Congratulations! You have finally taken the plunge into cryptocurrency. Whether you are in it for the short term or long term, or were just plain curious about it, the next step you should most definitely take would be to make sure your investment is secure. The question most often is asked is how do I keep my cryptocurrency safe? A quick Google search will most likely come up with cold storage. Maybe you’ve heard the phrase not your keys, not your crypto. Well, a hardware wallet is indeed the best way to keep your crypto keys offline and in your complete control.
Ok, great. Now you are in the market for a hardware wallet. Where to begin? Now, we fully understand that there are a variety of hardware wallets on the market. In fact, we actually encourage you to spread your investments between different devices. Don’t keep all your eggs in one basket, right?
Which hardware wallet is best for me?
To argue which hardware wallet is the best would be like comparing apples and oranges. Each brand carries different security and quality of life features that are tailored to a specific user. All the bells and whistles that you wish to have in a hardware wallet may not be available in the brand that many people enjoy. This is where selecting the cold storage that fits your lifestyle plays an critical role. Besides, what all hardware wallets have in common is that they keep your crypto offline. It keeps your investments off online exchanges (where most crypto is hacked and stolen) and into your complete control.
That being said, let’s dive in and take a look at the top 10 reasons why the CoolWallet S might be (hopefully!) the right hardware wallet for you!
- CoolWallet S offers the security of cold storage with the convenience of a hot wallet
- CoolWallet S features multiple layers of security
- The CoolBitX Crypto app is completely free
- Trade and even purchase crypto with CoolWallet S
- Use CoolWallet S to spend crypto in the real world
- CoolWallet S is incredibly portable
- CoolWallet S is extremely durable
- CoolWallet S is constantly being updated
- CoolWallet S is customizable
- CoolWallet S has amazing support
Ok, so you’ve just got your hands on some crypto and you need a place to store it. Most crypto users purchase their cryptocurrency through online exchanges. The great thing about crypto exchanges is that transactions and trading can be done instantly, either through their website or an app. Storing your crypto in an exchange’s hot wallet can ensure that you have access and can exchange your crypto at virtually any time. However, keeping the private keys of your crypto in a hot wallet (aka, online), while convenient, is not safe.
Since the dawn of cryptocurrency, billions of dollars worth of crypto has been hacked and stolen from online exchanges and software wallets. Unfortunately, due to the nature of cryptocurrency, these missing funds cannot be returned and are not guaranteed by a central party (the beauty of decentralization, right?) The only real way to keep your private keys safe would be to store them in an offline device. In comes the hardware wallet.
Cold storage vs. Hot wallet
When most people think of a hardware wallet, they think of a USB stick. A USB thumb drive that you plug into a computer or laptop. Seems simple enough, right? Store your keys on a thumb drive, store it safely away and plug it in whenever you need access to your crypto. While it may not seem as convenient as a hot wallet, your typical hardware wallet seems like a worthwhile sacrifice in the name of security. But what if you didn’t have to sacrifice any convenience? That’s where CoolWallet S comes in.
CoolWallet S offers the security of cold storage with the convenience of a hot wallet. Our hardware is completely wireless and can connect to any smartphone running iOS or Android. Crypto transactions are signed via a multiple step verification process that involves both physical and digital verification. Access to a computer is not needed and the CoolWallet S can be stored in your actual wallet for safekeeping.
CoolWallet S connects wirelessly to your smartphone and can be controlled directly through its app. This allows for transactions to be made conveniently on-the-go. The author of this article is guilty of losing more USB thumb drives that he’d like to admit, but he is proud to say that he’s never lost his actual wallet (knocks on wood). We’ll get into more of that further down below.
You can never be too secure when it comes to your hard earned money. The word wireless does bring some unease to some people, we admit that. However, the multiple steps of security that we have implemented in CoolWallet S will ensure that your transactions are not only secure, but also very user-friendly.
Let’s take a look at the wallet itself. The exterior of the CoolWallet S features an e-ink screen and a physical button which are security features in of itself. When enabled in the app, the e-ink screen will display all addresses that your crypto is going to. Cross-checking to make sure the address displayed in the app and on the e-ink screen will allow you to make sure your funds are going to where you want them to go. Every transaction also requires a physical button press and a digital confirmation in the app to complete. Inside the wallet you’ll find a Secure Element (SE) chip that offers state-of-the-art security. The US military even uses it to keep its secrets safe (Area 51, anyone?)
We are also aware that physical devices such as hardware wallets are not immune to physical hacking or flashing. Rest assured that any sort of tampering or attempt of opening a CoolWallet S will result in its destruction. Just to be extra safe though, we do recommend only purchasing from us directly or at one of our official retailers. Also, it is important to make sure the packaging has not been tampered with.
Access to the smartphone app is also protected by two layers of security. In 2020, virtually all smartphones feature biometric security. At this time, it usually comes in the form of face or fingerprint identification. Passcode verification is also required. On top of that, our app can add on another passcode gate in order for it to open. All information between your wallet and phone is broadcasted via a secure 1 to 1 Bluetooth connection.
