KeepKey Hardware Wallet: Main Advantages and Disadvantages of the Device

Nowadays, hardware wallets for digital coins are not very popular among users. The fact is that they have a relatively high price. This is especially noticeable on the background of absolutely free software or online wallets. It is also worth noting that the process of developing and issuing a physical cryptocurrency wallet is much more expensive than creating a virtual analog. For this reason, there are not many types of hardware wallets on the market. The most popular wallets among crypto enthusiasts are Ledger and Trezor. But this list is much longer and it consists of projects that are able to compete with the above giants. One of these products will be discussed in today’s article, so this is a review of the KeepKey hardware wallet.

Details about KeepKey Wallet

Well, visually, KeepKey is a metallic device of black or gold color, which has a glossy surface and also has a relatively large OLED display. This wallet supports 54 cryptocurrencies: BTC, ETH, LTC, BCH, DASH, DOGE, BTG, and the remaining coins are ERC-20 tokens. As the developers assure, their product supports only reliable, proven and demanded digital coins.

KeepKey connects to a computer or laptop using a USB. The wallet works excellent with all popular operating systems: Windows, MacOS, and Linux. Interacting with the wallet occurs in a special plug-in for Google Chrome – KeepKey Proxy, the link to which appears when it is first connected to the PC. The plug-in interface has a minimalist design, it is intuitive and logical. Its functionality is no different from the usual “hot” software wallet, here it is possible to send and exchange coins, as well as watch the transaction history, create accounts, etc.

A bit of history

KeepKey was registered back in 2014 by a crypto-enthusiast and entrepreneur from the United States, Darin Stanchfield. The first version of the wallet appeared in 2015. But It is worth noting that at that time KeepKey had a very high price – $239, which prevented it from competing with Ledger. After a short period of time, its cost decreased by half, but this did not help it to move the Trezor and Ledger from the top.

In 2017, KeepKey was acquired by the ShapeShift cryptocurrency exchange. At the end of last year, the company began mass layoffs. Against this background, there appeared rumors that ShapeShift intends to sell its subsidiary KeepKey. Later (in January 2019), company representatives said that reducing the number of employees is only a plan to reorganize the business, and also that they intend to further develop the KeepKey hardware wallet.

How secure is a Keepkey wallet?

As you know, the safe storage of digital assets is one of the most important things in working with cryptocurrencies. Hardware wallets provide the highest level of security since it is achieved through the maximum autonomy of such devices.

During the initial setup, the wallet automatically generates a special seed-phrase. By default, it consists of 12 words, but the user has the opportunity to increase it to 18 or even 24 words. This phrase-password must be saved separately in order to be able to restore access to own digital assets in the future in case of loss or damage of the device.

For complete security, the developers advise performing any actions in the wallet only when the Internet is turned off. First, you need to create a transaction, then disconnect the hardware wallet, turn on the Internet and only then make a payment.

The device itself is protected by a pin-code, which is configured on the OLED display. Private keys and pin-code are stored in encrypted form, and according to the developers, it is impossible to hack them. For this reason, if the wallet is lost, the user’s funds will be safe.

It is better to purchase KeepKey directly on the official website of the company or on partner sites. Buying from other sellers is extremely risky since there is a possibility that the device could be reflashed. The list of recommended places for ordering KeepKey is published on the official website of the product.

The company packs all its wallets in a specially branded box that is protected by a holographic seal. It should be noted that it is quite difficult to fake it, so if the product came to the buyer in intact original packaging, then this is a guarantee of its authenticity.

Main advantages and disadvantages of KeepKey hardware wallet

Reliability and safety of this product are its most important advantages. For example, the data encryption system of this product is by no aspects concedes to the Trezor or Ledger wallet. The developers decided to make the source code of their product open, which adds confidence in its reliability.

The case of the device is made of aluminum alloy, which is why the wallet is more reliable than, for example, it’s plastic competitors. But because of this, KeepKey has a heavier weight – 54 grams.

The device has a rather attractive appearance and a convenient touch display. In this matter, KeepKey looks more profitable against the background of its competitors.

The main disadvantage of this product is its cost, which is $79, and the device in gold color costs $99. Some models of Trezor and Ledger can be purchased almost two times cheaper.

Conclusion

So, in this article, we observed not the most popular, but worthy version of the hardware cryptocurrency wallet – KeepKey. It is worth noting that the vast majority of reviews on the Internet about this product are positive. Most users note a high-quality level of technical support: as a rule, an answer to a complaint or question via email comes within 2 days.

The wallet is quite convenient to use and secure, but due to the fact that it costs more than its direct competitors, it is not very popular among users. But as a rule, users overpay precisely for service and aesthetics, because Trezor, Ledger and smaller manufacturers pay less attention to these components. If it is worth the extra $30 or not – each person decides individually.

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