Posts Tagged ‘Hardware Wallet’

What is a cold wallet or hardware wallet, and how are they different from hot wallet?

Monday, October 12th, 2020

If you have ever spent time reading cryptocurrency forums and discussions, you have most probably heard of cold wallets and hot wallets. Cryptocurrency enthusiasts and experts have had long debates on which wallet is better. This seems to be an ever-growing argument, one that will probably never end.

Today, I will talk to you about what cold wallets and hot wallets are? How are they different from one another? And which one should you choose?

First, let us talk about the basics, and then we will move on to the comparison:

The basics:

Cold wallets are physical devices that you can buy from the market or online that you use to store and manage your cryptocurrency. While hot wallets are not physical devices but are rather digital cryptocurrency wallets. There are other wallets in the market as well. However, these two are the most commonly used.

Hot wallets:

Digital currency wallets have existed ever since the creation of Bitcoin. Hot wallets are found in two forms, online and desktop wallets. You can also download these wallets on your IOS and Android devices. Mobile hot wallets are often considered as hybrid wallets because of their mobility.

The best thing about owning a hot wallet is the fact that they are completely free and can hold all digital currencies.

First, let us discuss “the all crypto holding” factor. An ‘” ICO” is created every time a new cryptocurrency comes into the market. The ICO is only functional if there is a place to store it. People who create digital currency are usually the same people that also make a wallet to support it.

The more common cryptocurrencies like XRP, Litecoin, and Ethereum all have different digital wallets for them as well. Each wallet has its unique functions, customization, and features to choose from. Less popular or less common cryptocurrencies mostly have one wallet with basic functions such as trading, selling, and buying.

An important point for hot wallets is the fact that they can hold less common and new cryptocurrencies, while cold wallets do not offer this feature.

Another point that makes hot wallets popular is the fact that they are free to use. All you need to do is find a hot wallet that matches your needs and then register to use it. The free factor is the main reason why these wallets are so popular, especially for the new crypto users.

Cold wallets:

As I have mentioned before, cold wallets are physical, digital currency holders. Cold wallet devices are lightweight, compact, and easy to carry, so you can take your crypto wherever you need to go.

However, these wallets are not free, and they are not that cheap either. A cold wallet can set you back at least $100 or more for a more advanced device.

Another con of cold wallets is the fact that you can only store a small variety of coins. Other than OPOLO wallets, that lets you store over 109 cryptocurrencies, most cold wallets only let you store mainstream cryptocurrencies.

Why do people buy cold wallets, when hot wallets are free?

After reading the statements above, you might be wondering why anyone would buy a cold wallet, when hot wallets are free and offer more services. The answer to this question is simple, it’s the security!

I did not mention this feature above because it is so important that it deserves better representation, rather than a small explanation.

If you have been following digital currency news, you would have noticed the many stories related to cryptocurrency hacking. People have lost thousands and millions of dollars through crypto hackers.

Hot wallets are extremely vulnerable to hack attacks!

All hot wallets store your credentials on a cloud or an online server. As we already know, online servers are not that difficult to hack. You could be a victim of malicious software or a scam, and you can even just be a target to someone who knows your digital currency worth.

Even though most hot wallet websites have taken many security measures to ensure the safety of your crypto. It only takes a small loophole, such as a website update, to lose all your digital currency. This has happened before and will continue to happen in the foreseeable future.

Some websites like coinbase offer 100% insurance if you use their hot wallet. However, this is quite rare and is quite reassuring. But other websites can also scam you with the same promise.

Most hardware wallets such as OPOLO have taken such extreme security measures, even if you connect your cold wallet to a corrupt computer system. Your digital assets still cannot be hacked.

Conclusion:

When choosing a digital currency wallet, be it hot or cold, security should be your first, second, and third priority. For that very reason, I will suggest that you choose a cold storage wallet. However, if you are completely new to the crypto scene and are not heavily investing in digital currency, you can opt for a hot wallet to learn the trade. But, once you start spending big in the world of crypto, always choose a cold wallet!

6 Ways to Store Crypto Assets, Which One’s The Best?

Wednesday, September 30th, 2020

These days the world is quickly transforming, and there has been a rise in cryptocurrency users and owners. More and more businesses are accepting payment via cryptocurrency. So if you are new to this method of trade, you’re probably wondering how and where you can store your cryptocurrency. Well, the answer to this question entirely depends on where you are, how many assets you own, and what method is more convenient for where you are in the world.

