Crypto Wallets

An Overview of Trezor One Crypto hardware wallet

Trezor one is a crypto hardware wallet that provides support for a range of crypto-assets.  Mr.Slush, the CEO of Satoshi Labs, has developed the Trezor one hardware wallet, considered as the most secure and reliable wallet for Bitcoin (BTC), Ethereum (ETH), and other altcoins.

 Like Ledger hardware wallet, Trezor model is also an offline crypto wallet designed to store the users’ private keys and maintain the track records of their crypto transactions. 

Trezor provides compatibility with online crypto wallets like MyEtherWallet, Electrum, Exodus.

The size and weight of the Trezor one model provide the ease in mobility. The users can carry it anywhere as an offline crypto wallet or cold storage for any purpose. 

Supported Coins

In general, the Trezor one hardware wallet provides support for over 1389 different crypto-assets. Few of the well-known supported digital coins are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Monero (XMR), Tether (USDT), Dash,  Bitcoin Cash (BCH), Litecoin (LTC),  etc. 

Trezor one security

The user account on the Trezor hardware wallet is independent of username and passwords requirements. Each time a PIN code is needed to confirm the owner’s identity and execute operations involving public and private keys. 

The bitcoin wallet is the user’s sole credentials that need to be safeguarded physically to avoid any local hardware attack.

 

Local Hardware Attack

 In the case of losing the Trezor one wallet,, the company has introduced a  BIP39 passphrases mechanism. Where the user has to memorize the security phrase to access its bitcoin account. The passphrases are not part of the hardware wallet memory.

 

Recovery Seed

The recovery seed safeguard and protect the users in cases of device loss, theft, or damage. The user’s wallets can be simply restored by restoring the recovery seed.

Secure update process

If the firmware signature fails, the bootloader deletes the wallet memory. 

The prior security measures have made the Trezor one hardware wallet almost hack-proof. 

Trezor one Wallet Setup

 

In the following, we present the most important instructions regarding the hardware wallet setup. Users should strictly avoid the use of any Trezor crypto wallet that has already been setup. Users should select the PIN code by themselves. The user should perform the backup process by themselves.  

The backup process is the most important step during the setup process of a new wallet. 

Creating a Backup

During the backup process, users should write down 24 words. The words will be used during the recovery process of all digital coins in case of device theft or damage. The recovery seed is shown only once and is used to restore the user account. 

The recovery seed should be placed in a more secure and safest place to protect the account. The Trezor has invented a cryptosteel capsule for this purpose. The recovery seed should not be stored online for security reasons.

Recently introduced Passphrase security Feature

Trezor’s launched the most recent updates for the Trezor Model T (firmware 2.3.3) and the Trezor Model One (firmware version 1.9.3). Users are suggested to update devices, as the recent updates are consist of a security improvement related to passphrase to avoid possible fund locking and paying ransom.

The user will be alerted by a warning on the Trezor hardware wallet screen that his/her passphrase will be displayed, to confirm that no-one is looking at the device screen before showing it. Only then, the user will be allowed to see the passphrase on the screen of the Hardware wallet as shown in the image below.

 

 

Name and PIN code
In the next step, the user will choose a name for a Trezor device to confirm the user identity. Users should select a strong PIN code that will be used to access the user account.

Conclusion

The Trezor One wallet is one of the top-ranking secure and trusted crypto wallets.  It’s easy to master and use due to a set of reviews, guidelines, and tutorials.

FAQs about Hardware wallets

Some of the FAQs about crypto hardware wallets are,
What is a cryptocurrency wallet and how it works?

What types of cryptocurrency wallets exist?

What is the safest wallet for cryptocurrency?

Can the hardware wallet be hacked?

 

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Electrum Crypto Wallet Review in 2020

Electrum Bitcoin wallet, designed by T Voegtlin and founded in 2011, is among the oldest and renowned crypto wallets. The crypto wallet is open-source and consistently being upgraded. Approximately 10% or more bitcoin transactions happen through the Electrum crypto wallet. The Electrum crypto wallet possesses many advanced features from security and compatibility perspectives. The wallet provides the facility of anonymous crypto wallets creations.

Supported Coins

Unlike its counterparts online and hardware crypto wallets ( Trezor one, Trezor T, Ledger Nano S, and Coinbase Wallets, etc.) the Electrum supports bitcoin only. In the future, there is a possibility that Electrum will support the forks of bitcoin e.g., Bitcoin Cash (BCH) and Bitcoin SV.

