(This is a user testimonial by BitcoinDood previously published in our Medium channel. You can find the original post here.)
My experience with the CoolWallet S
– A Guest post by Bitcoin Dood
I’m @BitcoinDood on Twitter. Webmaster of bitcoindood.com. Twitter fanatic, crypto trader, blogger, and web designer. I’ve been researching and trading cryptocurrency since mid-2013. I’ve kept my cryptocurrency secure using cold storage paper wallets for years. I’ve considered different hardware wallets but never really got around to buying one.
I was delighted when CoolWallet S asked me to try out their hardware wallet and tell them what I thought about it.
I was never a huge fan of phone wallets. For security reasons, I’ve always tried to keep as much of my crypto info off my phone as possible. I’ve used an Electrum wallet (editor: which recently suffered a 2nd DoS attack) that holds multiple cryptocurrencies on my phone. As a rule, I generally keep under $100 on it for purchases and to use with some of my local crypto friends.
I can now keep larger amounts of crypto on my phone, and feel secure pairing it with my CoolWallet S hardware wallet via Bluetooth.BitcoinDood
Discovering the CoolWallet S has changed this for me. I can now keep larger amounts of crypto on my phone, and feel secure pairing it with my CoolWallet S hardware wallet via Bluetooth.
Sending coins is as easy as entering the address or scanning a QR code, entering the amount, clicking send and then pressing a button on the thin hardware wallet card to confirm the transaction.
An Added Layer of Protection
One of the things I like about the CoolWallet S is that it’s a great wallet to have on your phone for larger amounts of cryptocurrency. The card and wallet Bluetooth pairing is a secure added layer of protection to help secure your funds. In the event that you lose your phone, as long as you retain the thin hardware wallet card your funds should remain safe and will be recoverable.
I also like the added layer of protection in the event that your phone is compromised by a hacker. Without the physical hardware wallet card, the funds should remain secure. Even with access to your software wallet, without the hardware card, your funds can’t be transferred!
Coin storage & trading
The CoolWallet S offers storage for multiple cryptocurrencies (BTC/ETH/LTC/BCH/XRP/ERC20 and more). Adding coins is as simple as selecting them from a list and adding them to your visible portfolio. Being a cryptocurrency trader, I don’t like keeping large amounts of cryptocurrency on exchanges.
Although I always have a little on exchange for quick trades, I like to spread my wallets out over multiple exchanges, and use cold storage paper wallets when I’m not trading. This leaves no single point of failure and to me is acceptable risk management.
Using the CoolWallet S makes this task a bit easier. When I’m not trading, I can quickly transfer funds back and forth between my CoolWallet S hardware wallet, and the exchange I’m trading on.
If your phone crashes, you lose it or you need to recover your wallet, just enter your seed phrase into the software app, pair your new device with Bluetooth, and enter your recovery seed. All funds will then be recovered and available for use.
Shows Portfolio Balance
Besides ease of use, another nice feature is that the CoolWallet S shows the current price of your cryptocurrencies. Just open the software wallet and get a quick glimpse at the current prices of your favorite cryptos along with your portfolio total.
This is a great feature when you’re out for the evening, but still, need to keep track of any trades you might have in play.
As a cryptocurrency trader, I have to be mindful of not keeping too much crypto on any one exchange. Using a device like the CoolWallet S helps put my mind at ease knowing that my funds are safe and secure on my phone.
Exchanges are major targets for hackers. Hardware wallets/cold storage paper wallets are the safest ways to store your hard-earned crypto and keep yourself safe from exchange hacks and losing your investment! Using the CoolWallet S gives The Dood a little more peace of mind and helps assure me that my crypto investment is safe and secure.
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Disclaimer: This is a guest post from Bitcoin Dood, CoolBitX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions.
CoolBitX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the post.