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.
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- How to Use a Ledger Nano S Wallet?
- How To Use a Trezor Wallet?
- PEPE Coin Price to Reach $5 in the Next Seven Days?
- The Ultimate List of Top 5 Hardware Wallets 2023 to Secure Your Crypto Holdings!
- Top 5 Bitcoin Wallets of 2019
- How To Use Ledger Plus MetaMask – Guide To The Safest Crypto Setup
- The best way to securely store your cryptocurrencies
- Top 10 Ethereum Wallets for 2023: Securely Manage Your Crypto Portfolio
- Top 10+ things you can do with Ethereum (+Bonus Tips)
- Everything You Need To Know About The Phantom Wallet
- Cryptocurrency Security -DO’s and DONT’s
- Top 3 Crypto Wallets in 2023: Which Wallet is the BEST?
- Is Ledger Putting Profit Over Security and Community Support?
- Best Tezos Wallets For 2022
- How to Protect your Cryptocurrencies?
- WARNING: Ledger can read Private keys – New Controversial Feature?
- What are the BEST Ethereum Wallets in 2022?
- The Great Crypto Debate: Store Crypto via Exchange or Wallet?
You might also like
More from Education
PayPal, a global leader in online payments, ventures into the digital currency domain with its new stablecoin. Anchored to the …
The profitability of Bitcoin mining hinges significantly on regional electricity costs. Is it Profitable to Mine Bitcoin in Lebanon?
Binance, a leading crypto exchange, has announced the delisting of three cryptocurrencies - Serum (SRM), Sonm (SNM), and DFI.Money (YFII), …