Bitcoin users understand that hardware wallets are the safest way to store bitcoins. Hardware wallets eliminate all the loops that a thief/hacker might exploit to steal bitcoins.
There are many hardware wallets on the market, and so, bitcoin users have a large pool to choose from, but deciding which hardware wallet is best, is a matter of individual taste.
In this review, we are going to look at KeepKey. We’ll talk about the wallet and why bitcoin users need one.
KeepKey was developed by Darin Stanchfield, a Californian computer engineer.
Darin has been an entrepreneur all his life. Circa 2010 he was involved in a lead generating company named Engage Traffic.
The company profits were looking up and he was finding that he’d achieved most of what he’d set out to. Darin knew he needed to work on something “bigger”.
And so, when he came into bitcoins in 2011, he was consumed by the very idea (like most of us were). I mean, he’d found about a trustless payment technology that had literally said: “fuck this system”.
I think Darin saw the potential in bitcoin and made the resolve to develop a complementary device that would make for easy bitcoin storage.
And so, he developed KeepKey, which is both a product and the name of his company, where he serves as CEO.
It is recommended that one must not buy KeepKey from any run-of-the-mill e-commerce websites.
The payment options for the device are none that you’re unfamiliar with. No matter where you live on the planet, KeepKey is gonna be shipped to your precise location.
Bitcoin users agree on one thing; a lot of “using the mind” went into KeepKey’s design. When you tear open the box, you find a serpentine black device staring back at you.
The exterior of the hardware wallet is made of polycarbonates and anodized alloys, which make the device durable and corrosion-resistant!
Of course, the device is portable. It also features an impressive OLED display, from where you’ll interact with the device.
These are the other accessories packed alongside the wallet, which are: USB cable, recovery sheet, leather sleeve, and start guide.
You must go through the start guide in order to eliminate chances of a blunder when setting up your device. You know, errors will slow down the effectiveness of your device, yet unbeknownst to you.
When you take out the device, ensure that the seal is not broken; else the device may be compromised.
The next step is to connect the KeepKey wallet into your computer and wait for the device to register.
In order to initialize the wallet, you must first install the chrome extension that supports the KeepKey wallet into your computer.
The procedure is real quick as you open the attached link and are taken into the chrome store, where you may add the extension.
There’s going to be a small “initializing” period and you’re geared for the next installation.
The next step is to install the KeepKey proxy chrome app, and it will require the same steps as above; opening the link and installing the app.
At this point, you must now set a pin and generate a recovery seed. This functionality makes it possible for the wallet owner to recover their bitcoins in the unlikely event that their wallet goes missing or is stolen. And what’s more; you can safely tuck away the recovery seed in a special leather sleeve.
Finally, you must push the top-right button, and a bitcoin wallet with zero balance will appear on the KeepKey’s OLED screen.
That’s it! You have succeeded to merge the wallet with your device and are set to both send and receive bitcoins, ethereum, litecoin, dogecoin, dash, or namecoin.
To send money, you’ll enter the receiver’s address, the amount, and the speed. If you want your transaction to be as quickest possible over the blockchain, you’ll pay a higher fee, and conversely, if you are comfortable with a delay in your transaction, you’ll pay considerably less.
The greatest thing about a hardware wallet, and by extension, KeepKey, is that you can launch it even on a malware-ridden computer or a compromised web portal, and still your digital assets would be safe.
KeepKey grants a bitcoin user total control of their digital assets, so that no third party may access their vault, and also no transaction may take place without their approval.
To attain the best experience possible, KeepKey must be used with the supported clients like electrum, multibit classic, and mycelium. This increases the functionality of the wallet. For instance, a bitcoin user may be able to label the addresses that he/she transacts with, and so he may perform transactions with “few clicks”.
Ease of use
A hardware wallet should be usable across a variety of operating systems, if not all operating systems, or else it would inconvenience many people with alternative software.
KeepKey can run on Windows, OS X, LINUX and more. This ensures that KeepKey is providing value to a large market pool because the operating systems mentioned above make up the vast users.
Also, you’ll notice that KeepKey is designed for the non-techie layman. It doesn’t take any special skills to operate the device. This is a sole aspect of the wallet that Darin (the founder) had been most careful about, as he wanted something that would be simple, and yet secure, which he did manage.
Admittedly, the design of KeepKey is easy on the eye. Special attention to detail has gone into the device. And the outcome has been; a most handsome device that you wouldn’t mind to hold casually and floss around, or place down on a table in the bar among friends as if to make a social statement.
The wallet does not have a battery, and this saves you a lot of hassle (and some money) as you won’t require renewing batteries in order to keep working.
The power that your wallet will run on will have been efficiently sucked out of your computer.
This is the most critical feature of a hardware wallet. I mean, the whole purpose of a hardware wallet is to hold your private keys offline, and in effect, give you total control of your digital assets.
KeepKey has top-notch security standards. A hacker would not clone your private keys using malware because the device doesn’t support any software that may be compromised, and also the private keys cannot be stolen in plain format. Also, when someone steals your KeepKey, they are not gonna be able to use it because it requires two-factor authentication login.
It is generally recommended that you store the vast amount of your digital wealth in cold storage, but keep some amount in a hot wallet, so you may conduct easy transactions without hassle.
Even if you were using a compromised computer or website, your private keys would still be secure, and there’d be no unauthorized access.
Although KeepKey promises top-notch security, its privacy and backing-up are only as efficient as you equip it to be. So you ought to run a KeepKey client along, for instance, electrum, chrome, and multibit classic.
If you somehow lost your pin, the first thing that would cross your mind is that you have lost all of your digital wealth, right?
With KeepKey you don’t have to worry about losing because there is a recovery seed that enables you to restore private keys. Because of this secure recovery process, it can be used even as a device for paper wallets.
Another important feature of KeepKey is the multi-currency support. If you’re a bitcoin user, it means you, first of all, appreciate that digital currencies are the “next big thing”, hell, they already are! And so, you might want to use a device that will let you classify your digital assets into specific cryptocurrencies.
Besides bitcoin, KeepKey supports ethereum, litecoin, namecoin, dogecoin, dash, and testnet.
Bitcoin upholds the philosophy of P2P input. In this sense, various components about vital bitcoin clients can be modified by developers, as the original developer is obligated to make available the source code.
In that same spirit, KeepKey’s founder, Darin Stanchfield made the source code available. And so, KeepKey may be developed into a better wallet after being reviewed by the developers. This quality will allow the developer community to take key decisions about auditing the hardware wallet.
Initially, the KeepKey wallet used to retail at $240! I admit that was quite pricey. Later, the price was cut down to $99. This price is perfect because you’re getting value worth more than that. Also, remember that the wallet doesn’t have batteries or any other third party apps to eat into your power or dough. You just do the simple connection and activation and you’re on your way to securely store your digital wealth.
KeepKey hardware wallet seems a real knockout because of the security it offers and all the features it boasts. Initially, there were doubts about its authenticity, but that was back in 2015 when the wallet was new. KeepKey has been around for some years now and there are no bad reviews yet. It can only mean that the device is gold.
I say, get the device. It is a perfect mix of all the important things in a hardware wallet. Yet it seems that KeepKey would be the best match for a bitcoin user who has a large store of digital wealth.
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