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 has its headquarters in Redmond, United States (US).
- It was launched around September 2015. Its founders are Bob Goodman who is the Chief Executive Officer and Kenneth Hodler, the Chief Technology Officer.
- KeepKey supports bitcoin, bitcoin cash, litecoin, Ethereum, Dogecoin, and dash.
- The wallet retails at about $129.99
- The 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.
Is KeepKey Safe?
Most developers consider this wallet very safe. Here is why,
- You will have a 12-word recovery sentence for backup.
- If you lose your device, you will use the sentence to recover your private and public keys.
- Offline cold storage wallet.
- KeepKey supports BIP 44, so you can as well recover your coins with any software that supports BIP 44.
- It is also possible to recover your wealth in a new KeepKey as long as you have the recovery sentence.
- If you happen to forget your password, you can recover and change it using your recovery sentence. There is an additional passphrase that you can attach next to the recovery sentence, but you should only use it if you understand the consequences.
- It is pin protected, so even if it’s stolen, it is useless to the thief.
- Customer support is impeccable
- The device is very easy to use.
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.