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Investing in the cryptocurrency space is the in thing nowadays. People, both seasoned investors, and newbies are all over trying to make it rich with Bitcoin and other cryptocurrencies, otherwise known as altcoins. There are pertinent issues that you should understand if you want to make some profits. Key among these issues is how to use cryptocurrencies wallets.
Investors have been losing their coins from exchanges as most do not provide adequate security. Developers saw the need to create different types of wallets for the safekeeping of digital wealth. A digital currency wallet is basically a program that enables you to store public and private keys allowing to transfer and receive various digital coins. It is connected to the blockchain and also allows you to monitor your coin balance. It is a must that you have this wallet if you want to participate in this trade.
What is KeepKey?
KeepKey is a hardware wallet that secures and stores digital currency such as Ethereum, Litecoin, Bitcoin, dash and Dogecoin among others. You can store different coins depending on your device and can transact online by simply plugging in into your computer with internet connection. Hardware wallets are very safe as your coins are stored offline hence not vulnerable to hacking and online theft. An example of a good hardware wallet is KeepKey.
KeepKey hardware wallet is a cold wallet USB storage device that stores and ensures proper and adequate security of your cryptocurrencies. Keepkey was launched around September 2015. KeepKey is now part of the ShapeShift team, Erik Voorhees is the active CEO and Ken Hodler (a true HODLer 🙂 ) is the Chief Engineer. The device operates online through two Google Chrome extensions serving different functions. One is for creating a wallet address, and the other is for connecting to the keepkey hardware.
Keepkey ensures all the process of private keys storage, generation, and transactions processing are being handled and managed under tight security conditions such as hardware-based random number generator, 12 words back up recovery sentence, manual transactions approval, etc. The device also features a shape-shifting feature that makes it possible to convert cryptocurrencies from one coin to another within the wallet. Keepkey has a sleek design, anti-keystroke spying, and it is compatible with a large range of devices. The device also includes TREZOR v1.3.3 as part of its source code. KeepKey has its headquarters in Redmond, United States (US). It retails at about $129.99.
KeepKey transaction fees are automatically calculated by the client to ensure the timely confirmation. The wallet company does not receive any portion of the fee. It can work on Mac, PC, Linux, and Android. It is also compatible with electrum, multibit and mycelium software wallets. When you purchase Keepkey, the package comes with KeepKey, USB Cable, and a recovery sentence backup card. KeepKey has a screen which makes the business with this wallet even more convenient. Keepkey has a sleek design, anti-keystroke spying, and it is compatible with a large range of devices. The device also includes TREZOR v1.3.3 as part of its source code.
Is KeepKey Safe?
Most developers consider this wallet very safe. KeepKey offer safety through;
For lost and damage situations, an extra PIN that is previously set helps to protect the hardware against access from intruders. Without this pin, no transactions can be processed using the Keepkey device. The PIN also helps to protect against hacking and unauthorized access by making sure that after every three wrong PIN input, the delay time doubles on every wrong trial. According to KeepKey’s official website upon the 27th attempt the delay time increase to 388 days and there is no way to bypass it.
Built using Trevor source code
Trevor has proven to be an upscale and highly secured software with several protocols in place to guarantee the safety of the hardware wallet. Building and improving on this have further enhanced the security of the keepkey wallet device.
Large display screen
The large display screen on the device helps to provide a more convenient vetting and confirmation of transactional addresses, thereby preventing a case of malicious attacks during transactional processes. With the bigger screen size, you will know if the receiving address has been tampered with.
The device was built with backup in mind. You can easily recover all information stored on this device using any software that supports BIP 44 and the 12 words recovery codes you were given during initialization. If the device got lost, damaged or stolen as long as your recovery codes, private key or PIN code are not accessible to the intruder you can rest assured of your cryptocurrency safety. So, it is possible to recover your wealth as long as you have the recovery sentence.
Since the announcement of KeepKey device launched by Darin Stanchfield, (KeepKey initial Founder) the devices has garnered itself a lot of community interest. The device started quite well with lots of amazing KeepKey wallet reviews coming from Amazon’s buyers. But after the Bitcoin Cash Fork, the review has taken a turn for bad as most users are not happy about how hard it has become to transfer Bitcoin from the device and also lost in cash balance during transit. This only indicates that the device was not built with scalability in mind. These concerns have reduced the community trust in the device greatly. Although the transfer of other Cryptocurrencies like Etherum doesn’t pose any problem, also there hasn’t been any case of backdoor theft or any other criminal charges against the company or its founder. KeepKey customer support is also very good, they have quick response rate and real interest in solving problems
How to use KeepKey?
KeepKey wallet generates private keys using the randomness from your computer and its own hardware.
- Simply plug in your device into your computer.
- Once you plug in, computer client passes the transactions to the KeepKey.
- KeepKey displays the transaction details and asks for manual confirmation through its OLED display.
- Once you approve the transaction, it returns to the computer client and then announced into the network.
- Safely remove your device and keep it safe.
KeepKey hardware wallet is a physical device like a keyboard, game controllers, and mice, so you do not need any special drivers. However, you may need like Chrome app for it to work on Google chrome extension.
“Is KeepKey legit?” You’ll find may KeepKey reviews online with varying opinions. Most of them, though, seem to have put a good word for this technology. It seems then that it is a reliable platform to keep your coins safe. It is good for everyone including beginners and seasoned high rollers. Everyone needs to have their coins in a safe environment. Here is a recap of what you get with KeepKey:
- It is very easy to use
- It has good security features like the twelve-word recovery sentence, PIN, and passphrase and cold storage.
- It keeps your digital wealth offline away from hackers.
- Compatible with most operating systems like Windows, Linux, and Mac.
- Compatible with various software wallets.
- Signs your transactions rather than transferring the private keys to your computer.
- It can work on an infected PC without risking your coins.
- Can store and secure a variety of coins including bitcoin, bitcoin cash, doge, dash, Ethereum, and others.
A few disadvantages include;
- If you forget your password and security sentence, you may not be able to access your wallet.
- The initial purchase cost might seem high considering that software wallets are free.
Thanks for reading our publication and we welcome you to read more. We are glad to always keep you updated on the rapidly changing crypto space.