

Step 1: Open the Trezor.io website, select the install Trezor one option and proceed to download and install the Trezor Chrome/Firefox extension.

Step 2: Connect the device to the computer using its USB cable

Step 3: Select the install firmware option, unplug and reconnect the device to refresh once the installation is complete.

Step 4: Click on the Create New icon and “create a backup in three minutes” to generate the 24 recovery seed words.

Step 5″ The recovery words will appear on your device screen, and you can write them down by using the buttons to scroll up and down. Pay key attention to spelling and the order in which they appear.

Step 6: Finish by assigning your device a name and creating the pin code.

Sending and receiving coins:

To receive funds into your Trezor wallet, connect the device, and open your Trezor account:

Step 1: Click the receive icon.

Step 2: Select “show address.”

Step 3: Ensure the address on the screen display matches the on-device screen, copy and send it to whoever is sending you the digital assets.

To send payments from your Trezor wallet, you still need to connect the computer and open your Trezor account:

Step 1: Decide on the currency you want to send

Step 2: Key in the receiver’s address and the amounts you wish to send

Step 3: Confirm the details and authorize the payment.

Trezor hardware wallet pros and cons:

Pros:

  • You have the option of choosing between the standard Trezor One and Premium Trezor Model T wallets.
  • Trezor hardware wallets support more than 1000 cryptocurrencies and tokens.
  • The wallet has a relatively straightforward setup process.
  • The Trezor wallet technology is open-sourced and has thus been scrutinized and enhanced by a legion of developers to come up with the most secure wallet.
  • Digital assets on the device are kept offline under a multi-layered security system.

Cons:

  • In 2017, hackers were able to comprise the security of Trezor wallets, enabling them to steal and identify the private keys stored in the devices, and this haunts Satoshi Labs to date.
  • One may consider their $59 price tag exorbitant given the number of free alternatives available.
  • The wallet isn’t hierarchically deterministic.
  • Trezor One doesn’t support popular coins like Ripple and Monero.

Trezor wallet compared to competitors:

When compared to such online hot wallets as Coinbase and eToro, Trezor has the advantage of reduced risk exposure of coins given that they are stored offline. Satoshi Labs also imposes multi-layered security features. Note, however, that the online wallets maintained by these exchanges are free to use for their account holders. Additionally, the integration of these online wallets with reputable crypto exchanges makes their wallets easier to use by simplifying the send/receive crypto processes between the exchange and the wallet.

When compared to equally reputable hardware wallets like Ledger Nano and Keepkey, Trezor has a more solid reputation. The two can even be considered forks of the Trezor wallet as they have borrowed heavily from its open-source network. The 2017 security breach, however, gave the crypto community a reason to doubt the effectiveness of Trezor. 

Customer support:

Trezor has a highly attractive customer support system. On the support page of their website, is an elaborate FAQ section detailing some of the most common challenges faced by their hardware wallet users. There also is the technical issues and system status sections that you can use to check the health of your wallet and determine if it is functioning optimally. The customer support team is only accessible via TREZOR social media pages as they do not have a phone number on display.

Verdict: Is the Trezor wallet worth buying?

Trezor hardware wallets have numerous strengths, from the pioneer hardware wallets to supporting one of the widest range of cryptocurrencies and tokens. The open-source nature of their technology further ensures that programmers are constantly probing its effectiveness. The company is nonetheless still dogged by the 2017 security breach. Overall, we feel that it is moderately priced and worth buying for individuals looking to properly secure their crypto assets.

Categories
Cryptocurrencies

Ledger Nano S Wallet Review 2020: Features, cost, pros and cons

Ledger Nano hardware wallets entered the crypto space in 2014. Six years down the line, it has emerged as one of the most reputable crypto hardware developers. And in its line of flagship products are two highly advanced crypto hardware wallets, namely Ledger Nano S and Ledger Nano X. In these reviews, we will be looking at what is arguably their best selling hardware wallet, Ledger Nano S. After the record sale of over 1.4 million units, we want to understand what gives it an edge over the rest of the crypto wallets currently in circulation.

Ledger Nano hardware wallets entered the crypto space in 2014. Six years down the line, it has emerged as one of the most reputable crypto hardware developers. And in its line of flagship products are two highly advanced crypto hardware wallets, namely Ledger Nano S and Ledger Nano X. In these reviews, we will be looking at what is arguably their best selling hardware wallet, Ledger Nano S. After the record sale of over 1.4 million units, we want to understand what gives it an edge over the rest of the crypto wallets currently in circulation.

Ledger Nano hardware wallets entered the crypto space in 2014. Six years down the line, it has emerged as one of the most reputable crypto hardware developers. And in its line of flagship products are two highly advanced crypto hardware wallets, namely Ledger Nano S and Ledger Nano X. In these reviews, we will be looking at what is arguably their best selling hardware wallet, Ledger Nano S. After the record sale of over 1.4 million units, we want to understand what gives it an edge over the rest of the crypto wallets currently in circulation.

We will be looking at the unique operational and security features that endear Ledger Nano S to the crypto community. Additionally, we will vet its cost and fees, level of customer support offered by its developers, and compare its effectiveness against its competitors before telling you if it lives up to its reputation. Let’s start by looking at its key features:

Ledger Nano S Key Features:

Software wallet integration: The Ledger Nano S can be easily integrated with different other type software and smartphone-based wallet apps like the android based Mycelium or software-based wallets like electrum.

Buttons and a built-in display: The Ledger Nano S is a hardware wallet with two buttons and an inbuilt display screen. The two buttons come in handy when installing and configuring the disk as well as during transaction confirmation.

OS compatibility: Ledger Nano S hardware wallet is compatible with virtually all the most popular operating systems like Windows, Linux, and macOS.

Stores between 3-5 wallets: The ledger Nano S can support between 3 to 5 different crypto wallets at a go. This ideally implies that one can only create three different types of cryptocurrency accounts at a go. In a rather complicated workaround, however, Ledger Nano S users have claimed to be able to add more cryptocurrency accounts to their wallet by integrating wallet apps into the hardware wallet and later deleting the app from the wallet. By deleting the app, you leave the private coins in the wallet, but you will have to add the app every time you wish to transact.

