What Is CoolWallet?
Cryptocurrency is slowly changing the way the world runs its business. More institutions, companies, and corporations are adopting digital currency as a form of payment. Aside from this little fact, more people are now trading cryptos for profit. If you own some cryptocoins, you want to ensure that there are stored somewhere safe.
So far, the safest place to store your cryptocoins is on a hardware wallet. It is a type of cold storage where you can store large amounts of cryptocoins without the fear of them getting stolen. It’s like a mini vault that you can access with a PIN, and you can walk around with.
But now, there are more high-tech and sleeker looking hardware wallets. These wallets are smartcard-based hardware wallets, which have a similar design to that of a credit card. They can connect to a PC and other devices using Bluetooth technology or Near Field Communication (NFC).
The Cool Wallet is such a wallet, no wonder it’s called Cool it really is pretty cool. So let’s review what is so good and not so good about CoolWallet.
CoolWallet is a cold storage device for storing cryptocoins and private keys. It looks like a credit card, but it’s a Bitcoin storage device that allows you to spend, receive and send Bitcoins.
Like all hardware wallets, CoolWallet is secure and inaccessible to intruders even when connected to a PC or any other device that has been compromised.
Hardware wallets like TREZOR and Ledger Nano S can only work with USB compatible devices, but CoolWallet connects wirelessly to your PC and other devices. In fact, it was the very first wireless Bitcoin hardware wallet. It can connect to any device that has Bluetooth technology, and it can fit snugly in your wallet. CoolBITX is a product of CoolBITX Technology, which is a company based in Taipei, Taiwan. CoolBITX Technology was founded in 2014. They launched their CoolBITX hardware wallet in 2015.
What coins does CoolWallet support?
CoolWallet can only hold BTC coins. However, the company is looking to support other cryptocoins in future.
The retail price for CoolWallet is $119, which is not too shabby. On top of that, you get a Recovery card and a USB cable charger.
CoolWallet Transaction fees
There are no additional transaction fees.
What’s in the box?
When you buy CoolWallet, you’ll get three things:
- Your CoolWallet card wallet
- A USB cable charger to charge the wallet’s inbuilt battery
- A recovery card
CoolWallet Special features
- Wallet recovery – there is a recovery card, which is meant to help you recover what is in your wallet in case it gets lost or damaged.
- Security policies – these are policies you set for sending and receiving payments.
- E-paper display screen – shows your Bitcoin balance, your one-time password generator, connection status, battery status among other things.
- Rechargeable battery – there is an inbuilt rechargeable battery
- SE chip to store private keys
- One time password generator (OTP) – it allows you to confirm your transactions offline.
- Communication module including Bluetooth and Near Field Communication (NFC) – these offline technologies protect the device against malware or virus attacks.
Is CoolWallet safe?
Is CoolWallet legit? When you are looking for a storage device or place to store your Bitcoins, you want to ensure it’s safe and unhackable. The wonderful thing about CoolWallet is, it’s a hardware wallet, which means several things:
- Your private keys and Bitcoins are secure.
- Your device is immune to virus or malware attacks.
- Your device is encrypted.
What’s more, CoolWallet has a “CC (Common Criteria) Evaluation Assurance Level 5+ certified secure element that is equivalent to FIPS (Federal Information Processing Standards) complied security level similar as US military’s requirement.”
This means that CoolWallet is an IT certified product that has been evaluated, tested and proven safe for worldwide use.
The Bitcoin community has been privileged enough to have a number of wallets created purposely for the storage of BTC. Of course, there a few favorites, but CoolWallet is yet to earn a significant number of fans to be labeled as popular. Despite CoolWallet’s high level of security, elegant design, and great functionality, the Bitcoin community is not yet taken with the device. But, it’s just a matter of time before it joins the most popular Bitcoin wallets club.
By virtue of it being a hardware wallet, CoolWallet is secure. But what is more interesting about the device is its “Watchdog” security feature. When the wallet is 10 meters or more away from the paired device, the Watchdog function is activated and the paired device alerts the user. So if the wallet is lost or stolen, the user will know and will take the necessary steps to recover the wallet.
Other CoolWallet security features include:
- 2-factor authentication feature.
- Transaction authorization button.
- Highly-encrypted chip.
- One time password generator.
You can get in touch with CoolWallet’s support team via email and social media. You can also visit their support page, which is more like their FAQ page.
During the setup, you will be asked to create a backup seed. Now, the seed can be a number seed or a word seed. It’s up to you to choose the one you want; however, the number seed is more secure.
The backup seed is important because it will help you recover your Bitcoins, in case your device is stolen. So ensure to save it or write it down because you really don’t want to lose it. If by sheer bad luck your seed gets lost, then there is no recovering your cryptocoins.
There is just a small issue with the seed. If you have a word seed, you can recover your wallet using a compatible service or by getting a new CoolWallet. But if you have a number seed, you can only recover your wallet via a new CoolBTX.
Ease of use
CoolWallet like most hardware wallets is easy to use. There is a display screen and a power and control button. To switch your wallet on, just press the power button.
To pair your wallet with your device, make sure your device’s Bluetooth is on and that you have an internet connection. Once your wallet and device have paired, you are good to go.
How to use CoolWallet?
Before you can start using your CoolWallet, you have to set it up first.
Setting up your CoolWallet
- Turn on your device’s Bluetooth.
- Launch the CoolWallet app, and turn on your wallet.
- When it is in range, your wallet’s serial number will show up on the app, so tap Connect.
- Confirm your one-time password (OTP) by typing in the OTP password shown on your CoolWallet display, then tap on “Pair with this device” button.
- Once they are paired, generate your seed and back it up.
- You will be prompted to do this once you tap on the “+” on your wallet’s display screen to add a new account. Keep in mind that you can create up to 5 accounts.
- Navigate to the Receive page on the app and tap “Create New Address,” you can create up to 5 addresses.
- Scan the QR code on the app, tap on “Request Payment” and then enter the amount.
- Tap on “Copy address” to copy the address to the clipboard and then send to the buyer.
- Go to the Send page,
- scan the QR code or paste the Bitcoin address from your clipboard,
- then enter the amount (this can be in fiat or Bitcoin) and then tap “Send.”
View Transaction History
You can view your transaction history on the main page. For the app to display your transaction history and account balance, it will need to interact with the Bitcoin Network first.
The total process time will depend on your internet speed and the number of transactions.
CoolWallet Review Summary
- Elegant and compact design
- High level of security
- Connects to desktop and mobile devices
- Wireless connectivity
- Easy controls
- Heat resistance (max. 60 degrees Celsius)
- Set up process is a bit tricky.
- Breakable if really badly handled or abused.
If you are the type of person who is need of a secure and convenient way to store your Bitcoins, then CoolWallet is for you. If you are thinking of becoming a Bitcoin trader, CoolWallet is definitely for you.
Thank you for checking out this review. For more information on Bitcoin hardware wallets and more, roam our site.