The crypto coin explosion in January 2022 has created a demand to safely and securely house Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), in a crypto wallet. But how do crypto wallets work?
Cryptocurrency is an increasingly popular option for investment. This makes your crypto coins a target to scammers and cyber criminals. The safest solution to this is to print out your coin’s hash and keep it safely locked up—but this makes spending difficult.
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Consequently, secure cryptocurrency wallets are becoming more popular. Tangem offers two hardware crypto wallets—the Tangem Wallet for storing multiple cryptocurrencies and Tangem Notes for single coins.
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Cryptocurrencies Are Increasingly Important
As the world moves away from paper money and gold-backed currencies towards cryptocurrencies (backed by maths, along with gold and other precious metals), everything we thought we knew about currency is changing.
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Cryptocurrencies have no association with national governments; payment fees are low (unlike credit cards); the limits built into cryptocurrencies mean that they are inflation-proof. We can discover a new reason for the increasing importance of cryptocurrency on an almost daily basis.
Perhaps the biggest influence on crypto coins is celebrity endorsement. Elon Musk, for example, has thrown his support behind Bitcoin and Dogecoin over the past few years. The result? A massive increase in the value of those currencies, and others.
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This support has made all cryptocurrencies potential targets for investors.
Why Do You Need a Cryptocurrency Wallet?
You cannot keep cryptocurrencies in a traditional wallet. You don’t just pull them out and pay for groceries. Instead, a cryptocurrency wallet is required. Most cryptocurrency wallets (also known as crypto wallets) are software-based. They come in two forms: personal software wallets (like Metamask) and software wallets found on crypto exchanges (also called hot wallets).
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But recent history shows that you can hack these markets. Cybercriminals want your crypto coins, and hacking online crypto wallets is the best way to get them. Take the hacks on Mt. Gox, QuadrigaCX, BitMart, Livecoin, Bitpoint, and many others. Criminals have stolen billions of dollars worth of cryptocurrencies using scams, viruses, malware, and more. Consequently, you need a new way to store your assets.
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Tangem has developed several tools for keeping cryptocurrencies secure. Key among these are the Tangem Wallet for multiple cryptocurrencies and Tangem Notes, suitable for a single cryptocurrency.
But which one should you choose?
What Is a Cryptocurrency Hardware Wallet?
It’s a simple idea: you control access to cryptocurrency through a physical device.
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Instead of leaving the cryptocurrencies on a vulnerable hot wallet, you send them to your hardware wallet (which automatically generates and stores a private key). No one else will have access to your key. The assets are completely secure and under your control.
The wallet can then enable the signing and confirmation of transactions, actions that aren’t possible without the private key.
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A lost wallet doesn’t mean you’ve lost your cryptocurrencies. You can retrieve them using a recovery (seed) phrase; the same method you use when moving from one hardware crypto wallet to another.
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Crypto investors often use desktop computers for storing cryptocurrency keys, but these aren’t secure strategies. PCs are prone to failure and disk crashes; reformatting a computer could result in the loss of your private key. You also need to worry about computer and smartphone malware that can steal your crypto.
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A portable hardware wallet is vital for protecting your cryptocurrencies.
Tangem Wallet: the Multicurrency Crypto Wallet
If you’re looking for a hardware crypto wallet, then look no further than Tangem Wallet. Its multicurrency capability puts it at the top of any hardware wallet list, giving you access to over 1000 cryptocurrencies on just one card.
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Furthermore, you’ll get access to decentralized financial products, be able to trade NFTs, and exchange cryptos using decentralized exchanges. You can buy crypto using the usual fiat currencies and exchange it back if required.
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Easy to use, the Tangem Wallet is simple and secure. The Wallet integrates with cryptocurrency services for fast and easy trading of any crypto coin.
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One of the biggest risks to cryptocurrency buyers and traders is losing access to their crypto assets—often because something has compromised the seed phrase. With Tangem Wallet, you don’t have to worry about seed phrases or paper backups, instead relying on backup cards as secure as the principal card. Consequently, Tangem Wallet sells in packs of either two or three cards. All three cards can also help you recover your Tangem Wallet’s passcode.