Security features:

Encryption: Ledger Nano S doesn’t just store your private keys; it also employs the highest grade of encryption to keep them as safe as possible.

Dual chips: The Ledger Nano S hardware wallet embraces the dual-chip technology and is currently fitted with the ST31H320 and STM32F042 chips. Once you store your private keys here, these chips sign the transactions separately as they are two different pieces of hardware, effectively adding another security layer around your coins.

Pin code: Like any other hardware or software wallet, you will have to set up the wallet access pin code. This is, in most cases, the first line of defense against illegal access to your private keys.

Offline configuration: Ledger Nano S features an inbuilt display that makes it possible to configure and setup the most sensitive aspects of your wallet’s security like the pin code and the generation of the recovery seed words offline.

Cold storage: The USB like device stores your crypto assets in a highly secure offline environment under a multilayered security system.

24-word recovery seed: when installing the device, the Ledger Nano S provides you with an offline auto-generated list of 24 words that you can use to reset your device if you forgot your pin code. You could use the recovery seed to access your private keys on another ledger Nano S wallet if the one you already have was stolen or compromised.

Currencies supported on Ledger Nano S

Ledger Nano S supports all the popular coins like BTC, Eth, BitcoinCash, Ripple, Litecoin, Dash, Dogecoin, Komodo, and ZCash. The hardware wallet company is also constantly increasing the number of supported devices and currently lists 700+ that you can hold in a Ledger Nano S wallet.

Ledger Nano S wallet cost and other fees

The Ledger Nano S hardware wallet costs $59 (exclusive of VAT and shipping). There are no additional deposit or withdrawal fees.

Setting up the Ledger Nano S wallet

How to install Ledger Nano S wallet:

Step 1: Ledger Nano S does not have an inbuilt battery; therefore, plug it into a computer using a USB cable to power it on.

Step 2: The device display will present you with an option of configuring new device or private keys recovery, use the buttons to choose the configuration. Proceed to set a 4-7 digit pin code, using the buttons to scroll up and down and confirming a number by pressing both buttons simultaneously.

Step 3: The device then presents you with the recovery seed, a string of 24 words. Write them down on a piece of paper and keep it safe as you will need it to access your private keys should you forget the pin or lose the device.

Step 4: Confirm you captured the recovery seeds correctly by verifying two random seed words. The device will ask you to confirm two random seed phrases.

Step 5: Download and install the Ledger Live desktop app from Ledger’s website. It serves as the app companion for ledger wallets and can work well on your phone too.

Step 6: Use Ledger Live app to install different crypto wallets to your hardware keeping in mind that Ledger Nano S limited memory only allows for the installation of between 3 to 5 crypto wallets at a time.

Sending and receiving coins:

To receive bitcoins from your other wallets or third parties, you need to first access your Ledger Live app:

Step 1: Say you want to receive bitcoins and already have a bitcoin account in your wallet. Start by scrolling through the device and find the B icon representing the Bitcoin account.

Step 2: Press both buttons to confirm the bitcoin account, and a wallet address will appear on the Ledger live app.

Step 3:  Send the wallet to the parties from whom you wish to receive bitcoins from

To send payments from your Ledger Nano S wallet, you still need to first access your Ledger Live app:

Step 1: Say you want to send Ethereum tokens. Scroll through the device and find the E icon symbolizing the Ethereum account.

Step 2: From the app, key in/copy-paste your receiver’s wallet address and the correct amount of Eth you wish to send

Step 3: Authorize the payout by long-pressing both buttons on your device simultaneously.

Ledger Nano S hardware wallet pros and cons:

Pros:

  • The wallet is highly secure, and there haven’t been any reported cases of a security breach.
  • Its straightforward setup process and ease of use makes it ideal for beginners.
  • Ledger Nano S is competitively priced at $59
  • The device’s small size makes it highly portable.
  • The Wallet supports a wide range of coins and tokens.

Cons:

  • Doesn’t support the highly secure passphrases
  • Has a relatively small device display that can’t fit the entire crypto address

Ledger Nano S Wallet compared to competitors:

The fact that Ledger Nano S hosts a wide range of security features and has never recorded a single security breach incidence makes it superior to most software and hardware wallets. It, for instance, is more secure than most web-based and software wallets in the sense that all its coins are held offline. And hackers can’t compromise or steal the crypto assets held therein. Even if they gained access to the Ledger Live app login details, payouts could only be initiated by pressing the device buttons.

Compared to two of its fiercest competitors in the hardware wallet niche, KeepKey, and Trezor, Ledger Nano S leads the path when it comes to affordability, reputation, and security. KeepKey may have never experienced a security breach, but it will only support about 40 crypto coins and tokens against Ledger Nano’s 700+. Trezor, On the other hand, has been around for close to a decade and claims to support 1000+ coins and tokens. It, however, recently suffered a massive security breach that tainted its reputation and deflated the crypto community’s confidence in its products.

Customer support:

Ledger hardware wallet providers can also be said to be doing a better job in customer support than most other hardware wallet companies. On their customer support page, for instance, you get to check and download free hardware updates and check the status of different crypto apps. And while they don’t maintain phone support, you get to interact with their responsive teams on different social media platforms.

Verdict: Is the Ledger Nano S Wallet worth buying?

There is a reason why Ledger Nano S remains the most popular crypto hardware wallet while maintaining the highest sales records. It is feature-rich, relatively inexpensive, and beginner and friendly. More importantly, it uses a proprietary OS to secure its wallets and has never recorded a security breach. We hold the opinion that Ledger Nano is worth buying and one of the must-haves for every crypto trader.

 

Categories
Cryptocurrencies

Keepkey Hardware Wallet Review 2020: Is It Safe And Reliable?