So let’s start the countdown:

Store on Exchanges:

 

People can buy, sell and trade cryptocurrencies via centralized exchanges here, you have to send your coins and tokens to the exchange. These coins/tokens are held under the agreement of IOU, which means you do not have control over your coins. This is related more to the traditional style of banking.

For now, these exchanges are said to be the least safe places to store your crypto assets. If you do a little research on search engines, you’ll see hundreds of stories about crypto hacks and how crypto owners have lost coins worth billions of dollars. So maybe think twice before using exchanges, if you have no other choice than do some research and take precautions.

 

Store on Third-Party Custody Services:

 

This is a third-party solution that provides security and storage of cryptocurrencies. Institutional investors usually use services as such, who have large hedge funds, who hold large amounts of cryptocurrencies. This service uses a combo of hot and cold storage.

In simple terms, this means they use online and offline storage techniques. Both have drawbacks and benefits. Online storage is more susceptible to hackers due to online exposure but makes liquidating cash easy. Offline storage is safer in terms of hacking but makes liquidating money a timely task.

But again, here you give control of your cryptocurrency to a third-party. So if you use this service, make sure they have insurance over the hacking of your accounts. Furthermore, do background research of the company, see if they have any legal problems.

 

Store on Smartphone and Laptops:

 

This is the most common and easiest way to store your cryptocurrencies. The only drawbacks are Trojans, malware, and other hidden viruses that can steal your data. You need to have an excellent security system with constant updates. Hackers are a different breed these days. Many people can learn ethical hacking online for as low as 10dollars and then use it unethically.

If you do an online search, you’ll find countless stories on how many people have been a victim to hackers and have lost millions of dollars’ worth of crypto assets. There are so many backdoors installed third-party apps that are near impossible to detect. If you think you control your device? Then think again!

 

Store on paper, steel, wood, etc.:

 

This is one of the safest ways of storing your mnemonics or private keys. However, this is not a foolproof method. To generate private keys, we need to access our funds through a laptop of a mobile device. This leaves your cryptocurrency vulnerable to malware, viruses, and Trojans.

So again, you have the same problem as you did storing this data on the computer. However, it’s still safer as you can regularly clean your computer from viruses before doing this. The method is suitable but it’s still very impractical.

 

Store on a Cloud Server:

Cloud-Storage-Hardware-Wallet

You can store the mnemonics on your servers, but this is connected to the internet and is susceptible to viruses and hackers. Clouds are always online and are one of the riskiest ways of storing your crypto assets.

 

Store on a Hardware Wallet

 

An ideal modern solution, with the best security, are hardware wallets. Most hardware wallets are virtually completely offline; they do not have internet connections, Bluetooth, or anything that can connect them to the web. They are used through pass keys and USB port connections. So far, these have been the best options.

The hard part about using hardware wallets is choosing the right one. There are a few perimeters on which you can judge which wallet is better. Such perimeters include how many integrated currencies and tokens does the device support, the size of the screen, the level of EAL security, which is rated out of 7, does the wallet support coin exchanges, how long and secure is your passkey/mnemonics.

 

Why Choose OPOLO Cosmos?

 

OPOLO cosmos are miles ahead of the competition, and here’s why;

⦁ There’s only one app that needs to be downloaded to your Mac, Windows, Android, or Linux system.
⦁ Over 108 supported coins and thousands of tokens.
⦁ You can transfer, send, and receive almost all your cryptocurrencies on one platform. F
⦁ You can also exchange coins from this platform, for example, Bitcoin to Ethereum.

Five Reasons to Choose OPOLO Cosmos as Your Hardware Wallet

Wednesday, September 30th, 2020

There are many reasons why OPOLO wallet is the best hardware wallet in the market. But we decided to choose the top 5. Moreover, these qualities are something you should look for in any hardware wallet, not just OPOLO Cosmos. So this article is informative for all cryptocurrency users.

 

EAL6+ Certification and Secure Element

EAL6-Certification-and-Secure-Element

OPOLO wallets have had their external security audit done by a well-known European security company. But that’s not all; we don’t rely on just one thing. OPOLO Wallets security is well protected by SE, just like credit cards are protected by the same type of security. The SE stores the private keys of the user in a secure method of encryption. There no way to see the key or copy them, so this is a highly secure system. Furthermore, a security level of EAL6+ is used, which is the highest level of security for any hardware wallet.

