The hardware wallet is becoming the preferred method of cryptocurrency storage for serious investors. Among the wallets to choose from, KeepKey is one of the big three crypto wallets. Yet, it is probably less familiar to some than the Ledger Nano or the Trezor. That could soon change because KeepKey has a very impressive security architecture. It is also easy to ease and affordable insofar as hardware wallets go. Before you decide to purchase a KeepKey for your own stash of tokens, here are our thoughts on this cryptocurrency hardware wallet.
What is a KeepKey Hardware Wallet for Cryptocurrency?
Let’s start with a brief description of what hardware wallets are and what they are meant to accomplish. They are simply a cryptocurrency wallet that stores private keys offline in your physical possession. This is important because digital tokens exist solely in the realm of cyberspace. When stored in an online wallet your tokens are at risk of being stolen. Cryptocurrency is very vulnerable to phishing scams, malware, and hacking attempts. Trust us when we say that there are plenty of bad guys out there who would love to get their hands on your cache of coins.
If you are like most, the first cryptocurrency wallet you ever set up was an online wallet. It may have been provided by the developers of a token or by a cryptocurrency exchange. In either case, these wallets are maintained online. That means that protecting them is more difficult. The KeepKey and other hardware wallets store your coins offline in a physical device that you can hold in your hand. These devices can be comforting to hold because they make digital currency more tangible. They make tokens more real.
You should always remember that protecting the cryptocurrency you own is ultimately your responsibility. This is the deal. If you have tokens in an online wallet and they are stolen from you, there is no guarantee that you are ever going to get them back. Some exchanges that have been hacked have worked to make restitution to wallet owners, but even that isn’t a sure thing. You may only receive a portion of what you lost. Remember, cryptocurrency wallets aren’t like a bank account that is federally insured against loss.
KeepKey is a hardware wallet that provides you with the maximum amount of security for your Bitcoins and altcoins. The private keys used to manage your crypto transactions are stored on a device that isn’t much bigger than a USB stick. You are in possession of the hardware wallet and no one else has access. These devices can be carried in your wallet if that is what you want to do. Many of them come with a lanyard so you can wear them around your neck. It’s up to you. The important thing to remember here is that your hardware wallet provides offline storage of your private keys.
KeepKey is owned by ShapeShift, the popular cryptocurrency exchange. They purchased the company because they saw the potential in hardware wallets. It now retails for around $99. It has a slightly larger profile that the Ledger or the Trezor and is roughly the size of a credit card in length and width. What this wallet promises is bank-grade security, and it come pretty close to delivering on that promise. The company also promises that virtually everyone can learn to operate a KeepKey, from the youngest member of the family to the oldest.
It’s stylish look has increased the wallet’s popularity to some extent, but how does it work? Let’s take a deeper look at some of the features provided by the KeepKey.
Unboxing the KeepKey Hardware Wallet
Your new KeepKey will arrive in a small box bundled with instructions and a USB cable. When you first pick it up you’ll probably be a bit disappointed or concerned. It’s a very light device. Devices with such little weigh seem to be more prone to physical damage. It’s also obviously made of some type of plastic or light aluminum, but we’re not sure what kind or how durable it is. The USB cable is top notch, though, and seems to be well-made.
We should mention here that you can purchase the KeepKey on the company’s official website as a single device or in a case pack of 50. We’re not exactly sure why KeepKeep offers this because the retail price of the case isn’t enough of a break to call the price wholesale. But, some people apparently order it that way because they continue to sell it.
You will notice that there is a holographic sticker attached to the outside of the KeepKey box. This is a very important item. If this seal is broken, your device may have been tampered with. You should contact support immediately if the seal is damaged and request a replacement. Once you have set up the wallet for use it will be too late.
Inside the box you will find the following items:
1 KeepKey hardware wallet
1 USB to Micro USB Cable
A card for recording your recovery sentence
A case to hold the recovery card in/span>
The standard color of the KeepKey is black
Setup for Your KeepKey Hardware Wallet
After your device is unboxed the real fun begins. It’s time to set the KeepKey up so that you can load it with all those wonderful digital tokens. Begin by connecting your device to a computer with the provided USB cable. You’ll soon be prompted to follow a series of steps to get your device up and running.
The first step is to download two Chrome applications. One of these is for creating a wallet and the other is for using Chrome to connect to KeepKey. Now, we know what you’re thinking. How can the wallet be secure if I am having to use Chrome apps with it? Truthfully, these applications don’t store your keys. They only make it possible for you to manage various aspects of the wallet from your web browser. We also understand that some people who don’t like Chrome probably won’t like this integration.
Once you have the apps installed KeepKey will display a BTC wallet that has been created by default for you. You might want to go ahead and upgrade the firmware of the device if this wasn’t done automatically when you started the device up. You then have the option to begin adding addresses so that you can send and receive cryptocurrency.
Using Your New KeepKey Wallet
The digital tokens that are currently supported by KeepKey include Bitcoin, Litecoin, Dogecoin, Namecoin, Testnet, Ethereum, and Dash. Since the wallet is owned by ShapeShift, it is realistic to expect that support for other coins will be forthcoming at some point in the future.
Speaking of ShapeShift, the company’s involvement has given KeepKeep a pretty sweet feature that lets you trade one coin for another. Unlike Trezor which exists mainly as a vault for storing Bitcoin, this wallet was designed for the active cryptocurrency trader. The best part is that you don’t need to have an exchange account to swap one token for another with this device.
KeepKey is compatible with Windows, Mac, Linux, and Android devices. That is a big plus because it means you can use the wallet with devices like a Chromebook.
Our Opinion of the KeepKey
When the KeepKey was released it had a very high price point. The price was high enough to scare a lot of people away. It’s come down now to around $99 and were glad of that. Maybe more investors will feel comfortable using this wallet because it does have appeal that he Trezor and Ledger do not.
We really like that it is connected to ShapeShift, and that this connection basically puts a small cryptocurrency exchange in the palm of your hand. You can trade a lot of coins with this wallet, and more are being added all the time. The firmware can be upgraded so that you always have access to the latest updates.
We’re not crazy about the casing. It just feels too light. Some users have also reported that they have had issues with setup. Once you get it up and running it is simple to use, and that is good for people who are necessarily tech nerds but want to own digital tokens.
Simple to use
Trade multiple currencies
TRNG Security – (Hardware-Based Random Number Generator)
Can be hard to set up