On the KeepKey website, this USB-like crypto hardware wallet is described as the ‘next frontier of crypto security.’ But the Keepkey wallet is better known for its sleek design, especially its unique full OLED screen on the side of the USB that’s wide enough to fit the entire crypto address. Notably, the coin has also gained massive popularity by virtue of having Ken Hodler, a renowned crypto industry expert, as its Chief Engineer.

On the KeepKey website, this USB-like crypto hardware wallet is described as the ‘next frontier of crypto security.’ But the Keepkey wallet is better known for its sleek design, especially its unique full OLED screen on the side of the USB that’s wide enough to fit the entire crypto address. Notably, the coin has also gained massive popularity by virtue of having Ken Hodler, a renowned crypto industry expert, as its Chief Engineer.

On the KeepKey website, this USB-like crypto hardware wallet is described as the ‘next frontier of crypto security.’ But the Keepkey wallet is better known for its sleek design, especially its unique full OLED screen on the side of the USB that’s wide enough to fit the entire crypto address. Notably, the coin has also gained massive popularity by virtue of having Ken Hodler, a renowned crypto industry expert, as its Chief Engineer.

But does this hardware wallet live up to its reputation? We answer this by looking at its key features, security, and design in this KeepKey review. We will also look at how the hierarchical deterministic wallet fairs in the face of its peers with regards to ease of use and tell you if it is a reliable crypto store for your digital assets.

KeepKey Key features

  • Wide screen: KeepKey has one of the largest OLED displays that allows you to view the entire cryptocurrency address without scrolling.
  • Shapeshift integration: KeepKey hardware crypto wallet was developed by KeepKey in 2015 and proceeded to acquire Multibit, a bitcoin wallet company, in 2016. In 2017, KeepKey was acquired by Shapeshift and currently serves as the native hardware wallet for the crypto exchange. The integration makes trading and investment easy due to the ease of moving your assets in and out of the exchange.
  • Compatible with all OS types: The KeepKey wallet is also compatible with all the popular operating systems, namely Windows 8+, macOS 10.8+, and Linux. It is also compatible with Android smartphones and features a Google Chrome extension.
  • Software wallet integration: KeepKey integrates with such software wallets as MultiBit and Electrum, as well as the smartphone-based Mycelium for the smooth transfer of digital assets.
  • Sleek design: KeepKey has a smooth, sleek, and well-thought design crafted with the need to appeal and boost wallet security in mind.

Security features

First, in its long line of security features is the fact that KeepKey hardware crypto wallet stores your private keys offline. Additional security measures like:

☑️Pin code protection: The KeepKey hardware crypto wallet is pin protected. You get to set the pin during the wallet setup and will be required every time you want to access the wallet, view crypto balances, and initiate a transaction. 

☑️Number randomization: The number randomization feature of the KeepKey wallet randomly shuffles the PIN numbers from time to time to prevent malware from copying your code and using it and gaining access to your digital assets.

☑️Recovery sentence: The private keys for all your cryptocurrencies are stored in and will not leave the hardware crypto wallet. During setup, however, KeepKey provides you with a recovery seed of 12-24 words unique to your device that you can use to retrieve the private keys in case the hardware wallet is stolen, lost, or damaged.

☑️Passphrase: In addition to the pin code and the recovery word, KeepKey also provides you with the option of a passphrase that you can attach to the recovery phrase. Unlike most of the other KeepKey security features, however, passphrase doesn’t have a recovery, and losing it may mean the forfeiture of your private keys. The company, therefore, advises its KeepKey wallet users to only use this feature if they understand the consequences of its use.

☑️Physical button: KeepKey hardware wallet also has one button that comes in handy during the setup stage but also doubles up as a security tool. Every transaction involving the private keys in your wallet has to be authorized by long pressing this button. It ensures that even if a hacker was able to remotely access your wallet, they wouldn’t be able to transfer your digital assets as long as you have access to the device.

☑️Desktop app: The KeepKey wallet has a digital app that is vital during the setup process by completing the single button on the wallet.

Currencies supported

KeepKey supports the seven most popular cryptocurrencies available today that include Bitcoin, Litecoin, Dogecoin, Bitcoin Cash, Dash, Bitcoin Gold, Ethetreum, and DigiByte. In addition to these, the wallet supports over 40 ERC-20 tokens and coins, including Tether and TrueUSD stable coins. The numbers are too low when compared to equally competitive wallets that support 1000s of coins and tokens.

  •         AELF (ELE)
  •         Aeterenity (AE)
  •         Aragon (ANT)
  •         Augur (REP)
  •         Basic Attention Token (BAT)
  •         Binance Coin (BNB)
  •         Bancor (BNT)
  •         Civic (CVC)
  •         Storj (STORJ)
  •         com (MCO)
  •         CyberMiles (CMT)
  •         Dai (DAI)
  •         Decentraland (MANA)
  •         DigixDAO (DGD)
  •         District0x (DNT)
  •         Edgeless (EDG)
  •         FirstBlood (1st)
  •         FunFair (FUN)
  •         Gifto (GTO)
  •         Gnosis (GNO)
  •         Golem (GNT)
  •         ICONOMI (ICN)
  •         IOST (IOST)
  •         iExec (RLC)
  •         TrueUSD (TUSD)
  •         Maker (MKR)
  •         Matchpool (GUP)
  •         Melon (MLN)
  •         Metal (MTL)
  •         Numeraire (NMR)
  •         OmiseGO (OMG)
  •         Polymath (POLY)
  •         Populus (PPT)
  •         Ripio Credit Network (RCN)
  •         SALT (SALT)
  •         SingularDTV (SNGLS)
  •         SpankChain (SPANK)
  •         Status (SNT)
  •         0x (ZRX)
  •         0xBitcoin (0xBTC)

Keeepkey is nevertheless trying to catch up and recently integrated the MyEtherWallet into its platform that makes it possible for its users to access and hold 1000+ coins and tokens online.