Electrum security

Multi-Sig: Users can use different Electrum wallets through recovery seed or recovery phrase. In such cases, users have to assign the multi-sig option to enhance bitcoin wallet security and prevent bitcoin transfer.

Password Protection: Users set the password of the Electrum bitcoin wallet during its software installation process.

Offline Recovery Seed: Like crypto hardware wallets, the Electrum offers offline creation of the recovery seed or recovery words to protect the accounts from malware and related cyber-attacks.

Wallet Cost

The Electrum company offers free of cost download of the wallet software. However, they charge in between 0.1mBTC to 0.2mBTC per transaction, where mBTC stands for milliBitcoin.

Wallet Setup

Electrum wallet can be set up in the following few steps.
(1) Users should download the Electrum wallet software from its official website “www.electrum.org” only. The wallet software should be based on users’ desktop operating system e.g., Linux, etc.

(2) On the installation page, we are trying to demonstrate the process of ” new standard wallet” and the user will proceed with “create a new Seed”.
(3) In the next step a recovery seed of 12 words will pop up, the user will write it down. This recovery seed will be required for accessing the wallet and also in the process of restoring the wallet.
(4)In the next step, the user has to insert the recovery seed to confirm whether it is rightly noted or not. In case of success, the user will proceed with the creation of a wallet password. The users are strongly encouraged to keep the recovery seed words in the safest place. In case of losing password and recovery seed, the account will be lost forever.

Introduction of Exodus Crypto Wallet

Exodus is a crypto wallet, launched by JP Richardson and D Castagnoli in 2015. The Exodus wallet provides an attractive and eye-catching user interface besides many important, innovative, and necessary features. The Exodus wallet offers the facility of one-click crypto exchange services. The bitcoin wallet also provides easy integration to the Trezor hardware wallet.
Exodus is regarded as the beginner’s wallet who has never interacted with crypto exchanges. The eye-catching graphics of Exodus bitcoin wallet offers the opportunity to play with blockchain technology in a user-friendly environment.

Support for Digital Coins

The Exodus wallet provides support for more than 100 digital currencies. Some of the well known supported coins and tokens are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dash, Litecoin (LTC), Ripple (XRP), Tron (Trx), etc.

EXODUS Product
The following are the flagship products of Exodus;

Desktop Wallet

Exodus Desktop is one of its best features. The Exodus desktop wallet provides an opportunity to manage and exchange the crypto-assets with more ease. The Exodus Desktop feature provides support for more than 110 crypto-assets.

Mobile Wallet

The mobile feature of the Exodus crypto wallet provides the facility to securely manage and exchange the crypto-assets. Additionally, the mobile feature can be easily synced with the desktop wallet and equipped with fingerprint or face recognition technology to secure the crypto-assets.

Hardware Trezor Wallet

Trezor One and Trezor T hardware wallets can now jointly be used with the Exodus wallet. The entire operational process is summarized into three steps (1) Setting up the Trezor model (2) Installation of Trezor Bridge (3) Pairing With Exodus Bitcoin Wallet.

Crypto Assets App

Its a recently added new feature that offers the users a whole new degree of financial sovereignty, a wide range of control over its crypto-assets, and their effective use. The feature offers an efficient organization and trading facility of more than 100 digital currencies with real-time charts. The featured Apps provide the possibility to earn interest on crypto-assets and betting on various events e.g., online games.

Mobile App

The Exodus crypto wallet has developed a mobile application for Android and iOS operating systems to easily manage and real-time exchange digital currencies.

Exodus Support

The Exodus wallet has established a wide range of support including, Customer support, Knowledge-based support, Status, Video Tutorials, and Blogs.

Conclusion

Based on my different reviews, experience, and interactions with cryptocurrency wallets, I consider Exodus one of the best, easy to manage, and user-friendly choices.

A Concise Review of Ledger Company

The Ledger company was established in 2014 by a group of professionals and experts in IT and Finance, determined to create an innovative and secure solution for numerous blockchain applications.

The company goals are to secure: crypto-assets and big data consistently being generated at IoT, machine to machine (M2M) communication, and digital identities services. Ledger Nano S crypto hardware wallet is one of the best products of the company.

Introduction to Ledger Nano S crypto hardware Wallet

The Ledger Nano S is a hardware wallet, developed by the Ledger to safeguard users’ crypto-assets.