Most hardware wallets don’t even have an SE, let alone a security level of EAL6+. Their promise of security only comes from their ability to be offline, and that is literally the minimum criteria for a hardware wallet. Moreover, there are certain companies that say they have EAL7+ security but these companies don’t mention that this security is only applicable to their software. The hardware is still prone to hacking incase the device comes into someone else’s hands.

 

Passwords and Passphrase

Cryptocurrency-Passwords

OPOLO Wallets allows its users to have a password and passphrases up to 127 characters long, which is the longest password and passphrase in the market. This makes your device more secure and less vulnerable to hackers. It’s much harder to try and hack something with such a long password and passphrase, which means that even if you lose your device and someone else has it with them. It will take an absolute miracle for it to be compromised. Moreover, a user gets only 7 attempts to write the correct password, after which the device will be blocked.

OPOLO Wallets has SE, EAL6+, and long passwords/passphrases, which makes it the most secure hardware wallet in the market today. Things will only get better and newer models will only keep improving. Investing with OPOLO is investing in the future.

 

Easy To Use 3.2 Inch touch screen

OPOLO Wallet

Hardware wallets with hard buttons and small screens make it frustrating for users to use the device. They may refrain from keeping lengthy passwords for that very reason, and this compromises security. This is also a massive waste of time. OPOLO Wallets understands your pain and developed a user friendly, easy to use touch screen interphase. Now you can type your passwords and passphrases as quickly as you text on your mobile phones. Our developers worked hard and integrated a system that works. Not only do you get excellent security, but you also get the ease of use.

 

One App For ALL Coins and Tokens

 

Most crypto wallets have about 15-25 coins integrated into their systems. We here at OPOLO Wallets have 110 integrated coins available on one simple application and thousands of tokens. So you don’t need to download an app for currencies on the device and your application. Moreover, with more updates, we are only planning to add more. Our goal is to have all the coins integrated into one place. This saves you time and a lot of headaches, just downloading things for use.

 

Redundant and Easy Mnemonics Backup Storage

 

Simply swipe the card behind your device and save your mnemonics. No hassle and no problem. Now you can save time. Now there’s no need to spend half an hour just entering 24words to restore your wallet—another remarkable innovation from our designers. Moreover, to make security even better, there are 5 cards on which you backup your data. However, you only need 3/5 cards to restore your mnemonics.

These are just a few reasons for choosing OPOLO wallets.

Visit our website for more:
www.opolo.shop

What is a Hardware Wallet/Cold Storage Wallet?

Wednesday, September 30th, 2020

If you’re new to the cryptocurrency scene, then you might have heard something about a hardware wallet. If not, you would have definitely heard about the security problems associated with coin owners. Well, whatever information you have or may not have. Today you’ll learn all about these things.

A hardware wallet is very similar to a bank account. You can use these wallets to send, receive, exchange and manage your cryptocurrencies. But what makes them special is the fact that they aren’t connected to any online device. Here your keys and cryptocurrencies are safe from hackers.

They have significant advantages over standard software wallets:

 

Private Key storage in secure controller (SE)

 

Cryptocurrency-Lock

 

Private keys are often stored in a secure micro-controller called secure element (SE), and cannot be transferred out of the device in plaintext. Unlike OPOLO Cosmos, most hardware wallets on the market do not save the private key in SE; hence they are vulnerable to physical attacks.

 

Less prone to hacks, viruses, and malware

 

Cryptocurrency-Anti-Spam

 

A hardware wallet needs to be immune to computer viruses that steal from software wallets. Few hardware wallets, other than OPOLO Cosmos, do not have screens or LCDs to display data; hence they cannot perform user validation, which can lead to virus attacks, even on hardware wallets. This leads to attackers and scammers sending funds from your account to their wallets.

 

Secure password/passphrase

 

It can be used securely and interactively, having private keys that never need to be touched and left open to potentially-vulnerable software. However, some hardware wallets, unlike OPOLO Cosmos, ask users to enter the passwords or passphrases on the possibly compromised computer systems that can expose the user password or passphrase of the wallet, and therefore, exposure to the wallet’s funds. The security of a hardware wallet could be determined by the security certification (CC EAL) of the SE used.

 

Common criteria EAL6+ security

EAL-Best-Cryptocurrency-Hardware-Wallet

OPOLO Cosmos is the only wallet on the market that provides the highest level of CC EAL6+ certification along with the most cryptocurrency support.

A hardware wallet isn’t a new creation, but it isn’t something most people know about until they have to know about it. That’s why it is great to do your research and find the best hardware wallet that you can find.