Keep key wallet cost and other fees

When KeepKey first hit the market in 2015, it was arguably one of the most expensive hardware wallets available at the time, priced at $239. With the successive acquisitions and integration of different technological solutions and exposure to the global markets, however, KeepKey has gradually reduced its price to the relatively affordable and highly competitive $49.

You will not incur any cost for the use or maintenance of the KeepKey hardware crypto wallet. You will only be required to part with the regular trading fees if you chose to trade on their integrated shapeshift exchange. 

Setting up the KeepKey wallet:

Configuring the wallet:

Our review found setting up the hardware wallet and readying it for use relatively complicated. The fact that the device only has one button especially makes navigation through the device monitor highly tedious. You have to use at least the KeepKey key chrome app and the KeepKey chrome extension to effectively configure the wallet and set up such security parameters as the pin code and passphrase as well as the generation of the recovery sentence. The process is quite straightforward, requires little to no guidance, and takes less than five minutes overall.

Sending and receiving coins:

The process of sending and receiving coins to your KeepKey hardware wallet is slightly different from the one adopted by other online or hardware wallets. Unlike most online transactions, involving software wallets where the transaction is completed online, KeepKey transactions have to be verified and approved on the hardware device before they are marked as complete on the blockchains.

When sending coins from the wallet, for instance, you start by logging in to your KeepKey client account on the KeepKey chrome extension. Click on the cryptocoin you wish to send, and the screen displays the sending page where you key in the receiver’s address and amounts you wish to send. You will then receive a sender’s prompt on the device display requesting you to authorize the payment by long-pressing the wallet’s button.

Note: The wallet has its default crypto account as Bitcoins, and you, therefore, have to create an account for any other cryptocoin you wish to hold here.

Receiving payments into your KeepKey wallet is equally straightforward. Start by logging in to your KeepKey client account and selecting the receive coin option. The client and the wallet device will both display your wallet address and QR code that you need to copy and send to the person from whom you seek to receive funds.

KeepKey hardware wallet pros and cons:

Pros:

  • Keepkey has a modernized, sleek, and attractive design
  • Keepkey stores all your digital assets securely and offline
  • The hardware wallet embraces layered security features that include a randomized pin code
  • At $49, the wallet is competitively priced and offers value for money

Cons:

  • Has a complicated setup process that requires a third-party browser extension
  • Has no recovery feature for the passphrase that if lost makes your wallet inaccessible
  • Its wide display makes the wallet less portable than its competitors
  • One may consider their support of 40 digital coins limiting

KeepKey wallet compared to competitors:

When compared against some of the most popular online crypto wallets like Coinbase and eToro, Keepkey’s outmatches them when it comes to keeping digital assets secure. But the two blow it out the waters with regards to ease of use. And while they all are integrated into pretty popular crypto trading platforms, KeepKey may be said to have a rather complicated send/receive funds functionality.

When stacked against equally popular hardware wallets like Trezor and Ledger Nano, Keepkey’s sleek design, especially the massive display, carries the day. It is also fairly priced when compared to most of the hardware crypto wallets. Its single button that complements its sleek design is, however, its biggest downfall when it comes to ease of use. The two are also relatively easier to install and set up.

Verdict: Is the KeepKey wallet worth buying?

Keepkey is an expertly crafted hardware wallet for cryptocurrencies with solid security features. It particularly outfoxes competition with its wide display and a multi-layered security system. Its biggest shortcomings stem from its limited support of cryptocurrencies and altcoins as well as a relatively complicated setup process. These have nonetheless not stopped it from topping the lists of most popular hardware crypto wallets, and we believe that if KeepKey made an effort to support more crypto coins, it would compete more favorably with the dominant hardware wallets.

Categories
Cryptocurrencies

9 Best Cryptocurrency Wallets in 2019

Unlike fiat money, cryptocurrencies do not have a central authority or a designated place where you can safely keep them. But just like with real money, you need to store

Unlike fiat money, cryptocurrencies do not have a central authority or a designated place where you can safely keep them. But just like with real money, you need to store

Unlike fiat money, cryptocurrencies do not have a central authority or a designated place where you can safely keep them. But just like with real money, you need to store your crypto funds somewhere safe and secure.

Cryptocurrency wallets are the answer to the “how do I interact with my crypto coins safely?” question. A cryptocurrency wallet lets you trade, store, buy, sell, and swap cryptocurrencies in a safe way.

It can be difficult identifying the crypto wallet that suits your personality and needs. Whether you’re the laid back guy or girl that likes to check into cryptoverse once a week, the savvy trader who’s always on top of the market, or the HODLer, we have compiled a list of the top cryptocurrency wallets that are reputable, secure, and convenient to help you navigate the crypto world as safely and rewardingly as possible.

We based our criteria on supported cryptos, security, recovery options, and more. Read on for the top 9 cryptocurrency wallets in the market today.

Top Cryptocurrency Wallets

Ledger Nano X

Ledger Nano X is the latest hardware wallet offered by crypto solutions company, Ledger. The wallet won the “Consumers Innovation Honoree Award” during its launch – stirring the attention of crypto enthusiasts. 

The wallet’s screen is designed to display all the details of your transactions at once. It has two buttons, which will control the entire operation of the hardware wallet. The Nano X is also Bluetooth enabled, enabling you to pair it with your iPhone or Android and check your balance, send and receive crypto, and add accounts – all with a few taps on your phone. 

Ledger Nano X has an in-built rechargeable battery, so you don’t have to worry about tagging along the USB cable everywhere with you. It will also allow you to store up to 22 coins and ERC-20 tokens with its live version and is compatible with other crypto wallets ranging from MyCrypto, MyEtherWallet, Magnum Wallet, Yoroi Wallet, AdaLite, Trinity, Galleon, OWallet, LisKish and more. 

As of November 2019, Nano X supports a cool 1338 crypto assets, from the most popular ones like Bitcoin, Tether, Ethereum, Litecoin, Ripple, Ethereum Classic, Cardano, to other less known ones like Pundi, Quant, Aeternity, RHOC, CA, and so on.