Tangem Wallet is EAL6+ certified, an Evaluation Assurance Level that indicates that the product has undergone rigorous security engineering, making it suitable for protecting high-value assets against risks like theft and electronic subversion. Additionally, Tangem Wallets are IP68 certified, the highest rating for protection in harsh environmental conditions.
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Each Tangem Wallet is 85.6 x 54 x 0.6mm and weighs just 3 grams. Inside the plastic card is a Samsung S3D350A processor. This oversees the transfer and exchange of cryptocurrencies on your Tangem Wallet.
How to Use Tangem Wallet
Ideal for experts in cryptocurrency, Tangem Wallet requires the Tangem App for Android and iPhone. Once installed on your phone and with NFC (near-field communication) enabled, you can begin using the Tangem Wallet. As it is completely cable-free, you can transfer crypto to your Tangem Wallet card in seconds.
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Start by creating a wallet on the new card and adding a backup card (you can add a second backup card if necessary). Next, you need to add the desired crypto and/or tokens by buying or transferring your assets from an existing wallet into your new Tangem device.
Moments later, the card will “carry” your cryptocurrencies, ready for spending.
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Tangem Note: the Single Currency Crypto Wallet
Tangem’s other offering is a Tangem Note. Rather than storing multiple cryptocurrencies, these cards hold one.
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The idea behind the Tangem Notes is simple. They’re aimed at people new to crypto who don’t quite get the idea of a crypto wallet. It’s an easy way to buy, store, and even gift cryptocurrency. Like a gift card, you can buy Tangem Notes, have currency loaded up, and then given to a friend to spend. Anyone with a Tangem Note can spend the currency, just as they would with cash.
Transferring a Tangem Note card with crypto on it is instant and free of charge. It is a great alternative to a regular blockchain transaction. Tangem Note supports six popular cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE).
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Like Tangem Wallet, a Tangem Note has an EAL6+ certification, with the system firmware audited by Kudelski Security. The IP68 rating helps to ensure the device cannot take damage from harsh weather conditions, with the card resilient enough to endure temperatures ranging from -35C/-31F to +85C/+185F.
Again, as with the wallet, the Tangem Note includes a Samsung S3D350A processor, which manages and secures your cryptocurrency. Meanwhile, NFC connectivity ensures you can use the device with an Android or iPhone.
How to Use a Tangem Note
Also measuring 85.6 x 54 x 0.6mm, a Tangem Note card will slip into your wallet as easily as a credit card, driving license, or standard ID card.
To add crypto to the card, you need an Android or iPhone running the Tangem App. With this installed, you can buy, sell, transfer, and check your cryptocurrency balances. It also makes it easy to move your crypto to the card. Remember, you need to own a Tangem Note that supports the specific crypto you want to store. Not all six cryptos are supported on every Note.
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You can then spend currency from the Tangem Note wherever crypto is an accepted currency.
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Tangem Wallet or Tangem Notes?
By now, you probably know whether you should choose a Tangem Wallet or use Tangem Notes.
A standard Tangem Wallet pack of two is currently $54.90 (discounted from a usual price of $104.99). The three-pack, meanwhile, is $69.90 right now (down from $148.49).
A Tangem Note will set you back $19.90. The same price is available across the range of BTC, ETH, ADA, DOGE, BNB, and XRP Tangem Notes. If you require all six, you can buy the Tangem Note Collection in bulk for $107.49, a good discount on the overall $119.40 price.
The Tangem Note (unlike the Wallet) offers neither password protection nor backup. The Note is perfect for when you need to make large purchases or when the Blockchain is busy and fees are high. You could make a transaction in advance and simply give your card to the seller. They can check the funds by installing the Tangem app and touching the card to the phone.
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Tangem Offers a Crypto Wallet for Any Occasion
Your cryptocurrencies are valuable. Whether you mined them yourself or have spent your own hard-earned cash on Bitcoin, Ethereum, Dogecoin, or whatever, protecting them from theft is vital. If you can simultaneously make the coins easy to use, all the better.
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That’s what you get with Tangem Wallet and Tangem Notes. Now that you know what they can do, it’s time to secure your crypto coins with a secure hardware wallet or card from Tangem.
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