The Ledger Nano S is considered as one of the best cold wallets like Trezor One and Trezor T. Ledger Nano S is a leading bitcoin/altcoin hardware wallet having a small solid device with metal casing protection.

Ledger Nano S is an approved hardware cryptocurrency wallet, best suited for digital coins and token holders for whom the security of crypto-assets is of high significance.

Supported Coins

The Ledger Nano S is a crypto hardware wallet, developed by the Ledger to safeguard crypto-assets. Currently, the crypto wallet offers support for more than 1100 different crypto-assets. Some of the well-known crypto-assets are Bitcoin (BTC), Ethereum(ETH), Bitcoin Cash (BCH), Ripple (XRP), Monero, NEO, Dash, etc.

Setting Up the Wallet

For the first time when plugging into the computer, the user will set up a PIN and it will generate 24 words phrase which will be user private key to it also know as recovery seed. It will be ready to use after installing the software. The private key should be placed in a secure and protected place.

Platform Support

The Ledger Nano S is compatible with different operating systems like Mac OS, Windows, Linux, iOS, Android.

Ledger Product

The Ledger has developed many products including Ledger Nano S, Ledger Nano X, Ledger Backup Pack, the BOLOS operating system, and many more.

Ledger Support

The company offers a wide range of support services organized as Announcements, Must Read, Contact Us, and standalone support for Ledger Nano S, Ledger Nano X, Ledger Live, and many more products.

Some of the Pros and Cons of Ledger Nano S
Pros:

• Secure

• Accepts crypto transfers even being offline

• Supports multiple coins

• Ease of use

• Reasonable price

• Upper hand design

Cons:

• Relatively Small Display

• Lack of Wireless Connectivity

Some of the FAQs about the Ledger Nano S wallet is,

What happens if Ledger Nano S breaks?

If a ledger breaks down, the user should order a new one and insert the recovery seed phrases into the new ledger nano s, and the user wallet will be restored.

Is Ledger Nano S secure?

The Ledger Nano s wallets make use of something called a ”secure element”, a dedicated, tamper-proof chip, considered as the primary security feature of the Ledger.

How much can a ledger Nano S hold?

What Coins Can be stored on the Nano S?

The Ledger Nano S offers support for more than 1000 coins and tokens.

Can ledger be hacked?

Ledger said that its e-commerce database had been compromised on 25th June, and accessed about one million email addresses. However “This data breach has no link and no impact whatsoever with our hardware wallets nor Ledger Live security and your crypto assets, which are safe and have never been in peril. You are the only one in control and able to access this information.”

Conclusion
Ledger nano s is one of the best bitcoin hardware wallets based on its high profile security features, weight and size, and company support.

A Brief Overview of Coinbase crypto Wallet in 2020

Coinbase is a brand name in the world of cryptocurrencies, widely regarded for their Coinbase exchange services like Binance, Bittrex, and Kraken, etc. Moreover, Coinbase also offers its users web-based wallet services to store their crypto-assets. Additionally, the platform provides the opportunity of vault services where users can have full control over their private keys. Users can easily send and receive crypto-assets by using specific addresses while crypto transactions inside the platform are with further ease.
The Coinbase crypto Wallet app is a standalone application, different than the Coinbase exchange platform. Users can use the Coinbase Wallet app without having a Coinbase account. Users cant connect Coinbase Wallet to their bank account but have the freedom to use Coinbase Wallet anywhere around the globe.

Coinbase Wallet Security

The platform offers a high degree of security including multi-sig and two factors authentications that make it one of the secure crypto wallet platforms.

Support for digital Coins

The Coinbase wallet provides the facility to manage, send, receive, and store BTC, ETH, BCH, LTC, ETC, and all ERC-20 tokens.

Coinbase Wallet Services

The wallet offers the following facilities to:

• Receive airdrops and ICO tokens.
• Buy and store crypto collectibles
• Send and receive payments to anyone around the world.
• Access to decentralized crypto exchanges and relayers to trade tokens.
• Explore the third party decentralized applications(dapps).

FAQs about Coinbase Wallet

Some of the frequently asked questions about Coinbase wallet are,

Why should I use Coinbase Wallet?

Coinbase Wallet offers the access to buy and store ERC-20 tokens, participation in ICOs, airdrops, access to decentralized apps (DApps), buy at stores, and places where cryptocurrencies are accepted. Moreover, users can send crypto-assets to anyone around the globe.

Can I transfer funds between Coinbase.com and Coinbase Wallet?