The device is equipped with a state-of-the-art security chip – the CC EAL5+ – making it nearly impossible for your cryptos to be stolen. 

Ledger Nano X allows users to connect it via two ways: USB and Bluetooth. Currently, it’s compatible with 64-bit computers (Windows+, macOS, and Linux), as well as iOS 9+ and Android 7+. 

Also, Nano X allows you to recover your crypto account even if you lose your device. Its 24-word recovery phrase, a.k.a seed phrase, is a list of words that stores all the info you need to recover your wallet.

Ledger Nano S

Listing two wallets from the same company might seem an overkill, but Ledger’s products deserve space on this list simply because they both go toe to toe with the best in the market.

Ledger Nano S is the older sibling to Nano X but has qualities that help it maintain its revered place in the wallet market.

Nano S’ screen lets you see everything at a go, with two buttons that let you control it. Your wallet is protected with a secure chip always locked by a pin code. That and its offline status secures your private key from prying eyes and internet vulnerabilities.

Customers can choose from either matte black, saffron yellow, lagoon blue, transparent, and jade green colors. Nano S can support 1100+ cryptocurrencies and tokens, including Bitcoin, Bitcoin Cash, Ethereum, Bitcoin Gold, Litecoin, Waves, Ark, Stealth, Horizen, and more.

Just like Nano X, Nano S is compatible with other crypto wallets such as Yoroi, MyCrypto, MyEtherWallet, Fairy Wallet, Beryllium, VeForge Vault, OWallwt, Neo Wallet, Kin Laboratory, and more.

You can connect Ledger Nano S to the computer via a USB 2.0 port, and the system is compatible with 64-bits computers (Windows 8+, Mac 10.8+) and Linux. It’s also compatible with Android 7+ smartphones.

The wallet doesn’t need to be charged – it uses your PC’s power when you plug it in.

KeepKey

Launched in 2015, KeepKey is one of the most recognizable crypto wallets. The wallet uses advanced security technology to protect your funds from theft and hacks. Even if someone gets hold of your wallet and installed it in a modified software that’s not designed by KeepKey, the device wouldn’t let them proceed.

Part of the reason KeepKey is popular is that it’s embedded with a cryptocurrency exchange – ShapeShift – making it possible to trade crypto coins and tokens right on the device. 

KeepKey supports 12, 18, and 24 recovery phrases to enable you to recover your cryptos in case the device is spoiled, stolen, or lost.

KeepKey wallet supports eight cryptocurrencies – namely Bitcoin, Bitcoin Cash, Bitcoin gold, DASH, Dogecoin, Ethereum, Litecoin, and Digibyte. It can also host 46 ERC-20 tokens, including Decentraland, Edgeless, FisrtBlood, Gnosis, District0X, Dai, CyberMiles, and more. Also, users can interact with 1000 more cryptos via KeepKey and MyEtherWallet integration.

KeepKey is compatible with Windows, Mac, and Linux, and you will find the KeepKey Client app on either of the platforms via Google Chrome. iPhone and Android users can access KeepKey by installing the MyCelium app available on Google Play and Apple’s App Store. If you want to use a phone to operate KeepKey, you have to connect to your phone using an OTG adapter cable.

Exodus

Exodus wallet is a desktop and mobile wallet that gives users the whole crypto experience – from sending to loved ones to paying for things to HODLing to trading right within the software. It has a simple design that even beginner traders will find it extremely easy to navigate. Its versatile design with real-time display of digital assets; and a customizable portfolio that allows you to change themes, background color, and other features has endeared it to the crypto community.

As of November 2010, the wallet supports 102+ crypto coins and tokens, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, plus other little known ones like Genesis Vision, Salt, Otum, Leopring, Aragon, Storj, Decred, TrueUSD and more.

Exodus is a perfect option for users who trade regularly or want to trade on the go. It’s also very convenient to log in to your account and pay for things. And if you lose access to your assets, it provides the option of a seed phrase that will generate your wallet address and private keys.

The wallet doesn’t store any of your information online – including your passcodes and private keys. This is a good thing because it keeps your crypto safe from hackers, but it also means it’s your sole responsibility to protect your account.

Being a software wallet, you don’t need extra hardware like OTG or USB cables to access your wallet. All you need to do is install it on Windows, Linux, or Mac and get to interact with crypto in no time.

CoolWalletS

CoolWalletS is a hardware mobile cold storage introduced in 2016 by the Taiwanese company CoolBitX. With the mobile wallet, you can store, swap, send, and receive crypto at the single touch of a button. The wallet is integrated with Binance DEX and Changelly crypto exchanges, so you never miss any trading opportunity. 

If you’re looking for a discreet (which is a no-brainer when it comes to your private keys), portable, lightweight, and sleekly designed wallet, the CoolWalletS is your go-to option. The wallet is ‘cool’ enough to look exactly like a credit card – so no one will be the wiser to the fact that you’re transacting with a crypto wallet. 

CoolWallet utilizes a high-end security solution – Secure Element (SE) to store your private keys – making it virtually impossible for your coins to be stolen. The secure element is also capable of verifying if your device has been tampered with- by verifying its integrity. CoolWallwet also uses passcodes, a touch ID, and a 2+1 factor authentication (with facial recognition) – which in our opinion sums up to pretty foolproof security. 

On top of that, CoolWalletS is waterproof, shockproof, and temperature resistant – meaning you can get away with quite a lot with your wallet still intact.

The wallet provides support for Bitcoin, Ripple, Ethereum, Bitcoin Cash, Horizen, ICX, stable coins, and ERC20 tokens, with BitDegree, Formosa Financial, Metal, Cortex, USD Dollar, JoyToken and others. 

CoolWallet utilizes Bluetooth Low Energy (BLE) to facilitate connection to your smartphone or tablet. Currently, it supports iOS 9.1+, and Android 5.0+, with at least the BLE version of 4.0. 