Ok, all of that technical babble sounds great on paper, but how does this apply to you in the real world? Let’s say your CoolWallet S gets stolen. Unless the thief has also stolen your smartphone, then your funds are safe. As long as you keep your backup seeds in a safe place, you can just restore the backup onto another CoolWallet S.
Ok, so let’s say that you are unfortunate enough to have both your CoolWallet S and smartphone stolen. Assuming you have enabled all the basic security features of your phone (and you really should enable them!!), the likelihood of the thief accessing the homepage of your phone is not very high. Alright now, let’s say that they somehow got into your phone. Actually, we’ll just stop right there. If someone could somehow successfully duplicate your face or fingerprint identification and then also guess all the passcodes of both your phone and your app, you may have other non-crypto related issues that need addressing.
It would be kind of pointless to have a wireless hardware wallet that pairs with a smartphone if it didn’t come with an app, right? Our parent company, CoolBitX, is here for that. The CoolWallet S connects directly to the CoolBitX Crypto app and it is completely free for download. It is available on both iOS and Android devices and can be downloaded from their official stores.
The app comes loaded with a plethora of features including the ability to track all of your assets in real time as well as perform a variety of transactions on-the-go. Transactions include sending and receiving crypto, crypto to crypto trading, and even fiat to crypto trading. We’ll get into these features a bit later.
Recently, we were also proud to announce a partnership with MyEtherWallet (MEW) to bring CoolWallet S wireless support to Windows and Mac operating systems. Customers can now use their CoolWallet S to verify transactions in their MEW accounts by connecting wirelessly to their browsers.
We mentioned earlier that many people enjoy purchasing and trading their crypto in online exchanges. Hey, we do too. However, in 2020, we figured that bringing these features directly to CoolWallet S users was the next logical step. The ability to make crypto-to-crypto exchanges is now available through partnerships with ChangeHero and Changelly. Transferring crypto to and from cold storage is no longer required as trading can all be done within our app.
To make things even more convenient, fiat to crypto trading has also recently been added. You can now purchase crypto with a credit card and have it stored directly on your CoolWallet S. All of this can be done thanks to a partnership with BANXA. A recent partnership with Simplex has also been added to bring KYC-free fiat to crypto transactions available. Multiple partnerships give our customers the freedom to choose their favorite providers. The CoolWallet S is quickly becoming a one-stop-shop for all your crypto needs.
On top of being able to trade and purchase crypto with your CoolWallet S, you can now spend your crypto out in the real world. We are excited to announce that CoolWallet S has become the first hardware wallet to fully integrate BitPay into its ecosystem. This means that you can use the crypto stored in your CoolWallet S to make purchases at the hundreds of retailers that support BitPay.
Phone. Wallet. Keys.
(thanks Adam Sandler)
We briefly mentioned this in another section, but we felt like this needed one of its own. One of the biggest wow-factors of the CoolWallet S is its form factor. Contrary to the typical USB-style design of a hardware wallet, the CoolWallet S shares the same size as the everyday credit card. It fits in with the rest of your bank cards and can easily be placed in your actual wallet.
In 2020, it’s pretty safe to say that the pre-outing checklist will most likely be your phone, wallet and keys. You can have your CoolWallet on you at all times and instantly access your funds by connecting to your phone. Transactions can be made anywhere and anytime without having to worry about lugging a computer around with you.
In the unlikely event that you would like to take your CoolWallet S for a swim, it is nice to know that it is waterproof. Now, we don’t recommend swimming with it, but if you must, just know that it can be done (but seriously, why?). The CoolWallet S is also bendable up to 15 degrees in case you find yourself in a trash compactor.
The beauty of the time we live in is that the product you buy today will have the features of tomorrow. The dev team at CoolWallet S is constantly adding new features to the app. This includes new partnerships, UI changes, token additions and various bug fixes. Luckily for us, the dev team is also very open to suggestions. If there’s a feature you’d like to see or a token you’d like added, please be sure to let us know.
Tired of having the same (looking) hardware wallet as everyone else? Have a creative itch that needs scratching? Well, rumor has it that we’ll be holding a competition for creative CoolWallet S designs sometime soon. Winning designs will have a chance to win all sorts of (cool) prizes! Be sure to follow us on Twitter for a future announcement.
We believe that a product is only as amazing as its support team. Have any questions or experiencing any issues with your CoolWallet S? Our support team is on standby and ready to help you out. They’re also very welcoming of any suggestions or (constructive) criticisms that come their way. You may also reach out to us via our Twitter or Facebook.
Still unsure of CoolWallet S is right for you?
Please feel free to contact us at anytime if you have any questions about what CoolWallet S can do for you. We are more than happy to answer any of your concerns or have a conversation about cryptocurrency. What we ultimately want is to provide a product for users in the crypto industry to safely and securely store their digital assets. This way, we can do our part to help build a more decentralized future.