You’ve probably heard chatter about hardware wallets being the next big thing, but what exactly are they and what’s all the fuss about? Fret not — we’ll explain everything you need to know, in plain English!
We’re not speaking cryptic here
First things first, what’s cryptocurrency? TL;DR: It’s digital money that you can trade or spend on whatever, and absolutely no one can stop or control what you do with it.
Cryptocurrencies (“crypto” for short) are not regulated and are traded within blockchain networks, where only the users involved in each trade are privy to that transaction’s specific information. And no, this is not just for buying stuff on the metaverse – you can spend your crypto on all kinds of goods and services in the physical world.
A portable safe deposit box and personal protection device
Think of your hardware wallet as a high-tech pouch with the keys to your vault: your crypto and information are in the vault (i.e. the blockchain ecosystem), only your specific key can open your vault, and you can open your own vault any time to trade or spend. You might be thinking: Yes, that’s convenient, but it sounds risky.
A good hardware wallet will safeguard your digital assets (i.e. cryptocurrencies), critical information (i.e. personal details and passwords) and confidential files, offline and away from prying eyes. The same way you’d store your physical money in a wallet with no holes, it’s crucial to pick a secure hardware wallet to protect your digital assets, information, and files. We also recommend recording information about your assets in the blockchain so that they remain verifiable. A good hardware wallet will also keep you safe from phishing, malware, cyber attacks and the like, even if the computer terminal you are using isn’t secure.
You can trade, buy and spend crypto on various blockchains, just by plugging in your hardware wallet’s portable key. While whipping out a credit or debit card from your leather (or pleather or nylon) wallet might involve transfer lag time and bank admin fees, transacting directly from your hardware wallet saves you time and money — no more transaction delays, exchange wallets and transaction fees. A hardware wallet can also protect your information and identity when you surf the web.
Only your key can access your assets and no one can forge a replica of your key. However, some hardware wallets don’t have your back when you lose your key or your recovery phrases to your private information and assets, but UKISS Hugware® does. More on this bleeding edge technology below.
How to identify a good hardware wallet
Store your private keys in a hardware wallet that uses more security measures than just a PIN, so that thieves cannot access your hardware wallet even if they manage to steal it. Most hardware wallets rely on a recovery phrase, which is a string of words that you have to pencil down somewhere.
Conventional hardware wallets each have a master seed that generates these recovery phrases, which give its intended user access to the digital assets stored in the wallet. Here’s how UKISS security technology is more advanced — it doesn’t have recovery phrases. Yes, UKISS Hugware® does have a master seed, but UKISS has engineered a better way of securing your digital assets than requiring you to jot down recovery phrases.
What if you lose those phrases you wrote down? This common problem has led to many people being locked out of their own assets. UKISS Hugware® enables you to recover a stolen or misplaced wallet and regain access to your assets. UKISS users can then move their keys to a new wallet. Each UKISS Hugware® set comes with a certificate of authenticity, which is tamper-proof, immutable and verified by the blockchain ecosystem that the device is genuine.
A UKISS Hugware® set comprises two USB keys. The Authentication-Key (A-Key) lets you make transactions when you plug it in. Instead of 24-word recovery phrases, UKISS Hugware® comes with an Rescue-Key (R-Key). If a user happens to lose his or her A-Key, he or she just needs to replace it and sync it again with the R-Key.
The R-Key is poised to revolutionize online security. UKISS Hugware® is the first hardware wallet that does not require recovery phrases, is compatible with a growing number of crypto wallets and cryptocurrencies, and is patented in over 20 countries and major markets. This form of verification is likely to replace two-factor authentication (i.e. when a platform sends you a code to enter) very soon.
Find out more here and thank us later.
Note: Coconuts Media is not a financial services company, does not provide financial advice, and is not a qualified expert in the storage of digital assets—financial or otherwise. This article is part of a paid partnership with UKISS and is for educational purposes only.