Indacoin

Indacoin is a mobile-based crypto wallet offered provided by UK-based Indacoin Limited, the company that runs the Indacoin crypto exchange. Launched in 2013, the wallet allows users to instantly buy crypto with the use of their credit or debit card. As well, you can exchange and manage cryptocurrency from right within the wallet with the use of a single app. However, the wallet does not support selling crypto as of now.

Russia and Turkey users can use Indacoin to withdraw crypto to a debit or credit card. Users from other countries only have the option of crypto-based withdrawals.

The wallet features an intuitive and easy to use interface that makes it stress-free to buy, receive, swap, or trade crypto on the go. The wallet provides support for 100+ cryptocurrencies, including big hitters like Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether, Litecoin, Binance as well as other less dominant ones like IOTA, Bumbacoin, Chesscoin, CondenSate and so on. 

To ensure users’ safety, Indacoin only accepts 3D-secured cards like MasterCard and SecureCode and Visa Verified. Indacoin also does not store your card details – a move that protects your personal data. Purchases are also verified via a verification code sent via SMS to your phone. 

Indacoin is available for Android 4.1+ and iOS 9.0 and later versions. 

Trezor 

Trezor is almost an instantly recognizable name in nearly every crypto setting. That’s because it was the first-ever wallet to store crypto offline, and it has so far maintained the reputation of being one the most secure hardware wallet out there. Trezor is available in two models: Trezor One and Trezor Model T. The difference between the two models is Model T lets you control it via a touchscreen while One uses two physical buttons.

Both models let you view the status of your transactions on the display. You don’t need a battery to power them since they will be powered by your PC when you plug them in.

Trezor supports 1000+ coins, with big-timers like Bitcoin, Litecoin, Stellar, EOS, DASH, ZCash, Monero and also others you probably haven’t heard of, like Seele, Revain, FunFair, GNY, Unobtanium, Fusin, Tael, Ruff, Numerai, Insolar, Polis, DADI and so on.

The wallet is also compatible with other crypto wallets, including Exodus, Magnum, Bloks.io, AdaLite, and Yoroi.

Trezor provides the option of creating a seed phrase that protects your private key in the event of theft, loss, and destruction. It supports BIP39 phrases – which it doesn’t store nor remember. This way, even if someone gets their hands on your wallet, your account remains safe. As a further protective measure, Trezor’s hardware case is ultrasonically welded in such a way that it cannot be restored after breakage. 

The device is compatible with both computers and smartphones. If you have Windows 7 and later versions, macOS 10.11+, Linux, and Android, you can get Trezor and try it out.

Guarda

Guarda is a non-custodial web, desktop, mobile, and Chrome Extension wallet that allows you to buy, sell, receive, send, and store crypto. Introduced in 2017, the wallet is one of the few that allows so many functionalities for crypto in ‘one roof.’

The web and desktop wallets can be used on any device running on Windows, Linux, or macOS, while the mobile-based wallet allows Android and iOS users anywhere, anytime. Its inbuilt crypto purchase function lets you buy crypto using both crypto and fiat currencies. Besides, it features an exchange that lets you effortlessly swap coins from one currency to the other.

All Guarda’s wallets are non-custodial – meaning you are entirely in charge of your addresses and private keys. Also, your personal information is not out there in the hands of a third party, and you won’t be subjected to intrusive Know Your Customer procedures.

Guarda requires you to save a backup file each time you create or import a wallet. You get logged out of the account if there’s no activity for a particular period. All backups are secured through the cutting edge Advanced Encryption Standard (AES), so your sensitive data is always safe and secure. What’s more, you can configure the mobile version wallet to require Touch ID/Face ID unlock.

You can even import private keys From Guarda’s own wallets or other exchange, desktop, or web-based wallets. There’s also a dedicated menu that lets you connect to Ledger Nano S and view your transactions on the Nano S wallet on Guarda. 

You can create your own ERC20 tokens via the wallet’s Guarda Token Generator – another exciting functionality of this wallet.

Guarda supports over 40 major blockchains and 10,000+ tokens. Household names like Bitcoin, Ethereum, DASH, Litecoin make the list. So do other little known ones like Groestlcoin, ReddCoin, Maker, Gulden, Expanse, Gemini dollar, and so on.

Coinbase

Coinbase wallet is an app wallet provided by the crypto exchange Coinbase that offers your state of the art security for your crypto. With Coinbase, you can store tokens bought from other exchanges or Initial Coin Offering events. Users can also interact with Ethereum-based decentralized applications (DApps) on its DApp browser.

Cooinbase is a separate product from the exchange – meaning you don’t have to have an account on the exchange to access and use the wallet. Anyone from anywhere with any IOS or Android device can download and install it.

It’s important to distinguish between the Coinbase wallet and the exchange wallet on Coinbase.com. The exchange wallet will store your private keys on Coinbase’s servers, while the wallet app lets you store your private keys on your device. Also, with the app, you can easily move cryptocurrency from its existing wallet apps like Metamask, MyEtherWallet, and others.

With Coinbase Wallet, your private keys are secured with Secure Enclave – a high-end security feature that enables your wallet to remain intact even if it were hacked. On top of that, the wallet employs biometric technology to prevent unauthorized success.

Another remarkable feature by the wallet is always keeping you up to speed with the current price of cryptos in your local currency. Over 100 fiat currencies are supported – including EUR, GBP, USD, AUD, and CAD.

Currently, the Coinbase wallet lets you manage Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and all ERC-20 tokens. You can also store cats, monsters, art, and even ERC721 digital collectibles all in one beautiful gallery.

The wallet lets you back up your private keys on Google Drive and iCloud. Some people are skeptical about how safe those options are, but with a strong, unique password and multiple-factor authentication, we think they can be considered safe.

You can operate the wallet on iPhone, iPad, and iPod Touch as long as the device supports version 11.0 or later versions. For Android devices, you need to have at least the 6.0 version or later versions. The Coinbase wallet app is available for download on Google Play and iOS App Store. 