Users can interconnect their Coinbase.com account to Coinbase Wallet and can transfer crypto-assets between them.

Is Coinbase wallet legit?

Coinbase Wallet is a crypto wallet and owned by the Coinbase, a well-known, trusted exchange in the area of cryptocurrencies.

Blockchain Crypto Wallet Review in 2020

Blockchain.com established in 2011, is the most renowned, user friendly, and extensively used crypto wallet with 51 million active users. The company Blockchain Access UK Ltd (Blockchain.com) is registered in England and Wales with registration 11337627.
The company has raised 70 million dollars and is supported by sponsors like Virgin, Google ventures, Lake Star, Mosaic Ventures, Light Speed, and Digital Currency Group. Crypto-assets security is the top priority of the company and users are suggested to follow the three-step process including email verification, two-factor authentication, and writing a backup phrase.

The backup phrase security measure is considered to be the most effective security mechanism that ensures users access to crypto-assets in case of forgetting wallet password or in case of unavailability of the blockchain service. The company provides wallet services to a range of cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Stellar (XLM), and USD-Digital (USD-D).

The wallet offers the range of facilities including to instantly send, receive, convert into other cryptocurrencies, store crypto-assets, and access the crypto-funds from anywhere across the globe. The company has developed an Android and iOS application to serve its users.

Blockchain.com offers crypto trading services of 28 digital currencies pairs using an ultra-fast matching engine and provides the opportunity to deposit and withdraw fiat currencies like Euro, Pound, Dollar, and Lira. The exchange platform continuously provides 24/7 support.

Some of the frequently asked questions about Blockchain Wallet are,

How does Blockchain wallet work?

Blockchain Wallet offers the users capability to manage their crypto-assets: Bitcoin, Ethereum, Bitcoin Cash, Stellar, and USD-D. The users can store, send, and receive the respective digital currencies.

How do you open a Blockchain wallet?

To create a new Blockchain Wallet, the following steps are necessary,

1. Select the desired platform. The services are available on Web, iOS, and Android.
2. Create a wallet by providing an email address, a highly secure password, and click on agree to the Blockchain Wallet TOS, and click Continue.
3. In the next step, the user Blockchain.com Wallet is ready to use.

What is the Blockchain wallet?

A blockchain wallet is a cryptocurrency wallet, established by Blockchain that permits the users to manage their crypto-assets.

Is Blockchain a safe wallet?

Hardware blockchain wallets are highly secure devices that can be connected to the internet and maintain crypto-assets transactions. These are highly secure and not easily hackable. The Hardware wallets are hard to hack if carefully managed by the users.

A short Overview of BTC.com Wallet

The BTC.com is a web-based crypto wallet like EXODUS, Electrum, and Blockchain wallet, etc. and is offered by the Bitmain Technology Holding Company (“Bitmain”), a platform providing services for Bitcoin and altcoins mining, cloud services, and AI applications. The wallet service was launched by the company in 2016, acquired from Blocktrail company. In this sort of crypto wallet, the respective company can access users’ crypto-assets. The BTC.com shared with users the private key in the form of seed, which limits the platform’s capability to access users’ private keys. For thorough and easy access, the platform has developed its Android and iOS Application.

Supported coins of BTC.com Wallet

Currently, the company only offers wallet services for Bitcoin and Bitcoin Cash digital currencies.

FAQs about BTC.com Wallet
Some of the frequently asked questions about BTC.com wallet are,
Is the BTC.com wallet safe?

BTC.com is a crypto wallet. The digital coins could not be moved without the users’ digital signature. Also, the users are strictly suggested to make sure they save the backup document. BTC.com is a well-performing crypto wallet and easy to use.

What is a BTC wallet?

A Bitcoin wallet is a software-based platform where Bitcoins are stored. Bitcoin wallets provide the facilities to send and receive the Bitcoins and offer the Bitcoin balance ownership to the respective users. The four primary types of the Bitcoin wallet are; desktop, mobile, web, and hardware.

Is BTC.com legit?
or
Is the BTC Wallet a scam?

The BTC.com wallet is owned by the famous Bitmain brand and so legitimate. Further information can be found on BTC.com.

Some of the General FAQs about Crypto wallets

What is a cryptocurrency wallet and how it works?

What types of cryptocurrency wallets exist?

What is the safest wallet for cryptocurrency?

Can the hardware wallet be hacked?

Is my crypto wallet safe?