KeepKey works with the wallet software on users’ computer by holding the control of private key production, private key storage, and transaction signing. It is one hardware wallet that guards bitcoin, bitcoin cash, ethereum, litecoin, dogecoin, dash, bitcoin gold, and multiple ERC-20 tokens.
How to get started?
There are some important things which are necessary to get started. These are KeepKey device, USB cable, Computer, Latest Version of Chrome Web Browser, and your recovery card.
How to initialize a KeepKey device?
- Now, to initialize a KeepKey device, first download the KeepKey Client App from the Chrome web store KeepKey Client. After this, open the KeepKey Chrome App, and select “Initialize KeepKey”.
- Now, the next step is to label the device. The label separates your KeepKey from other KeepKeys. Always remember that you can relabel your device after initialization.
- Now, select a PIN between 1-9 digits (6+ digits recommended). You will notice a zig-zag, jumbled number deployment on your device. On your device, locate the digit you want to pick, then click on the square that resembles with its location. After this, re-enter the PIN and select “Confirm PIN”.
- Now, accurately write down your 12-word recovery sentence. This is because this sentence is displayed only once, so it is very essential that you carefully copy each word in the sequence displayed.
- After that, press the button on your device to verify that you have recorded your recovery sentence on your recovery card.
Never disclose the recovery sentence to anyone. Save your recovery sentence in a safe place. Never enter your recovery sentence undeviatingly into any computer or phone. Do not save your recovery sentence on any computer or phone. Also, do not email it or private message it to anyone for any reason. Use different addresses for each transaction. This will give the greatest level of anonymity and safety. Pick a PIN that is different and that you can retrieve.
How does a transaction take place?
Users start transactions in the computer client just as they did before applying a KeepKey. The computer does not store private keys and is accordingly not ready to approve transactions. The computer client must pass transactions to the KeepKey, demanding they be approved. Once a call is accepted by the KeepKey, it presents the transaction specifications and hints the user for standard authentication via a button. Once confirmed by the user, the transaction is signed and retreated to the computer client to be declared on the Bitcoin network.
If you misremember your PIN, you will be clasped out of your KeepKey. You will, however, still be capable to recover your bitcoins with the recovery sentence.
- Private Key. The private key is stored directly on KeepKey and never leaves the device.
- PIN code and recovery sentence. A wallet is backed up with a 12-word recovery sentence that is generated on setup. It can be used to recover private keys if a wallet is lost or stolen.
- Users can add the additional word that is attached to the recovery sentence.
- Screen; digital screen and metal body.
- Attractive, professionally designed OLED display makes using the device easier than other products.
- Supported cryptocurrencies are BTC, BCH, DASH, DOGE, ETH, LTC, NMR.
KeepKey maintains BIP32 wallets, or what is generally called HD wallets. This enables KeepKey to create and save an endless number of private keys. KeepKey also maintains BIP44, which permits for aggregation of accounts. KeepKey can establish a substantially endless number of wallets, with an endless number of private keys.
A standard wallet allows you to send, receive and most importantly, store cryptocurrencies. There are different types of wallets such as Web-based Exchange-Hosted Wallets (Coinbase, Gemini, Binance, etc), Web-Based Online Wallets (Blockchain.info, for example), Traditional Cold-Storage Paper Wallets (bitcoinpaperwallet.com, bitaddress.org).
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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