With the emerging popularity of cryptocurrencies and the subsequent increase in the attempts of hackers to steal high-value coins, it has become absolutely imperative to choose a trusted cryptocurrency wallet to store all your assets.
Even though Ledger and Trezor still have a huge market share, the Keepkey hardware wallet has shown tremendous acceptance among both new and experienced cryptocurrency investors and is a wallet definitely worth considering.
It is always a smart decision to get carefully analyze the product before you want to invest in any technology. This article not only elaborates on the positive aspects of Keepkey but will also talk about its shortcomings too to help you decide if it will be a good investment for you.
What is Keepkey Wallet?
Hardware wallets are the safest option to keep your digital assets because as the assets are stored in “cold storage” and hence, it is free from malware or hacker attack. This is where the Keepkey wallet comes into play, with an intuitive design for the best user experience. It has a large screen display enabling the user to read account and transaction information easily and quickly.
Usually, a private key is generated when we use such hardware wallets. These private keys are cryptographic keys that allow secure access to digital coins. In Keepkey, you can generate and store an unlimited number of private keys.
If you are someone who has a number of varied assets in multiple cryptocurrencies like Ethereum, Litecoin, Dash, Dogecoin, Namecoin etc in your portfolio, this is an ideal wallet. You can store and start transaction of various coins by plugging it into a computer with internet connection.
Getting Started with Keepkey
You will need a PC with any of the following operating systems: PC, Mac, Linux, and Android. The wallet also has a Google Chrome plug-in if you want to go with that.
Now, plug it into your computer. You will need to download a client app from Chrome store. The user interface of its app is easy and intuitive to understand, with clear instructions on how to perform basic operations like sending and receiving funds, adding accounts and viewing transactions.
All the authentications and confirmations are done and seen through your Keepkey wallet, which helps to get a clear idea of what is going on. Keepkey works with your desktop software or app by managing the private key generation, private key storage, and transaction signing.
When plugged into the computer, initialization process takes place which combines the randomness of computer and hardware to generate private key. Next, you need to keep a note of backup password of your Keepkey in the form of a twelve-word recovery sentence which is provided only once. Hence, it’s best to take proper backup of the same.
While doing transactions, it shows details on the display and asks for confirmation on the screen. After you approve your transaction, it returns to the computer client and then announces it to the network. You can now remove the device and keep it safe.
Why should I trust Keepkey?
This company, launched in September 2015 has Bob Goodman as the CEO and Kenneth Hodler as CTO and has held its reputable position in the market since then. They have followed the highest security methods and standards to keep your funds safe by keeping their firmware 100% open source and available on GitHub.
All the Keepkey devices are tested and then packed in a tamper-proof proof shrink wraps before being shipped. It is a tight security seal and you would definitely detect it if it has been tampered before.
Also, if your wallet gets misplaced or stolen, there is no way that the thief could get your funds as they need to enter private key known exclusively to you. Also, keep in mind to remember your recovery key or write it down somewhere.
What makes Keepkey secure is not only its identity as a hardware wallet but many other features also. Let’s elaborate a bit more about them.
- Private Key– This key is used to access your digital accounts and is stored in the hardware itself. So, no malware on the computer is going to affect it.
- PIN Code- Apart from private key, PIN code is used by the user only and any other person trying to get access of your personal information will not be permitted.
- Recovery Sentence- In the event of a stolen or lost wallet, you can recover your account by using the 12-word recovery sentence which is generated during installation.
- Passphrase- You need to keep in mind all the consequences and procedures before using this feature. You will be given an option to select a word with the recovery sentence. Only do it if you are 100% aware of the feature.
Now, let’s talk about the pros and cons of the device.
- It has really strict and top notch security protocols which makes the chances of stealing and hacking near to zero.
- It is cross compatible with multiple operating systems.
- Its attractive and sleek design is eye catchy and also provides the best user experience.
- Not only Bitcoin, but it can also store many other cryptocurrencies.
- Private keys are kept to the device itself without transferring it to the computer thus making it not vulnerable.
- It is also compatible with various other software wallets.
- The price of the wallet is affordable.
- The setup of the wallet has to be done numerous times cas there is no auto save feature of your progress.
- Its size is slightly larger than Trezor and Ledger, making it a bit uncomfortable to carry around in pockets.
- You need to add software such as Electrum or MultiBit to make use of this application.
What else should I know about KeepKey?
Initially, when launched, the cost of the wallet was $239. Since then the prices have gone down a lot but it is still considered to be more expensive than other hardware wallets in the market. The company does not charge any transaction fee and the fee is calculated by the client itself to ensure the timely confirmation.
The package that contains Keepkey hardware also contains a USB cable and a recovery sentence backup card. You will also get 24 hour and amazing customer support in case of any emergency or inquiry.
In addition to its impeccable security features, it supports BIP 44, which means you can recover your coins using software that supports BIP 44 anytime in any kind of mishap.
Our Verdict on KeepKey Review
Keepkey has kept its amazing reputation with 4.2 stars out of 5 on Amazon, and with a lot of positive reviews. The fact that it has been exclusively complimented, not only on its physical design and ease of use but also on its functionality, makes it a wallet definitely worth considering.
Also, Customers have reported a quick response time on issue tickets and an easy access of support from the customer care team.
The price might be on the higher side when it is compared with some of its low-cost competitors like Ledger Nano S, but its security and ease of use has helped to differentiate itself from the other hardware wallets.