Conclusion

If you’re serious about crypto, you need to get a safe, secure, and robust crypto wallet. Each of these options provides one of the best experiences possible of interacting with crypto. Of course, you should get the wallet that best suits your needs, your personality, and how regularly you interact with crypto. Also, ensure to buy your wallet directly from the company’s website, just to stay safe. 

Categories
Crypto Guides

A Simple Guide To Cryptocurrency Wallet & Its Different Types

What is a crypto wallet?
Crypto wallets are software programs that store a user’s public and private keys. These wallets interact with different blockchain networks to send and receive cryptocurrencies.

What is a crypto wallet?
Crypto wallets are software programs that store a user’s public and private keys. These wallets interact with different blockchain networks to send and receive cryptocurrencies.

What is a crypto wallet?

Crypto wallets are software programs that store a user’s public and private keys. These wallets interact with different blockchain networks to send and receive cryptocurrencies. Many have a misconception that crypto wallets literally store digital currencies, but that is not the case. Cryptocurrencies always reside in the native blockchain network, and their ownership is just signed off to others based on their public keys to the address of the crypto wallet. If the owner of the crypto wants to spend the money, they spend the currency using their private key in the wallet. So when we say, the cryptos are stored in the crypto wallet, essentially, we are storing the corresponding public and private keys in them.

Types of crypto wallets

There are different types of crypto wallets, and they are differentiated based on how they can be accessed. The fundamental classification is online and offline wallets. Online wallets are those wallets that can be accessed by connecting them to the internet. Contrarily, offline wallets are those that can never be connected to the internet. Let’s understand each of the types below.

Online Wallets   

Desktop Wallets 

These wallets are installable software packs for operating systems like Windows, MAC, and Linux. Any crypto company which is serious about their outreach would start a desktop wallet on day one of their ICO. Since these are accessible only from the installed device, they are considered to be secure, but there is always a risk of virus attacks on a user’s device. Hence it is advisable to always keep up with the security patches of the device to safeguard cryptos. These wallets stand in third place in terms of security.

Exodus, Bitcoin Core, Electrum are few examples of desktop wallets.

Mobile Wallets

Mobile wallets for different cryptos are the most used digital wallets because of the ease and agility they provide. Most of the mobile wallets available in the market support both Android and IOS. The least famous ones at least support the Android version. One needs to seriously consider the security provided by the application while choosing a mobile wallet. These wallets occupy fourth place when it comes to safety.

Mycelium, Coinomi are examples of mobile wallets.

Web Wallets

These wallets run on the cloud and are accessible through any device which has browser access. These are very convenient but also prone to theft, thus needs multiple layers of security. There are hosted and non-hosted wallets when it comes to online wallets, and it is always recommended to use non-hosted wallets. These wallets occupy fifth, which is the last place in the wallet types available, thus making them the least secure.

MyEther Wallet and Coinbase are examples of online wallets.

Offline Wallets

Hardware Wallets

As the name suggests, these wallets are hardware devices that store public addresses and private keys. It is a USB kind of equipment that can be connected to any computing device, and they come with their native apps. These are the most secure as these are not connected to the internet all the time, making them resistant to hacking. Most hardware wallets allow us to store more than 22 cryptocurrencies.

Ledger Nano S, Ledger Nano X, and Trezor are some of the best examples of hardware wallets available in the market.

Paper Wallets

In paper wallets, one must print the public address and private keys of the user on a paper and store them securely. Not all the cryptos offer paper wallets, but most of the famous cryptos do. These are the second safest option after hardware wallets as these are offline as well.

Security is not the only thing one must consider while choosing a wallet. Because convenience also plays a critical role. It is often advisable to select hardware wallets if a crypto trader wants to store huge quantities of crypto for a long term use. Online or mobile wallets can be used to store smaller amounts of cryptos for short term usage.

Categories
Crypto Videos

The Ultimate Guide To Hardware Wallets – Keep Your Crypto Secure

https://youtu.be/-XxXbXc5zh8

What are hardware wallets and how to use them?

Cryptocurrencies are becoming a global phenomenon, and it is becoming more apparent that they are not just a phase

https://youtu.be/-XxXbXc5zh8

What are hardware wallets and how to use them?

Cryptocurrencies are becoming a global phenomenon, and it is becoming more apparent that they are not just a phase

What are hardware wallets and how to use them?

Cryptocurrencies are becoming a global phenomenon, and it is becoming more apparent that they are not just a phase, but a thing that might actually change the world. The more people invest in digital assets, the more important it becomes to have a safe way to store the crypto portfolio. The current cryptocurrency wallet market is huge, and picking the right one can be tricky. The sheer supply of wallets on the market can cause “analysis paralysis” with the potential users. This article will hopefully help people make the right choice in picking their wallet.

Hardware wallets

A hardware wallet is a special type of Bitcoin wallet (as most wallets are so-called software wallets). Hardware wallets are special because they store the user’s private keys in a secure hardware device. This is providing a major advantage over standard software wallets as it grants its user much-needed security.
More and more companies started offering hardware wallets, but the two companies that always stay one step ahead in features and marketing are Ledger and Trezor.

Ledger

Ledger was created launched in 2014 by eight cryptocurrency/security experts. As previously said, Ledger is one of the two most popular hardware wallet companies, with the other one being TREZOR. That being said, there are a lot of companies offering their iterations of hardware wallets, but these two came out on top due to what they have to offer to their users (in terms of hardware, features, and pricing). Ledger currently offers three hardware devices:
Ledger Nano S – Small and secure;
Ledger Nano X – Ledger’s upgraded version of the Nano S, more features but also bulkier;
Ledger Blue – tablet-like device with a touchscreen. It offers the most options and features, but it is also the priciest out of the three.

All of the Ledger devices are multi-currency wallets as they support over 1,000 cryptocurrencies. They do, however, are slightly different. The difference comes in the form of which coins they support. Ledger Nano S and Nano X support the exact same cryptocurrencies except “The Validator” cryptocurrency, which Nano S supports. Ledger Blue offers support to less cryptocurrencies but offers more features overall.

Ledger Live

All Ledger devices are powered by software called Ledger Live, which acts as its main wallet. The Ledger Live app/program is supported by these operating systems:
Mac OS;
Windows;
Linux;
iOS;
Android.

Ledger Live natively supports only 22 cryptocurrencies, but that’s far from what it can do. Ledger devices offer support to far more cryptocurrencies by using the Ledger Live feature of integrating other wallets. That way, Ledger live can integrate third-party wallets that offer support to other cryptocurrencies. Less popular cryptocurrencies and ERC20 tokens are supported by Ledger only by integrating their respective wallets. Ledger supports smaller and less popular cryptocurrencies by integrating MyEtherWallet and MyCryptoWallet in most cases.
When all adds up, Ledger supports over 1150 cryptocurrencies, which makes it a multi-currency wallet by definition.

Trezor

Trezor is a hardware wallet created by Satoshi Labs in 2012. This company is also responsible for several well-known cryptocurrency projects (such as Slush Pool – a Bitcoin mining pool and CoinMap – a map of establishments that accept Bitcoin). Trezor has been developed by Satoshi Labs CEO and CTO, which go under the pseudonym Slush and Stick.
Besides Ledger, Trezor is currently the other most popular hardware wallet in the world. Trezor has two options to choose when it comes to hardware wallet devices:
Trezor One – has buttons to operate it;
Trezor Model T – a newer version, has a touchscreen but is pricier.
Trezor hardware wallet, unlike Ledger Live, offers native support to over 1000 cryptocurrencies right off the bat. There is no need for integration of any wallet whatsoever. This makes Trezor wallet the only wallet in the industry that offers native support to all ERC20 tokens. Even though most users do not seem to care whether the support comes natively or by the integration of other wallets, this should be a significant thing. This feature alone greatly improves on the wallet security, making it safer than other hardware wallets.
Many wallets offer support to more than one cryptocurrency, which gives them the right to be called “multi-currency wallets,” but Trezor shows the true meaning of the word.

Conclusion

Hardware wallets should be used for their safety and security, as well as their sturdiness and durability. Each and every cryptocurrency investor (no matter how insignificant their funds are) should think about investing in buying a hardware wallet. As for the ultimate decision of which hardware wallet is better: Ledger, TREZOR, or some other company’s wallet, there is no final answer. It mainly comes down to the personal preference of the buyer themselves.

Categories
Crypto Guides

What Is A Bitcoin Address & Why Should You Know About Them?

Introduction
In our previous articles, we have seen the properties, purpose, and working of cryptocurrencies taking bitcoin as an example. Now, let’s understand what a Bitcoin address is. This topic

Introduction
In our previous articles, we have seen the properties, purpose, and working of cryptocurrencies taking bitcoin as an example. Now, let’s understand what a Bitcoin address is. This topic

Introduction

In our previous articles, we have seen the properties, purpose, and working of cryptocurrencies taking bitcoin as an example. Now, let’s understand what a Bitcoin address is. This topic is vital since It is this address that enables Bitcoin to hold the property of Psuedonomity.

The transactions of Bitcoins are stored in a public decentralized distributed ledger. When we say its a public ledger, anyone can go to the Bitcoin website and check the transactions which are validated in the blockchain platform in real-time. One might wonder, in such case, how the pseudonymity of the user is ensured? Here comes the role of the Bitcoin address.

What is a Bitcoin address?

Two people transact Bitcoins using the Bitcoin address of each other. If we take the analogy of a bank, a Bitcoin address can be compared to the bank account number of a person. One should let the other person know their Bitcoin address for the transaction to happen. A typical Bitcoin address is alphanumeric, with 16-35 characters.

Currently, there are three types of address formats. The address formats only differ with respect to the characters which they begin with. The addresses start with either 1, 3, or bc1. Below are some of the examples of standard Bitcoin addresses.

1BvB6SEYstWetqTFn5Au8m6GFg7xJaNVN2

3J9891WpEZ73CNmQviecrn7iWrnqR4WNLy

bc1qar6srrr78fkvy5l643ly9nw9re59gtzzwf5mdq

Generating a Bitcoin Address

To generate a Bitcoin address, you should first download a bitcoin wallet. A Bitcoin wallet is a software that allows users to send, receive, and store Bitcoins securely. Storing Bitcoins is nothing but storing the private keys of that Bitcoin. These private keys are used to authorize a transaction and thereby unlocking the Bitcoins. More about Private keys and types of wallets will be discussed in further articles. So basically, once you download the wallet, you can generate a countless number of Bitcoin addresses. Every time you want to sell or receive Bitcoins, you can request a new Bitcoin address.

How to use the Bitcoin address effectively?

Even though your identity is not mentioned upfront, you can be traced by your Bitcoin address. Some wallet providers might ask for your identities while creating a Bitcoin wallet. Some times, even your e-mail ID will be linked to your Bitcoin address. So it is always advisable to generate a new Bitcoin address for each transaction you choose to do. Since Bitcoin is a public ledger, anyone can know how many Bitcoins you hold using your Bitcoin address. It is a time-consuming process, but there is a possibility. That is what we are trying to say. However, if a single-use address is used, they can’t know the exact amount you hold.

Since the Bitcoin address is long with alphanumeric characters, it gets difficult for someone to actually type out the entire address to send Bitcoins to you. So the best way to share your Bitcoin address is by getting a relevant QR code. Using a QR code to represent your address is the best way to make your address easily accessible to anyone. Anyone can scan and process the payments just by scanning the QR code without any hiccups.

Conclusion

The Bitcoin address plays an essential role in the entire Bitcoin functionality as it is the face of any Bitcoin transaction. One thing a person will know through your Bitcoin address is the account balance associated with that address. So it is not recommended to share your address publically on any of the social media platforms. As discussed, try to use different Bitcoin addresses every time you transact. However, you can publically share any one of your addresses in order to be extra secure. Cheers!